Tuesday, October 7, 2008

OK, maybe I'm just xenophobic enough that this one from Al Jazeera doesn't trouble me too much...

... as Persian Gulf stock markets also tumble, according to Al Jazeera:

Gulf Arab stock exchanges have closed sharply down, as concerns over the global economic crisis continue.

The losses on Tuesday were the third consecutive day of falls, with banking and real estate stocks precipitating the decline.

Abu Dhabi's benchmark ADI fell 4.58 per cent to a 14-month low.

UAE developers again were the primary losers, with Deyaar falling 8.03 per cent and Sorouh Real Estate declining 8.33 per cent.

Saudi Arabia's market dropped by seven per cent while Egypt suffered the largest percentage loss, by more than 16 per cent, to its lowest level in two years.

In all, the seven Arab stock markets in the Gulf have shed about $150bn in value over the past three days to around $800 billion.

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