Gulf stockmarkets plunge in Q3 echoing global gloom

Contradicting the perceived insulation of the region, the Qatari and Dubai markets have plunged sharply like their Western counterparts, losing nearly 25% during the quarter and sending year-to-date losses to 6% and 30.5% respectively. Bahrain has tumbled 21.5% in Q3 and is -2.8% on a YTD basis, while the Saudi and Abu Dhabi bourses slumped nearly 20.5%. Kuwait registered a -17.56% return, yet is the only market to record a positive YTD performance, gaining 4.6%. Funds registered for sale in the GCC also saw dismal performance, falling 14.89% for Q3 in 2008. Equity funds were the biggest ...