You would have to go back to the 2008 financial crisis to find the last time markets in the Gulf took a hit like this. Oil’s plunge to almost $40 a barrel is roiling the six-nation Gulf Cooperation Council, throwing government spending plans into disarray, sapping stock trading and valuations, driving up bank borrowing costs and stoking speculation some nations will eventually scrap long-established currency pegs. The GCC, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, is home to about 29 percent of the world’s oil reserves. Equities in all those markets tumbled on Tuesday after Brent crude dropped to the lowest since 2009 this week. Here’s a look at some of the pressure points: Stocks at Frontier Prices Abu Dhabi stock valuations have fallen below MSCI frontier markets, while Dubai shares are closing the gap. About $200 billion has been wiped off the […]