JEDDAH – Arab stock markets have largely fluctuated this year but ended the first nine months with a gain of nearly $40 billion, mostly in Saudi Arabia,, followed by Qatar and Abu Dhabi, data from the Abu Dhabi-based Arab Monetary Fund (AMF) showed. Six of the region's 14 official stock exchanges emerged as losers despite occasional gains in some months, it noted. From around $901.8 billion at the end of 2011, the combined market capitalization of the 14 bourses swelled to nearly $940.9 billon at the end of September, the AMF said in its monthly market report. The level was nearly $24 billion higher than at the end of August but far below the peak month of about $981 billion at the end of March. Saudi Arabia's Tadawul, by far the largest and busiest bourse in the Mideast, accounted for nearly half the nine-month increase, with its market capitalization growing to nearly $366.2 billion from $347.2 billion in the same period. Abu Dhabi's bourse gained about $10 billion to reach $75.9 billion at the end of September compared with $66.6 billion at the end of 2011. Qatar's market capitalization rose to $133.6 billion from $124.4 billion while Kuwait's bourse grew to $104.2 billion from $101.2 billion. Oman's security market increased to $21.4 billion from $19.7 billion and Bahrain's to $16.7 billion from around $16.4 billion. Dubai was the only bourse in the Gulf to decline during that period, with its market capitalization receding to $49.8 billion from $51.3 billion. Outside the Gulf, Egypt's bourse soared to $66.5 billion from around $57.2 billion following a turbulent period in 2011 because of the political turmoil. Jordan's market was also a gainer, rising to around $26.4 billion from $25.7 billion while Morocco's market, the second largest Arab bourse outside the Gulf, shrank to around $51.5 billion from $61.7 billion. The report showed there was a decline in the markets of Lebanon, Tunisia, Palestine and Syria during that period. –SG/Agencies
