Dubai Stocks Enter Bear Market as Mideast Equities Slump on Oil
- Egypt stocks drop amid concern tourism to suffer after crash
- Abu Dhabi valuations slump as trading volumes languish
This article is for subscribers only.
Dubai stocks dropped into a bear market, leading declines across most Middle Eastern equity markets, after Friday’s U.S. labor report increased expectations that the Federal Reserve will lift interest rates this year, pushing Brent crude lower.
The DFM General Index slid 3 percent to 3,347.23, the lowest level since December and the biggest drop in more than two months. The gauge has fallen more than 20 percent since a peak in April. Saudi Arabia’s Tadawul All Share Index lost 0.6 percent, closing at the lowest level since January 2013.