By Mohamed Abu Meleeh
Riyadh – Mubasher: Global equity markets lost around $4.5 trillion last week, as 13 out of 85 bourses worldwide achieved gains topped by Venezuela with $9 billion, Finland ($2.5 billion) and Ukraine ($0.8 billion).
The market capitalisation of the 85 markets fell to $60 trillion from $64.5 trillion.
U.S. stock markets lost $1.6 trillion during the week to reach $21.9 trillion, from $23.5 trillion. They were followed by China with $995.5 billion losses, then Hong Kong ($291.4 billion), UK ($217 billion), according to Bloomberg data and Mubasher statistics.
Saudi Arabia ranked fifteenth in terms of market losses last week.
The markets were negatively affected by tensions between Saudi Arabia and Iran, which are considered among the world’s biggest oil producers.
China weakened its currency by 0.5% to mark the biggest one-day depreciation since august, leading the yuan to its lowest level in five years. This led to a drop in Asian shares to their lowest levels in three months.
Oil prices fell on Friday for the fifth successive day to end the week with a drop of 10% dragged lower by supply glut.
At GCC markets level, Qatar bourse took the 33rd position with $9 billion losses, followed by UAE ($7.8 billion). Kuwait ranked 40th with $4.2 billion, while Oman cane in the 59th position with $0.2 billion and Bahrain ranked 64th with $0.1 billion.
Jordan recorded $0.5 billion losses to come in the 53rd rank, while Egypt took the 61st position with $0.1 billion.
During Sunday’s session, Arab and GCC bourses continued their decline, mainly Saudi Tadawul with a decline by 2.16%, then Egypt (-2.03%) and Kuwait (-1.03%). Abu Dhabi bourse rose slightly by 0.2%, while Muscat market steadied.
Translated by Sayed Abdel Rahman
