GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,023 -0.59
Med Cap4,090 -0.80
Small Cap5,206 -1.07
Micro Cap8,840 -1.57

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Ticker Price Volume
QNBK 155.5 365,143
SABIC 96.83 3,103,324
BKMB 0.48 1,815,133
OOREDOO 1220 32,999
RIBL 10.74 773,549
EMAAR 7.53 2,658,668
DIB 6.24 4,547,495

Monetary Developments - Dec 2009

Source: NBK Capital

Soft credit growth in 2009, 6.1% in December y/y

The year ended on a soft note with credit posting a small decline, KD 50 million in December. It was the second monthly decline last year after April’s, while the previous decline in credit goes back to December 2005. For the year, credit grew 6.1% December/December (compared to 17.5% in 2008). In an effort to spur credit and help the economy, the CBK reduced its official rates in early February, 50 bps for the discount rate, from 3.0% to 2.50% (see below).

In December, money supply (M2) contracted 0.4% month on month (m/m), after registering strong expansions in the past three months. The slowdown in December was more marked by the 6.2% decline in M1, a narrower measure of money, as depositors chose to transfer funds from current accounts to fixed deposits. Business tends to slow the last month of the year as businesses focus more on administrative house cleaning.

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