UAE market continues to bleed, billions wiped out again

UAE market continues to bleed, billions wiped out again

The UAE and GCC markets continued on bleed on Monday, March 9, morning, wiping out billions of dirhams from the regional bourses in the first few minutes trading for the second consecutive day. Dubai bourse plunged nine per cent and Abu Dhabi Securities Exchange lost seven per cent in the first few minutes of trading on Monday morning as crude crashed over 30 per cent amidst fear of oil price war.. Boursa Kuwait also plummeted 9.5 per cent while Oman's Muscat Securities Market lost 2.75 per cent in the first few minutes of trading.. Bahrain bourse was also down three per cent in pre-open trading.. Kuwait had suspended trading on Sunday after its index plunged 10 per cent.. It was second time this month that Kuwait regulator suspended trading of the bourse.. WTI crude plummeted 31.5 per cent or $13 a barrel to $28.27 while Brent fell 28.5 per cent or $12.9 per barrel to $32.36 on Monday morning.. On Sunday also, the regional bourses recorded massive selloff, pushing markets down to multi-year lows.. Equity investors fear that the oil price war looms after the collapse of Opec+ talks which will push the oil prices down further, putting more pressure