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Most Gulf stocks rebound in 2009 (AFP)
, but their rebound was halted by the
debt crisis.
After slumping to a year low in the first three months, five of the seven markets made a strong comeback in the third quarter that continued into the fourth with the Saudi, Dubai and
each adding more than 30 percent.
and Bahrain, the remaining five bourses ended the year in positive territory, led by
which gained 27.5 percent.
and signs of global recovery, most of the bourses in the energy-rich region reached their highest point of the year in October, after which they started to decline on news of Dubai debt woes and profit-taking sales.
to their capitalisation which ended the year at 680 billion dollars from 600 billion dollars at the end of 2008.
That is still far below their end-2007 value of 1.116 trillion dollars, however.
All-Shares Index (TASI), the most capitalised Arab bourse, ended the year 27.5 percent higher at 6,121.76 points after slumping 56.5 percent in 2008.
, which includes petrochemicals giant SABIC, surged an impressive 70.2 percent, while banks, the second largest sector, rose 15.3 percent.
TASI hit its year's high of 6,548.47 points in late October after plunging to its lowest point of the year at 4,130.01 points in early March.
requested a standstill on repayment of billions of dollars in debt.
Kuwait Stock Exchange, the second largest Arab bourse, ended the year 10 percent lower at 7,005.30 points after slumping 38 percent in 2008.
The Kuwaiti bourse has been severely impacted by political instability and the debt problem of many of its investment firms.
of Dubai and Abu Dhabi made modest increases in 2009 after shedding most of their gains in the last six weeks of the year on Dubai debt woes.
closed the year 10.3 percent higher at 1,803.58 points after rising by more than 46 percent up to mid October. The market dropped massively when Dubai World sought to delay repayment of its debt.
In 2008, the Dubai bourse was the biggest loser in the Gulf, falling 72.4 percent.
added 14.8 percent to close the year at 2,743.61 points after shedding 47.5 percent in the previous year. Before Dubai's credit problems, Abu Dhabi bourse had increased 33 percent.
The Qatar Securities Market — the least affected in the Gulf last year with a drop of just 28.1 percent — increased a modest 1.06 percent to close 2009 at 6,959.17 points.
But at the end of the year, the Doha bourse capitalisation of 88
to become the third largest stock market in the Gulf.
was the biggest loser, shedding 19.2 percent to close 2009 at 1,458.24 points, after slumping 34.5 percent in the previous year.
rose 17.00 percent to close the year at 6,368.80 points. In 2008, it dipped 39.8 percent.