Gulf stocks nosedive after oil prices crash

Stock markets in the energy-rich Gulf states nosedived at the start of trading Monday 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 on Monday after OPEC and its allies failed to reach an agreement on production cuts.