Dubai Stocks Lead Gulf Markets Lower as Oil’s Plunge Deepens
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Gulf stocks fell for an eighth day in the longest losing streak in more than three years as oil fell below the $80 a barrel level that the region’s governments need to balance their budgets.
The Bloomberg GCC 200 Index retreated 5.2 percent to 64.01, extending its decline this year to 11 percent. Dubai’s DFM General Index lost 7.3 percent, dragging its 14-day relative strength index to 11.6, the lowest on record, signaling to some investors the measure is oversold. Saudi Arabia’s Tadawul All Share Index also sank 7.3 percent, the steepest decline in almost six years.