Gulf stocks plunge amid EU and Korea worries
Global markets selloff hits Gulf stocks as fears over Europe’s debt problems and growing tensions between North and South Korea take their toll.
May 25, 2010 4:01 by Samuel Potter
Gulf stocks have plummeted in the wake of a global markets selloff prompted by the growing security crisis in Korea and the rescue of a Spanish bank, reports Zawya.com.
Oil prices also tumbled, further adding to the doom and gloom surrounding markets across Asia and Europe.
Dubai’s stock index fell 4.6 percent while Abu Dhabi dropped 3.1 percent. Doha suffered a drop of 4.2 percent, while Kuwait finished down 2.7 percent, according to the report. The largest market, the Saudi Tadawul, was down 6.1 percent.
The drops wipe out all previous gains for the year.