Mideast Stocks Extend Decline Led by Saudi Arabia as Oil Sinks
Middle East Feels the Pain of Cheap Oil, Equities Rout
This article is for subscribers only.
Middle Eastern stocks extended their decline amid a global rout and as Brent crude fell below $45 per barrel for the first time since 2009.
Saudi Arabia’s Tadawul All Share Index, which entered a bear market on Sunday, led the drop after it fell 5.9 percent at the close in Riyadh to the lowest level since March 2013. Dubai’s DFM General Index closed less than 20 points away from the threshold for a bear market and Israel’s TA-25 Index dropped for a fourth day. Brent sank 4.4 percent to $43.46 per barrel at 3:25 p.m. in London. The MSCI World Index slid for a fifth day to the lowest level since October 2014.