Egypt's stock market shares plunged around $3 billion Sunday after news of a drop in the prices of oil that reached its lowest level in five years with $57.46 a barrel. The EGX30 index closed 5.23 percent lower, with 170 stocks declining and just five showing gains. Arab bourses are also being swept by panic that cheaper oil could prompt governments to slow their spending. Other Gulf markets also posted heavy losses yesterday, as Oman's bourse lost 4.2% to 5,808 points in its lowest level since February 2013. Dubai's main index sank 7.4% to 3.312 points in its biggest daily loss in six years, while the main index in Abu Dhabi tumbled 4.7%.