Gulf markets down $127 billion in November |
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Gulf stock markets tumbled by around $127 billion (Dh466bn) in November to their lowest level in nearly four years, official figures showed yesterday.
In contrast with the strong performance of listed companies, the bourses of the six-nation Gulf Cooperation Council (GCC)Gulf Cooperation Council (GCC)
recorded the second largest monthly loss in November after their $220bn crash in October.From around $722.42bn at the end of October, their market capitalisation plummeted to nearly $595.4bn on November 28, a decline of about $127.02bn, showed the figures by the Joint Arab Stocks Data Base at the Abu Dhabi-based Arab Monetary Fund (AMF).
Based on 20 days of trading sessions, the average daily loss exceeded $6bn during November, the figures showed. The capitalisation on November 28 is the lowest since January 2005, when the seven bourses were as low as $553bn.
"The capitalisation in the region's bourses have dipped below their real value or performance," AMF Chairman Jassim Al Manai said.
"This is because their prices actually reflect their expectations about future performance amidst the current global financial crisis and its repercussions."
The AMF figures showed Saudi Arabia's Tadawul, the largest and busiest bourse in the Middle East, was again the main victim of the November plunge, crumbling by nearly $62bn , almost half the total GCCGCC
losses.Tadawul has suffered more than most other Arab stock exchanges because of its large capitalisation and widespread speculation.
By Nadim Kawach
© Emirates Business 24/7 2008
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