By Bedour El-Raie
Abu Dhabi – Mubasher: Stock markets across the GCC region and in Egypt widened their losses to $34.7 billion on Sunday, with Saudi Arabia and Qatar taking the lion’s share.
Equities plunged amid fears about oversupply in the oil market after the U.S. lifted its sanctions on Iran.
Saudi Stock Exchange (Tadawul) lost around $18.6 billion of its capitalisation, while its main index fell by 7.16%.
Similarly, Qatar Stock Exchange led declining markets in the GCC with a drop of 7.16%. It shed nearly $8.8 billion.
Dubai Financial Market lost nearly $2.5 billion, while its main gauge fell by 4.64%. Abu Dhabi Securities Exchange shed $0.239 billion and its index sagged 4.24%.
Kuwait Stock Exchange’s price index dropped by 3.18%, while its market cap fell by $3.44 billion.
Likewise, the Egyptian Exchange trimmed its early losses to end 1.66% lower, with losses of EGP 4.2 billion.
Muscat shares lost $0.5 billion, while the benchmark index pulled back 3.21%. Bahrain bourse tailed the list with a decline of 0.42% and it shed approx. $0.11 billion.
GCC equities plunged as investor sentiment was weighed by turmoil in global markets along with a continued slide in oil prices, said Ali Al Anzi, economist.
Translated by Sayed Abdel Rahman
