Middle East Market Correction
Thanks to Mish's GET... as of yesterday...
The Abu Dhabi Securities Market closed below 4000 and has lost 23.4 per cent on the end-2005 close of 5,202.95 points and 37.7 per cent on its all-time high.
The Kuwait Stock Market closed below 10,000, 13.2 per cent below its 2005 close of 11,445.10 points.
The Doha Securities Market closed below 9,000 down 4.4 per cent at 8,873.08 points. It is 19.7 per cent below last year's close of 11,053.24 points.
The Dubai Financial Market dropped nearly 2 percent on Wednesday after losing 11 percent on Tuesday, the worst one-day loss in the market's history.
In Saudi Arabia, the region's largest market, the benchmark Tadawul index on Tuesday dropped another 5 percent, the maximum allowed by regulators, bringing the market down by a quarter over the past three weeks.
The selloff continued in early trade Wednesday, with the index down another 4.86 percent, or 723.54 points at 14,176.5.
Question: Cous Cous Contagion? Perhaps a portend of things to come in other global markets. Like the investors, I'll take some Hummus and Baba Ganoush to go...
The Abu Dhabi Securities Market closed below 4000 and has lost 23.4 per cent on the end-2005 close of 5,202.95 points and 37.7 per cent on its all-time high.
The Kuwait Stock Market closed below 10,000, 13.2 per cent below its 2005 close of 11,445.10 points.
The Doha Securities Market closed below 9,000 down 4.4 per cent at 8,873.08 points. It is 19.7 per cent below last year's close of 11,053.24 points.
The Dubai Financial Market dropped nearly 2 percent on Wednesday after losing 11 percent on Tuesday, the worst one-day loss in the market's history.
In Saudi Arabia, the region's largest market, the benchmark Tadawul index on Tuesday dropped another 5 percent, the maximum allowed by regulators, bringing the market down by a quarter over the past three weeks.
The selloff continued in early trade Wednesday, with the index down another 4.86 percent, or 723.54 points at 14,176.5.
Question: Cous Cous Contagion? Perhaps a portend of things to come in other global markets. Like the investors, I'll take some Hummus and Baba Ganoush to go...
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