Dubai and Abu Dhabi stocks close at lowest of year
Dubai's main stock market and Abu Dhabi's index closed on Tuesday at their lowest points of the year amid mounting anxiety over plunging oil prices.
Dubai's stock market lost 7.3 percent on the day, while Abu Dhabi's slid 6.9 percent. Also Tuesday, Saudi Arabia's stock market fell 7.3 percent.
Gulf equities have been falling since late November, while oil prices have shed nearly half their value since late June. Benchmark US oil prices closed below $56 a barrel on Monday, their lowest level since May 2009, when the US was still in recession. Brent crude prices fell below $60 a barrel, also their lowest since mid-2009.
