Mideast Stocks Plummet as Iran Plans to Boost Crude Exports
- Abu Dhabi shares tumble, enter so-called bear market
- Iranian stocks buck regional decline as sanctions eased
An Iranian technician works on an offshore oil platform in the Gulf waters
Photographer: Behrouz Mehri/AFP Photo/Getty ImagesStocks across the Middle East tumbled as the easing of sanctions against Iran raised the prospect of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Shares in Tehran gained.
Saudi Arabia’s Tadawul All Share Index dropped 5.4 percent to its lowest level since March 2011. Abu Dhabi’s ADX General Index fell into a so-called bear market. The Bloomberg GCC 200 Index, which tracks 200 of the six-nation Gulf Cooperation Council’s biggest companies, traded at 9.5 times estimated 12-month earnings, the lowest in almost seven years. Iran’s TEDPIX Index climbed 0.9 percent, according to data on the bourse’s website, extending Saturday’s 2.1 percent advance.