DUBAI: Qatar stocks led a retreat in Middle Eastern markets after the price of crude oil, the region’s biggest source of revenue, tumbled to a seven-year low.
The QE Index sank 3.3% to 9,682.84 at 9:58 am in Doha on Friday, more than 300 points below a key support level the gauge has maintained on a closing basis for about two years. The DFM General Index dropped 1.4% on investor concern that companies in Dubai, the Middle East’s commercial hub, may suffer if Gulf Arab governments reduce spending next year. The ADX General Index in Abu Dhabi, home to about 6% of the world’s proven oil reserves, lost 1.8%.