Gulf stock markets, which have been among the strongest performing in recent years, suffered some of their biggest falls yesterday amid a deepening crisis of confidence after a three-year bull market.

Shares in Dubai plunged nearly 12 per cent, Saudi Arabia's market fell 4.74 per cent, Abu Dhabi's 4.44 per cent and Kuwait's 3.67 per cent. Markets in Jordan, Egypt, Morocco and Lebanon were also hit.