Gulf stock markets weather global turbulence

0 Comments | AFP, August, 2007

DUBAI (AFP) — Major stock markets in the oil-rich Gulf region have largely shrugged off the turbulence which has seen many world bourses go into meltdown over the US housing market crisis, analysts said on Thursday.

The largest Arab bourse in regional powerhouse Saudi Arabia posted a healthy gain over the week, although markets took a hit in Israel, the bustling emirate of Dubai and in Egypt -- the Arab world's most populous nation.

Saudi Arabia's Tadawul All-Shares Index closed the week on Wednesday at 7,900.88 points, up 2.4 percent on its opening level on Saturday, after hitting a high on Monday of 7,945.94 points.

So far the Gulf markets have proved resilient in the face of global market jitters over a downturn in the US housing market and the exposure...