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Gulf share values drop on oil slump

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Gulf share values drop on oil slump
Liquidity at the Saudi Tadawul market, the largest capitalised Arab shares market, slumped by 63.4 per cent.

Published: Sun 22 Oct 2017, 8:00 PM

Last updated: Sun 22 Oct 2017, 10:25 PM

The value of shares traded on Gulf stock markets plummeted this year, a report said on Sunday, in the latest sign of how the region's economies are struggling with the drop in oil prices.
Liquidity at the Dubai Financial Market, the most open to global markets and investments, fell 72.6 per cent in the first three quarters of 2017 compared to the same period last year, Kuwait's Al Shall Consultants said.
At the Abu Dhabi Securities Exchange, liquidity levels in the first nine months of the year dropped 71.1 per cent, followed by the Qatar Bourse which fell 65.6 per cent, Al Shall said in a report.
Liquidity at the Saudi Tadawul market, the largest capitalised Arab shares market, slumped by 63.4 per cent, the Muscat market dropped by 61.9 per cent and the Bahrain bourse lost 31 per cent.
The Boursa Kuwait managed the lowest drop with just 6.3 per cent, the report said.
"The collapse in oil prices and violent geopolitical events in the region have combined... to dent liquidity levels," at Gulf bourses, the report said.
The six nations of the Gulf Cooperation Council have lost hundreds of billions of dollars from low oil prices since mid-2014.
Trading in all Gulf bourses has seen a lull in the past three years due to a lack of cash injections, as regional governments cut public spending to balance deficit budgets.
Total liquidity in the seven bourses dropped from $624 billion in the first three quarters of 2014 to just $227 billion in the same period this year, Al Shall said. 

By AFP

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