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News Link • Economy - International

Dubai Stocks Crash


This was the biggest drop in four months and brings the Dubai Financial Market General Index to its lowest level since July 20, according to Bloomberg.

Dubai, which like many Middle East exchanges is open from Sunday to Thursday, led a broad sell-off in Middle East stocks, as markets in Israel, Qatar, and Saudi Arabia also sold off on Sunday.

Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services, told Bloomberg that, "Global markets are all selling off and it's that weakness we're tracking. There's still more blood to come."

Last week, US stocks fell more than 2.5% across the board, with the S&P 500 falling 3.1% and the Nasdaq losing more than 4%.

And so after last week's ugly action, markets around the world still look unsettled; US futures trading opens at 6 p.m. ET.

Here's the one-day chart of Sunday's trading in Dubai.

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