Stock Markets In Saudi Arabia, Dubai, Abu Dhabi, And Qatar Crashed

Stock prices in Gulf states nosedived on Sunday in a massive market sell-off sparked by descending oil prices, with the Saudi and Dubai bourses leading the slide. The Tadawul All-Shares Index in Riyadh, the Gulf’s leading market, shed 549.51 points, or 6.86%, to close at 7,463.32 points. The kingdom’s all-important petrochemicals industry lost 7.94%, while the real-estate sector tumbled 9.50%. In Dubai, the leading DFM Index slumped 6.96% to close at 3,451.48 points. Real-estate developer Emaar Properties lost 8.31% while builder Arabtec Construction, another market leader, dropped 9.6%, nearing its 10% daily limit. The Abu Dhabi Securities Exchange plunged 5%, while Qatar Exchange, the second largest in the Gulf, lost almost 5.3%. The Kuwait Stock Exchange shed 2.36%, while Muscat Securities Market and Bahrain lost 2.94% and 0.37%, respectively.

Article here