Beirut SE: BLOM (1 year)
Current Year High: 1,629.74 Current Year Low: 822.17
The Beirut Stock Exchange (BSE) is a relatively small market with only 26 listed stocks, 3 funds and a market cap of $8.7 billion as of November 25, 2007. Like any Arab market, the BSE is greatly affected by its surroundings and has been subject to many fluctuations. The BLOM Stock Index (BSI), BSE’s main indicator, began the year at a level of 1,488, following an upward trend. After the Doha agreement in May, the BSI rose significantly to peak on July 7th at an all-time high of 2,119. It then started to decline due to the political bickering and the worsening global economic climate. The BSI recorded a year-low on November 25, 2008, when it closed at 1,201. Solidere, the real estate giant, accounts for the bulk of traded value, in addition to the biggest banks in the country, such as BLOM, Audi and Byblos. On a year-to-date basis, the top performers were Bank of Beirut, RYMCO and Société Libanaise des Ciments Blancs (N), that grew by 41%, 37% and 35% respectively. Conversely, the worst performers were BLC (Bank Libanaise pour le Commerce), Holcim and Audi GDR with a reduction in price of 76%, 28% and 25%.
Amman SE (1 year)
Current Year High: 5,043.72 Current Year Low: 2,561.30
The Amman Stock Exchange, established in 1999, has been growing significantly in the past few years, mainly because of Gulf investments in the country, leading the market cap to reach $32.2 billion. Total volume traded during the period extending from January 2nd to November 25th surpassed 4.9 billion shares worth over $26.4 billion. The year 2008 started on a rise, increasing the ASE index from 3,764 on January 2, to reach its peak at 5,043 on June 19th. However, this did not last, as the ASE index began to decline and closed at 2,597.8 on November 25th, recording a year to date decrease of 30.99%. Of the 245 companies listed on the Amman Stock Exchange, the financial sector accounts for the majority of the volume traded, while the industrial and the services sectors follow. TIT, MEDI and Al Ahlia are the top three performers with a year-to-date growth of 316.67%, 238.77% and 140.23% respectively. On the other hand, the worst three performers were Comp. Transports, Beitna and Optimiza that witnessed a price drop of 76.52%, 66.97% and 65.67% respectively, compared to their prices recorded at the beginning of the year.
Abu Dhabi SM (1 year)
Current Year High: 5,148.49 Current Year Low: 2,701.65
The Abu Dhabi Stock Exchange lists 63 companies with a market capitalization of $68.35 billion. The market did not experience significant trades during the first two months of 2008. However, the market activity started to improve mid-March, boosting the ADSM Index to its year-to-date high of 5,158. Following the drop in oil prices, the market began to deteriorate leading the ADSM Index to reach its year-to-date low of 2,697 in mid-November, thus recording a year-to-date decline of 41%. Trades from the start of the year recorded a volume of 48.62 million shares and a value of $62.3 billion, with a daily average turnover of $271.9 million. Asmak and Methag Lil Takaful were top gainers during this period, recording price increases of 400% and 212% respectively. Gulf Medical Projects Company was also among the best performers with a 196% rise in its price. On the other hand, Ras el Khaimah Properties, Waha Capital and Dana Gas were the worst performers as they lost 73%, 69% and 69% of their respective values.
Dubai FM (1 year)
Current Year High: 6,391.87 Current Year Low: 1,814.90
The Dubai Financial Market (DFM) was launched in January 2004 and includes 54 listed companies with a market capitalization of $41.71 billion. The activity on the Dubai exchange maintained the norm throughout the first five months of 2008, recording a year-to-date high of 6,314 in the month of February. It then started to decline negatively as it was affected by the global financial crisis. The main factor behind the decrease in the market was the significant drop in prices of real estate and banking stocks. Consequently, the Dubai Financial Market Index slumped to reach its lowest value of 1,809 by mid-November, scoring a significant year-to-date drop of 69%. The total volume and value traded during this period reached 72.62 million shares and $81.07 billion, representing a daily average turnover of $355.8 million. GGICO was the best performer realizing an increase in price of 58%. NGI and Tameen followed recording an increase of 51% and 38% respectively. On the other hand, Tamweel, Emaar Group, DFM and Amlak Finance were the worst performers to date recording a major decrease in their prices by 85%, 82%, 81% and 80% respectively.
Kuwait SE (1 year)
Current Year High: 15,654.80 Current Year Low: 8,552.70
The Kuwaiti stock exchange index witnessed a 30% decline from 12,800 at the beginning of the year to close at 8,683 on November 25, 2008. The high of 15,667 was registered on 24 June during the peak of oil prices and the low of 8,459 was attained on 17 November in the midst of the current global financial and economical crisis that saw a weekly temporary trading freeze on the KSE. The total volume of stocks traded reached 75.711 billion with a value of $126.405 billion, thus recording a daily average value of $566.841 million. The KSE lists 97 companies in different sectors ranging from banking, investment, insurance and other industrial and service related companies. The total market capital of these companies is equivalent to $122.961 billion. Some of the best performers of the Kuwaiti index were Al Soor company, AREF Energy and Hits Telecom Holding company recording a 200%, 191%, and 129% respectively. Whereas Burgan Group, DAMAC, and IIG recorded 77%, 76%, and 76% losses on a year-to-date basis.
Saudi Arabia SE (1 year)
Current Year High: 11,895.47 Current Year Low: 4,264.52
The Saudi Arabian Stock Market (Saudi SE) is the largest market in the Arab world with 126 listed companies having a market cap of $229 billion. The Saudi SE has been the most affected by the global financial turmoil. Saudi Arabia is the biggest exporter of oil in the gulf region and its economy is predominantly affected by oil prices. Therefore, with the surge in oil prices by the end of June, the Saudi Arabian market remained at a peak level throughout the first half of the year recording 11,895. The Saudi SE began to plunge thereafter to record a year low of 4,223 on the 23rd of November. By the 25th of November, the Saudi SE index lost 58.58% of its value led by the SAICO Saudi company that saw a decline of 88% in its price. Anaam dropped 86% and Al Ahlia Insurance decreased 86%. Moreover, out of the 126 listed stocks, only 5 companies registered an increase in their prices, led by UCA that gained 80% and Development Bank that increased 12.5% from the beginning of the year.
Muscat SM (1 year)
Current Year High: 12,109.10 Current Year Low: 5,846.19
The Muscat Stock Market closed at 6,125 on November 25, down 33.27% from year start. The index registered a year-to-date high of 12,164 in mid-May when oil prices were equal to $147 per barrel. The index’s year to date low was 5,815 as a result of the global financial crisis. A volume of 4.014 billion stocks were traded with a total value of $8.487 billion and an average daily turnover of $36.896 million up to November 25. Some 128 companies in various sectors are listed with a total market cap of $16.366 billion. NDP, OMPC and Financial Corporation were among the best performers throughout the year recording an increase of 223%, 112% and 101% respectively, while Al Batinah International, AJS and OUIC registered 71%, 70% and 66% price reductions.
Bahrain SE (1 year)
Current Year High: 2,902.68 Current Year Low: 1,947.55
The Bahraini Market, similar to all oil-exporting countries, witnessed a stable performance in the first six months of 2008 and recorded a year-high 2,898 on the 16th of June. However, with the beginning of the global recession, and the drop in oil prices, the Bahraini index began a downward trend that reached a year to date low of 1,947 recorded on November 25, with a year to date decrease of 29%. Relative to the country’s small size, the Bahrain SE has a market capitalization of $22 billion and the Bahraini Stock market lists 42 companies, of which 15 stocks gained in price and 25 shrunk during this year. BFLC, Banader and NHC were the top gainers with growth rates of 55.6%, 40.8% and 36.6% respectively. On the other hand, the worst performers were ABC, GFH and Global with a year-to-date decrease of 66.64%, 52.06% and 50.81% respectively.
Doha SM: Qatar (1 year)
Current Year High: 12,627.32 Current Year Low: 5,504.53
The Doha Stock market that started trading in January 2000, holds 43 listed companies with a market capitalization of $63.92 billion. Trades on the Doha market witnessed slight fluctuations at the beginning of 2008 until March. Afterwards, the demand on stocks started to rise leading the DSM Index to peak at 12,636.24 by the end of May. The market began to decline later, realizing minor improvements in September to finish with a year-to-date low of 5,504 on the 25th of November and a year-to-date decrease of 42%. The total volume of trades during the year attained 3.5 million shares worth $44.867 billion with a daily average turnover of $193.39 million. Islamic Broker was the best performer to date with a rise in its price of 217%, followed by Mannai Corporation and Ezdan with an increase of 50% and 48.65%, respectively. As for worst performers, Makhazin came in first place with its price falling by 70.65%, whereas QIIC and Care Holding came in second and third places recording a decrease of 64.76% and 61.52%.
Tunis SE (1 year)
Current Year High: 3,418.13 Current Year Low: 2,579.60
The Tunisian market, launched in 1998, has been the most resilient market against the financial crisis, as the Tunis Stock Exchange (Tunindex) was one of the few markets in the world and the only one in the Arab world to register a positive year-to-date change of 14.20%. The Tunis SE kept an upward sloping trend throughout the first 9 months of the year to register a yearly high of 3,418 on September 9 and gradually decreased to close at 2,994 on November 25. Out of the 51 listed shares on Tunindex with market weighted capitalization of $6 billion, 27 went down and 24 went up. The best performers have been Astree Assurances that went up by 168%, STAR was up by 156% and ASSAD by 143%. On the other hand, the worst performers were the pipeline company SOTRAPIL that went down by 55% and the two Tunisian telecom companies SOTETEL and SPDIT-SICAP both dropping 46% and 34% respectively.
Casablanca SE All Shares (1 year)
Current Year High: 14,925.99 Current Year Low: 10,969.06
The Casablanca Stock Exchange (Casa All) recorded a year-to-date level of -14.26% on November 25, a percentage that is regarded as fair given the heavy losses on other exchanges. To date, the Casablanca SE has been relatively able to withstand against the global financial crisis in comparison with other countries in the region. The market maintained a constant level until mid-August, after which it decreased towards its year low of 10,742 in the last week of October. From year’s start, the Casablanca SE underwent a volume of 124.8 million shares with a total value of $9.4 billion. Out of the 77 listed companies with a market capitalization of $62 billion, 11 went up, led by Cosumar with an increase of 32%, and Afriquia Gaz, that also rose by 29%. On the other hand, 66 stocks went down, lead by the IT company Microdata with a decrease of 59%, followed by the electronic banking provider HPS that fell 58.90% and the Insurance firm La Maroccaine Vie, that dropped 55%.
Cairo SE: Hermes (1 year)
Current Year High: 11,935.67 Current Year Low: 3,686.35
The CASE 30, one of the major indexes in Egypt that started in 1998, has by the 25th of November lost more than 63% of its value. The index registered a year high of 11,935 on May 4 2008 and since then took a downward trend to record a year low 3,686 on the 24th of November. In the 224 days of trading to date, 19.96 billion shares exchanged hands at a value of $70.41 billion. Out of the 185 listed shares that have a market capitalization of $53 billion, 146 have decreased, 28 increased and 11 were steady. The real estate sector was the most influenced by the current global financial crisis where SODIC Co. lost the most with 82.25%, the Canal Shipping Agencies Company and Alexandria Containers & Goods also retreated 81.63% and 81.40% respectively. Among the best performers, the entertainment sector grew the most; Semiramis Intercontinental Cairo, grew 1,016.25% followed by the industrial sector with UEFM increasing by 172% and Egypt poultry increased by 122.23%.
