By Mohammed Abu Meleeh

Riyadh-Mubasher: The GCC stock markets have witnessed steep declines since the beginning of August. Seven markets incurred losses of nearly $184.25 billion, or 44.75% of the gulf countries’ FY15 budgets reaching $412 billion.

Saudi Stock Exchange (Tadawul) recorded the biggest losses of $118.86 billion, representing 51.8% of the kingdom’s FY15 budget amounting to $229.3 billion.

The UAE bourses followed with combined losses of $36.1 billion, or 269.4% of the country’s federal budget estimated at nearly $13.4 billion, according to Mubasher statistics.

Qatar Exchange (QE) came third with losses of $18.6 billion, or 31% of the state’s budget estimated at $218.4 billion.

In March, Qatar announced that it will continue to work with FY14/15 budget until the end of 2015. The new budget will start from January 2016.

Kuwait Stock Exchange (KSE) suffered losses of $8.16 billion, dominating 12.9% of the budget reaching $63 billion. Meanwhile, Bahrain Bourse and Muscat Securities Market (MSM) recorded losses of around $0.57 billion and $1.93 billion, respectively.

Some markets recorded historical declines in August, as Tadawul – for example – plunged by 22.79%, its biggest decline since October 2008 when it fell by 25.27%.

MSM slid by 12.54% this month, its biggest decline since December 2008 when it slumped 13.3%.

Dubai and Abu Dhabi markets retreated by 17.9% and 11.78%, respectively. Meanwhile, QE and KSE shed 10.29% and 7.01%, respectively. Bahrain also fell by 2.04%.

Translated by Abdul Maguid Aboshahla