Emerging-Market Rout Extends to Gulf Stocks on Trump Policy Risk

Dubai equities lead decliners, dropping to lowest since May
Saudi Arabian shares advance for seventh straight day

Emerging Market Rout Extends to the Gulf Region

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By Filipe Pacheco, Ahmed A. Namatalla and Taghreed Almadani

November 13, 2016 at 9:08 AM UTC

Updated on

November 13, 2016 at 2:38 PM UTC

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The biggest emerging-market stock selloff in more than a year extended to the Gulf on concern U.S. President-Elect Donald Trump will change oil agreements and his nation’s relationships with Saudi Arabia and Iran.

The DFM General Index in Dubai, which counts Iran as a trading partner, dropped for a third day, falling 1.3 percent to 3,232.94, the lowest level since May. Abu Dhabi’s ADX General Index fell 1.1 percent and Qatar’s QE Index retreated 0.9 percent. Saudi Arabia’s Tadawul All Share Index bucked the trend and advanced for a seventh straight day as about 90 percent of its 176 members rose. Egypt’s EGX 30 Index, the most volatile gauge in the world after Venezuela’s, extended its rally to 12 days, the longest winning streak on record.