Mid-East stocks plummet as sanctions on Iran ease

Dubai

STOCKS across the Middle East tumbled as the easing of sanctions against Iran raised the prospect of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Shares in Teheran gained.

Saudi Arabia's Tadawul All Share Index dropped 7.2 per cent as at 2:02pm in Riyadh to its lowest level since March 2011. Abu Dhabi's ADX General Index fell into a so-called bear market. The Bloomberg GCC 200 Index, which tracks 200 of the six-nation Gulf Cooperation Council's biggest companies, traded at 9.4 times estimated 12-month earnings, the lowest in almost seven years. Iran's TEDPIX Index climbed 0…