Arab stocks slide

Published October 17, 2008

KUWAIT CITY, Oct 16: Arab stock markets fell on Thursday for a second day, led by a more than six per cent plunge on the Dubai Financial Market, as recession fears continue to haunt the global economy.

The DMF Index was trading slightly off its lows in midday trade at 3,235.99, down 5.6 per cent, while the other United Arab Emirates stock market, Abu Dhabi Securities Exchange saw its index drop 4.7 per cent to 3,361.44 points.

Dubai’s market leader, real estate developer Emaar, shed 7.5 per cent as the sector as a whole dropped 7.9 per cent. In Abu Dhabi, the real estate market was 9.5 per cent lower.

The small Muscat Securities Market shed 5.8 per cent.

The Kuwait Stock Exchange, the second-largest Arab bourse, dropped by about two per cent to 11,475.80 points.

The Doha Securities Market was 3.6 per cent lower and was trading below the key 8,000-point mark, while Bahrain Stock Exchange managed a tiny increase of just 1.1 per cent.

The Saudi market is closed for the weekend. The Gulf’s largest exchange had recovered more than $55 billion of capitalisation over the past three days to swell its value to $360 billion.

Egypt’s CASE-30 stock index dipped 3.86 per cent to 5,742 points in early trading on Wednesday, the second day of losses in line with exchanges around the world amid fears of recession.

The key index had dropped 3.15 per cent to 5,945 points on Wednesday amid concern for the global economy, after two days of strong gains spurred by government moves to shore up the financial system.

Governments in the oil-rich region have taken steps to support their financial systems after stock markets sustained huge losses last week.

On Tuesday, the UAE made 19 billion dollars available to local banks, bringing to $32 billion the total pledged since the beginning of the crisis.

On Sunday, it had guaranteed deposits and savings at banks operating in the country, as well as interbank lending.

Saudi Arabia, Kuwait and Bahrain have slashed interest rates, pledged tens of billions of dollars of liquidity to domestic banks and eased lending restrictions. Qatar also decided to buy between 10 per cent and 20 per cent of banking shares.—AFP

Opinion

Editorial

Errant ECP
Updated 22 Jan, 2025

Errant ECP

THE ECP has once again earned a detailed reprimand from the Supreme Court. That it still refuses to correct course is ominous
Fast-tracking M6
Updated 22 Jan, 2025

Fast-tracking M6

GRAND infrastructure projects in Pakistan often progress at the pace of a bullock cart rather than a bullet train....
Gwadar airport
Updated 22 Jan, 2025

Gwadar airport

THE air connectivity established by the inauguration of PIA flights between Karachi and Gwadar is a major step...
Trump 2.0
Updated 21 Jan, 2025

Trump 2.0

Few have forgotten how disruptive Trump could be as president. There has been little indication that his 2nd term will be any different.
GB’s status
21 Jan, 2025

GB’s status

THE demand raised by the people of Gilgit-Baltistan for constitutional clarity and provisional provincial status is...
Panda bond
Updated 21 Jan, 2025

Panda bond

ISLAMABAD’S plans to raise $200m from China’s capital markets through the inaugural issue of a Panda bond this...