Dubai Stocks Fall to 2-Month Low as Saudi Downgrade Jolts Gulf
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Dubai’s stocks sank to the lowest level in more than two months, leading most Middle Eastern markets lower, on concern that Saudi Arabia’s debt downgrade will drive up borrowing costs across the region.
The DFM General Index dropped 2.1 percent to close at 3,430.93, the lowest level since Aug. 24. Saudi Arabia’s Tadawul All Share Index lost 1.1 percent after Standard & Poor’s cut the country’s credit rating, citing an increase in the kingdom’s budget deficit after the slump in oil prices.