By Mohamed Farouk

Kuwait – Mubasher: Seven GCC stock markets in addition to Egypt’s exchange ended Sunday in the red zone, pressured by the continued fall in oil prices, coupled with a decline in global markets.

Furthermore, bourses were also dragged by turbulent political conditions in the region, in addition to investor jitters about foggy outlook.

Dubai Financial Market (DFM) led the way on losses, as the benchmark index DFMGI plunged by 6.96%, followed by Saudi Tadawul (-6.86%), then Egypt’s benchmark EGX30 (-5.4%), Qatar (-5.25%) and Abu Dhabi index (-5%).

Muscat main gauge came sixth with a fall of 2.94%, followed by Kuwaiti price index that dropped 2.36%, while Bahraini index tailed the list with a decline of 0.37%.

The overall traded value of these markets reached $2.326 billion, a rise of 2% from $2.280 billion on Thursday.

Today’s liquidity was mainly focused on Saudi Tadawul – as usual – with around $1.763 billion, followed by DFM ($214.4 million), then Qatar ($113.74 million).

Market capitalisation of Egypt’s market and the seven GCC bourses amounted to $1002.55 billion, a decline by $57 billion from $1059.54 billion on Thursday. Tadawul accounted for $32.5 billion of these losses.

The sharp drop in the region’s stock markets was triggered mainly by the fall in oil prices that lost more than half their value last year, analysts said, expecting further declines in the company period.

Translated by Sayed Abdel Rahman