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Middle East Stocks Pressured by Escalating Tensions Between Syria and US

MidEast stocks dropped after the US warned that Syria would be held accountable for its recent actions.

Syria's Foreign Minister Walid al-Moallem, denied on Tuesday that his government had used chemical weapons on its citizens, according to the BBC. He was responding to U.S. Secretary of State John Kerry, who said late Monday that there was no doubt chemical weapons had been used by the government against rebels. Al-Moallem told a news conference that if military action was taken against Syria, it would be on the basis of groundless and false information.

Western powers, though, told the Syrian opposition to expect a Western strike against President Bashar al-Assad's forces within days, after determining his government was responsible for the use of chemical weapons, sources told Reuters.

Dubai's main index tumbled 7% to 2,550 points, Abu Dhabi dropped 2.8% to 3,822 points, Kuwait shed 2.9% to 7,766 points, Saudi Arabia lost 4.1% to 7,723 points, Qatar eased 1.3% to 9,771 points, Egypt sank 2% to 5,338 points, Oman declined 1.1% to 6,846 points and Bahrain shed 1.2% to 1,186 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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