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Stock markets in the Gulf states made a strong showing in the third quarter on the back of
higher oil prices and positive sentiment, recovering some of their massive losses last year.
Five of the seven Gulf stock markets have risen, some sharply, in the latest three months following unprecedented losses last year and in the first quarter of 2009 due to the global economic meltdown.
The recovery was led by Dubai's benchmark, which shed almost three quarters of its value last year, and Saudi's main index, which dipped by more than half in 2008.
Kuwait's Global Investment House attributed the recent rise in Gulf stocks to the 'surge in crude oil prices and positive indicators from world markets'.
The Saudi Tadawul All-Shares Index (TASI), the largest Arab bourse, closed the quarter at 6,322.04 points, up 31.6 per cent on last year's finish of 4,802.99 points. The index lost 56.5 per cent last year.
The Kuwait stock market index, the second-largest in the Arab world, was up just 4.4 per cent from the end of last year, reaching 7,817.30 points on September 30, versus 7,782.60 points on December 31. KSE and Bahrain were the only Gulf markets to drop in the third quarter.
However, the bourses of Dubai and Abu Dhabi in the USE made strong gains, especially in the third quarter, with the gradual return of confidence.
Dubai's index finished at 2,191.03 points on September 30, up a healthy 33.9 per cent on last year's close of 1,636.29 points. Market heavyweight Emaar Properties has gained about 79 per cent after shedding 85 per cent last year.
The Abu Dhabi benchmark, which shed 47.5 per cent in 2008, closed at 3,124.22 points, a rise of 30.7 per cent on last year's finish of 2,390.01 points.
In Qatar, the Doha benchmark was up 7.7 per cent at 7,414.25 points at the end of the third quarter compared to last year's close of 6,886.12 points.
The tiny Muscat index gained 20.8 per cent since the start of the year to close the third quarter at 6,572.25 points while Bahrain's benchmark fell 13.8 per cent to finish at 1,554.51 points.
