Gulf stocks plunge further as G20 fails to halt panic

[NNN0LHI]

http://www.khaleejtimes.ae/DisplayArticle08.asp?xfile=data/business/2008/November/business_November673.xml§ion=business

16 November 2008

KUWAIT CITY - Stock markets in the Gulf states plunged on the week’s opener Sunday as panic from the fallout of the global economic crisis continued to dampen investor sentiment.

The slump came despite the approval by leaders of the G20 nations of an action plan on Saturday to restore global growth and prevent future financial upheaval while promising new spending plans and a set of reforms.

Markets of Dubai, Muscat and Doha were the biggest losers, while the Saudi market, the largest Arab bourse, fluctuated sharply at the opening after diving 7.4 percent on Saturday to its lowest level since March 2004.

In the United Arab Emirates, the two bourses of Dubai and Abu Dhabi continued to reel under the woes of the flagging real estate sector amid reports of a sharp drop in the prices of units.

Turnover was sharply down from this year’s average, an indication that many investors are staying away amid a huge sell-off that included blue chip stocks.

[Tandalayo_Scheisskopf]

1. It bothers me not a whit.

Perhaps Dubai will now shelve plans for more fake, indoor ski hills. Something sure to impact the quality of life for the poor and oppressed all over the mid-east and the Levant.

[Liberal_in_LA]

3. agreed.

[madrchsod]

2. poor babies.... they forgot

oil revenue falls when there`s a recession.....they should invest in horse and buggy futures