Arab marts gain $40bn in 9 months

Arab stock markets have largely fluctuated this year but ended the first nine months with a gain of nearly $40 billion, mostly in Abu Dhabi, Saudi Arabia and Qatar, according to official data.

Six of the region’s 14 official stock exchanges emerged as losers despite occasional gains in some months, showed the figures by the Abu Dhabi-based Arab Monetary Fund (AMF), a key Arab League financial institution.

From around $901.8 billion at the end of 2011, the combined market capitalization of the 14 bourses swelled to nearly $940.9 billon at the end of September, the AMF said in its monthly market report.

The level was nearly $24 billion higher than at the end of August but far below the peak month of about $981 billion at the end of March.

Saudi Arabia’s Tadawul, by far the largest and busiest bourse in the Middle East, accounted for nearly half the nine-month increase, with its market capitalization growing to nearly $366.2 billion from $347.2 billion in the same period.

Abu Dhabi’s bourse gained about $10 billion to reach $75.9 billion at the end of September compared with $66.6 billion at the end of 2011.

Qatar’s market capitalization rose to $133.6 billion from $124.4 billion while Kuwait’s bourse grew to $104.2 billion from $101.2 billion.

Oman’s security market increased to $21.4 billion from $19.7 billion and Bahrain’s to $16.7 billion from around $16.4 billion.

Dubai was the only bourse in the Gulf to decline during that period, with its market capitalization receding to $49.8 billion from $51.3 billion.

Outside the Gulf, Egypt’s bourse soared to $66.5 billion from around
$57.2 billion following a turbulent period in 2011 because of the political turmoil.

Jordan’s market was also a gainer, rising to around $26.4 billion from
$25.7 billion while Morocco’s market, the second largest Arab bourse outside the Gulf, shrank to around $51.5 billion from $61.7 billion.

The report showed there was a decline in the markets of Lebanon, Tunisia, Palestine and Syria during that period.

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