GCC Stock Markets Plummet Amid Possible Strikes on Syria
financial experts and analysts noted the state of panic that exists among investors in the markets of the region, following escalated talks about a potential military strike on the Syrian regime, as well as expected market corrections in light of the sharp increases in the Gulf stock markets last month, which pushed the Dubai Financial Market to climb the most, by more than 60%. Abdullah al-Hosani, general manager of Emirates NBD Securities, said that foreigners sold stocks on the grounds that they “do not differentiate between one country and another in the region, and think that what is taking place in one country applies to the rest.” He noted that local portfolios “did not push toward selling, although some have eased the purchase or shifted their investment to take advantage of the market rises in the past few months.” The experts pointed out that foreign investors’ fears have doubled, in light of media reports noting an increased likelihood that the repercussions of the Syrian war might reach Lebanon, and the likelihood that Iran could involve itself in the equation as a supporter of Syria, especially with the increasing threats made by Iranian officials. The experts said that the decline is expected to continue in the region’s financial markets, in light of the uncertainty that prevails over the political situation.
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