http://www.arabianbusiness.com/-49bn-wiped-off-value-of-gulf-stock-markets-575405.html

A fresh wave of panic selling wiped out $49 billion of stock market value across the Gulf Arab economies on Tuesday as the price of Brent crude oil dropped below $60 a barrel for the first time since 2009.

The stock market losses came on top of over $200 billion of value already destroyed since the end of October. Most of the frenzied selling has been by retail investors who fear governments will cut spending in line with falling oil revenues.

"We are in the panic mode now, there is no more support and investors are not rational any more," saidSebastien Henin, head of assetmanagement at The National Investor in Abu Dhabi.

Dubai's index tumbled 7.3 percent to 3,084 points, a one-year low. The market has now retraced more than 50 percent of its massive rally from a multi-year low in January 2012 to this year's peak in May, a rise of 318 percent. More >>