Gulf Arab stocks continue to fall

Markets down for third day due to uncertainty over global economic situation.

    Real estate stocks have seen the
    biggest fall on the Gulf markets [AFP]

    Saudi Arabia's market dropped by seven per cent while Egypt suffered the largest percentage loss, by more than 16 per cent, to its lowest level in two years.

    In all, the seven Arab stock markets in the Gulf have shed about $150bn in value over the past three days to around $800 billion.

    Reassurances

    A number of finance officials attempted to reassure investors.

    Ahmed Bin Adbul Nabi, the finance minister of Oman, where the market closed 7.29 per cent lower, said that the sultanate had not been affected by the world financial crisis and that the fall was temporary.

    The drop was the largest on the Omani market since January.

    Ahmed Baqir, the Kuwaiti commerce and industry minister, also described the plunge in stocks as temporary.

    But Abdulwahab Abu-Dahesh, a Saudi economist, said: "It is a catastrophe.

    "It is clear that we will remain volatile and unpredictable as long as global markets remain impacted by the financial turmoil."

    Ali al-Nimesh, a Kuwaiti economist, said: "We are a part of this world and are impacted psychologically and practically by what is happening in global markets."

    However, Israel's bourse shot up after the Bank of Israel cut its base rate.

    SOURCE: Al Jazeera and agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.