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30 November 2023

Gulf bourses lose $10b in single session on Egypt turmoil

The DFM index was 6.7 per cent down just 10 minutes after opening. (REUTERS)

By Sunil Kumar Singh

Market capitalisation across the stock markets in the GCC, barring Saudi Arabia, slipped sharply on Sunday from their previous close on Thursday, as unrest in Egypt rattled stock markets in the UAE and across the Gulf.

UAE stocks in freefall as Egypt fallout burns markets

The total market cap (primary listings) of the bourses across the GCC region, except Saudi Arabia, lost close to $10 billion on Sunday.

Total market cap (primary listings) of Dubai Financial Market (DFM) dropped to $33.42 billion from $34.56 billion on Thursday, while that of Abu Dhabi Securities Exchange (ADX) dropped to $65.66 billion from $68.16 billion on Thursday, data from Zawya.com show.

DFM index closed at 1,543.02, losing 4.32 per cent on Sunday with all sectors posting losses.
However, the index, which shed 6.4 per cent in the morning session, its lowest level since September 5, pared its losses in the closing session.

ADX benchmark dropped 3.68 per cent. Across the GCC, Bahrain market closed 1.43 per cent down, Kuwait index lost 1.76 per cent, Muscat down 3.02 per cent and Qatar stock market lost 2.95 per cent.

Saudi Arabian stock market was the only one in the GCC that ended positive on Sunday with the index gaining 2.58 per cent.

The total market cap (primary listings) of Bahrain stock exchange also slipped from $21.24 billion on Thursday to $21 billion on Sunday, while that of Qatar fell from $122.98 billion on Thursday to $119.94 billion on Thursday as panicked investors preferred to take their money off the table in the wake of uncertainties.

Kuwait bourses' total market cap also fell from $123.90 billion on Thursday to $121.48 billion, while that of Oman dipped from $20.40 billion on January 27 to $19.86 billion on Sunday, Zawya.com data show.