MIDEAST STOCKS-Gulf plunges on oil price slide; Egypt off lows | Reuters:
"Middle East stock markets plunged to new multi-year lows on Sunday, with Saudi Arabia tumbling more than 5 percent, as a fresh slide of oil prices and declines in global equities triggered panic selling.
Many institutional investors were taken aback by the extent of Sunday's losses in the Gulf, the almost indiscriminate tone of the selling, and the lack of buying support in the market even when valuations reached low levels.
Sentiment was hit hard by Brent oil's 6 percent drop on Friday to settle below $29 a barrel, bringing its decline for the week to 13 percent. Saturday's lifting of sanctions on Iran could in the short term push oil down further, as additional Iranian supply arrives in the global market."
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