Arab financial markets is heading south affected by the fall of the US and European markets.The Saudi market lost almost 1.5% today hitting 6160, the biggest weekly loss since 2006, while the Egyptian CASE30 Index has lost more than 7% after loosing almost 16% yesterday, the Jordanian market has hit 3493, the lowest since December 2007. Dubai index has lost almost 8.5% and Abu Dhabi recorded a loss of 6.43% today. Muscat stock index has lost more than 514 points or 7.21%, while Doha index has recorded a 712-point loss or 8.75%.
Analysts connect this huge plunge to the credit crunch in the international markets, and see the situation getting worst if the if the US crisis persists. However, Arabic governments are still insisting that we were not affected bye the international crisis and that this is going to have a positive effect on our markets, I personally agree with that, only if they have the right agenda to deal with it.
*Photo from http://www.tickerchart.com/
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