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Kuwait, GCC stocks plunge on regional events
November 11, 2017, 3:53 pm
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Spate of events unfolding in the region has spurred a wave of selloffs across bourses in the six-nation Gulf Cooperation Council (GCC) bloc. Over a period of three day, GCC stock markets are believed to have shed nearly US$7 billion, cutting their combined market capitalization to $910.7 billion, their lowest level in a year, said a report citing Bloomberg data. The ongoing events in Saudi Arabia and the standoff in Lebanon have spooked regional investors and added to their worries about political stability in the area.

The biggest decliner among GCC markets this week is that of Kuwait, which has fallen $3.37 billion, followed by bourses in the United Arab Emirates and Qatar, which have each dropped by about $2.6 billion. Ironically, Saudi Arabian stocks gained $1.96 billion, a sign to some analysts that state funds are propping up shares. Oman’s market also climbed, adding $91 million.

 

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