MIDEAST STOCKS-UAE stocks drop after oil extends losses | Reuters:
"United Arab Emirates stock markets fell sharply on Sunday, erasing all of the prior session's gains, as investors dumped blue chips to take profit after oil prices extended losses and global markets sold off.
Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries with the Dow closing more than 2 percent lower.
The Dubai stock index, which had jumped 2.9 percent on Thursday, fell back by the same amount on Sunday morning. Arabtec and Emaar Properties slumped 4.6 and 2.4 percent respectively; the two real estate-related firms accounted for 42 percent of total value traded in the market."
'via Blog this'
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