GCC market value down 2% in May on profit-taking – Report

June 9, 2015 9:34 AM

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UAE – Mubasher: Gulf markets concluded May at a significant decline across most market owing to profit-taking, said a report by Global Investment House showed, adding that there were no positive catalysts in the markets on the backdrop of oil price fluctuations and instability in Yemen.

The Dubai Financial Market (DFM) was the biggest loser, sliding 7.2% on the real estate sector, followed by the Abu Dhabi Securities Exchange (ADX), which lost 2.6% because of its banking sector. The Qatar Exchange (QSE) and Bahrain Bourse followed with declines of 1.9% and 1%, respectively, whereas the Muscat Securities Market (MSM) was the only gainer, adding 1%.

Market value for GCC markets dropped 2% in May 2015 to $1.113 billion compared to figures from April.

Saudi Arabia topped fallers in terms of market capital decline, plunging 53% or $590.5 billion, followed by Qatar with 15.9% or $179.7 billion, while the DFM and ADX markets saw a combined drop of 18.7% or $208.8 billion.

The Kuwait, Oman and Bahrain markets recorded a combined loss of $137.6 billion during the month.

Source: english.mubasher.info

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