Middle-East Opens Weak: Dubai Stocks Slump To 2-Year Lows As Financials Tumble

Tyler Durden's picture

Following Friday's further freefall in crude oil prices, The Middle East is opening down notably. Abu Dhabi, Saudi, and Kuwait are lower; Israel is weak and UAE and Qatar are tumbling, but Dubai is worst for now.  Dubai is down for the 6th day in a row (dropping over 3% - the most in a month) extending the opening losses to 2-year lows. The 11% drop in the last 6 days is the largest since the post-China-devaluation global stock collapse. Leading the losses are financial and property firms.

In a replay of August, Middle-East equity markets are tumbling as China allows the Yuan to weaken...

 

Sending Dubai stocks to 2 year lows and breaking critical support...

 

Financials and property firms extend and accelerate their recent losses...

 

Charts: Bloomberg