Dubai
2014 Return: 17%
Despite falling into a bear market in June, stocks in Dubai are still sitting on big gains for the year.
The Dubai stock exchange has plunged more than 20% from its most recent peak in May as violence has spread from Syria to Iraq.
Some investors worry that the oil-rich Gulf States could be drawn into a broader conflict in the Middle East.
Concerns about the hot real estate market in the United Arab Emirates have also weighed on stocks in Dubai and neighboring Qatar. Shares of the company that built the Burj Khalifa, the tallest man-made structure in the world, have been hit particularly hard recently.
Related: Qatar, UAE about to get major upgrade
But the sell-off comes after a spectacular run for Dubai stocks, which are still up nearly 200% since 2012.
Most of the traders in Dubai are local speculators, and they are quick to sell at the first hint of trouble, said Auerbach Grayson's Bell.
"It's a very momentum driven market," he said. "When things are good, they're very good."
