GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,049 -0.63
Med Cap4,095 -0.71
Small Cap5,228 -0.77
Micro Cap8,944 -1.15

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Ticker Price Volume
QNBK 152 277,896
SABIC 97.29 2,079,752
MMG 12.55
RJHI 64.82 2,142,800
EEC 21.95 778,245
RIBL 10.81 453,023
DU 6 157,134

What to expect in 2010?

Source: Kuwait Financial Center - Markaz

Outlook for GCC Stock Markets

GCC stock markets significantly underperformed the emerging markets during 2009. As against a 74% increase in emerging markets during 2009, GCC market returned a pale 18%. Surprisingly oil prices remained strong throughout 2009 with a YTD increase of 85%.

The financial crisis of 2009 laid bare the fragilities of the GCC stock markets. While market specific bad news was mainly responsible for the lackluster performance, lack of progress in regulatory structure (a key determining factor for attracting credible foreign money), and steep fall in liquidity (value traded) added to the woes. Earnings destruction was significant to recoup within a short span of time. Asset quality impairment for banks revealed the overall economic weakness and corporate governance failures came to the fore.

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