Business | Markets
Global market turmoil dampens performance of Gulf bourses
June 2008 proved to be a dull month for Gulf bourses with all GCC markets, except Kuwait posting losses, a recent report by Kuwait financial centre Markaz said.
- Staff Report
- Published: 12:42 August 7, 2008
Dubai: June 2008 proved to be a dull month for Gulf bourses with all GCC markets, except Kuwait posting losses, a recent report by Kuwait financial centre Markaz said.
“Market performance during the month was largely affected by reduced activity due to ongoing global market turmoil, in addition to profit booking in many GCC markets. Strong markets, such as Qatar and Oman, as well as laggards, like Saudi Arabia, posted losses as structural problems in the US seeped into their economies,'' Markaz said in a press statement.
Markaz, which aims to analyze the performance of equity funds across the region, said Kuwait posted monthly gains of 2.9 per cent.
The Qatari and Bahraini stock markets also ended the month in the red, but the losses were insignificant.
Dubai was the weakest GCC market as it lost four per cent for the month of June.
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
