Gulf stocks nosedive after oil prices crash

Stock markets in the energy-rich Gulf states nosedived at the start of trading today after oil prices crashed amid a price war in the global market. Kuwait's Premier index tumbled 9.5 per cent and trading was suspended, while Dubai Financial Market dropped 9.0 per cent and Abu Dhabi Securities Exchange shedded 7.1 per cent. Oil prices crashed at the opening today after OPEC and its allies failed to reach an agreement on production cuts.