Contrary to many international and Middle Eastern stock exchanges, GCC markets were nearly unaffected by the death of Al-Qaeda leader, Osama bin Laden.
Boosted by international markets’ hype as a result of the news from Pakistan, Egypt’s EGX30 and Morroco’s MADEX increased by 0.97 per cent and 1.1 per cent, respectively.
Bin Laden's death failed to push the already struggling stock markets in Gulf countries; which are witnessing a bearish quarter due to political instability in the Middle East.
Oman’s stock exchange was the highest gainer in GCC, where its main index rose by a meagre 37.9 points or 0.6 per cent. Similarly, the Saudi stock exchange also grew by 0.53 per cent.
Declines were also insignificant with Qatar’s exchange losing 26.43 points or 0.31 per cent.
DFM index of Dubai’s stock exchange was nearly stagnant with a minute decline of 0.04 per cent.
Short link: