Cairo-Mubasher: The Egyptian and GCC markets declined last week, led by Dubai Financial Market (DFM) which extended its loss for the third straight week.

Dubai's bourse dropped 6.3% in a week, followed by Saudi Arabia which slid 5.3%. Qatar also fell 4.6%.

Abu Dhabi decreased 3.25%, followed by Muscat which shed 2.8%. Bahrain lost 1.6%. Egypt was 1.3% down, and Kuwait tailed the list, losing 1.2%.

The DFM extended its decline for the third week, but Thursday's gains pared its loss. The benchmark dropped 234.35 points to reach the 3,473.42 level.

Analysts said this bearish performance of the UAE markets was due to lack of catalysts and investors' anticipation.

The Saudi exchange plunged 516.59 points to close out the week at 9174.4 points. The market trimmed its weekly loss on Thursday.

Qatar also extended its downward trend for the fifth week, losing 556.89 points to 11,523.77 points.

Capital market expert Ahmed Aql said the oil market volatility weighed on the Qatari bourse.

Abu Dhabi Securities Exchange (ADX) retreated for the third week, falling 146 points to 4337.63 points.

The Egyptian Exchange (EGX) declined this week, despite the positive results of the major economic conference held recently in Sharm El Sheikh, losing nearly EGP 2.9 billion ($382 million).

EGX30 plunged 1.3% or 122.5 points to 9518.28 points.

Ehab Al-Said, head of technical analysis at Osool ESB Securities Brokerage, said the benchmark showed bearish performance throughout the week despite the mega projects and investments signed in the economic conference. He added that EGX30 is approaching its previous support at 9500-9450 points.

Kuwait Stock Exchange's (KSE) Price Index dropped 78.9 points to 6435.43 points compared to 6514.34 points a week earlier.

Muscat Securities Market (MSM) retreated 179.90 points to 6219.86 points, pressured by leading stocks.

Bahrain Bourse lost 23.78 points to 1482.88, battered by the commercial bank sector.

Translated by Abdul Maguid Aboshahla