Stock Markets Across Middle East Fall Again

26 October 2008

Yeranian report – Download (MP3)  

Stock markets in the Gulf and across much of the Middle East experienced another day of dramatic drops Sunday, amid a backdrop of falling oil prices, despite OPEC’s decision to cut production. Edward Yeranian reports for VOA from Cairo.

Stock markets in Abu Dhabi and Dubai lost between four and five percent, Oman and Qatar lost between eight and nine percent, and the Egyptian stock exchange dropped more than six percent.

Mohammed Burhan, the executive editor of CNBC al Arabiya network, based in Dubai, said in a telephone interview, he thinks that Gulf markets are reflecting the global economic crisis.

He says, whatever affects global markets affects Gulf Arab markets, as well. He says, “the crisis in the Gulf began a bit ahead of the global crisis, when foreign investment funds began to pull out of the local market,” and this affected stock prices.

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