Dubai share prices dived 7.0 percent on Tuesday, leading the falls as Gulf Arab stock markets took a hit from fears of possible U.S. military intervention in Syria.
Prices on the Kuwait Stock Exchange fell 6.0 percent while the largest Arab stock market in Saudi Arabia shed more than 3.5 percent, nearly two hours before closing time.
The Dubai Financial Market index closed at 2,549.61 points, led by Emaar Properties, the developer that built Dubai’s Burj Khalifa, which fell 8.36 percent.
Saudi financial expert Bishr Bakhit said that “the reason of the drop is the agitation about Syria.”
World stocks had fallen after US Secretary of State John Kerry warned on Monday that the United States would demand “accountability” after an “obscene” chemical weapons attack on Syrian civilians.
Kerry said the U.S. was still examining evidence of the use of chemical weapons in Syria but left no doubt that Bashar al-Assad’s regime would be blamed.
Syria tensions likely to hit Gulf marketsGulf markets are likely to be dampened on Tuesday by the possibility of international military action against Syria after Washington said it believed ... Financial Markets
Xinhua: remember bogus U.S. excuses for Iraq war before attacking SyriaAn attack on Syria would be dangerous and irresponsible, and the world should remember the Iraq war was started by U.S. allegations of weapons of mass ... Middle East
U.S. postpones meeting with Russia over chemical attack in SyriaThe United States on Monday postponed a meeting with Russia scheduled for Wednesday in The Hague due to “ongoing consultations” over the ... Middle East