Stock markets dip by over 8% in 2008 |
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A sharp fall in most Gulf stock markets depressed the combined share index for the region by more than eight per cent in the first nine months of 2008.
The indices of all GCC bourses, except the Qatari market, plunged by at least six per cent while Egypt suffered the biggest loss outside the GCC, according to the Abu Dhabi-based Arab Monetary Fund (AMF).
The exchanges of Jordan, Lebanon and Palestine emerged as key gainers in the region despite political tensions in the last two markets.
The AMF's composite index, which is made up of the indices of 15 official Arab stock exchanges, has dipped by 8.18 per cent since the start of 2008 and the biggest decline in most markets was during August and July.
Kuwait's bourse suffered most, with its AMF index tumbling by 27.49 per cent. The indices of Bahrain and Abu Dhabi exchanges dived by 17.1 and 11.37 per cent respectively. Saudi Arabia's Tadawul declined by 10.66 per cent while Dubai and Muscat bourses shrank by 7.69 and 7.97 per cent.
Doha Securities Market was the only exception in the six-nation GCC, with its AMF index surging by 16.96 per cent despite recent retreats. Outside the oil-rich Gulf, bourses of Egypt and Morocco were the only losers in the first nine months, plunging by 19.96 and 9.54 per cent respectively.
But those of Lebanon and Jordan leaped by 68.55 and 62.5 per cent, while that of Palestine soared by 54.65 per cent. Tunisia also jumped by 20.43 per cent.
The AMF, the Arab League's main financial organization, gave no figures for Arab market capitalisation this week but it stood at $1,277 billion on August 31 compared with $1,340 billion on August 1.
The figures showed the capitalisation of most regional bourses recorded a decline during August while that of the Saudi Tadawul, the largest in the region, gained nearly $6billion after a steady retreat of three weeks.
Abu Dhabi and Dubai dipped by nearly $15bn and $11bn respectively while Kuwait and Qatar dropped by $9bn and $12bn.
Egypt was the main victim outside the Gulf, tumbling by around $14bn. The report gave no data for the remaining two bourses of Algeria and Sudan.
By Nadim Kawach
© Emirates Business 24/7 2008
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