Global sell-off hits shares

Most regional markets joined the global sell-off yesterday, although the Saudi index recovered some of its previous losses. Saudi Arabia's Tadawul All Share Index, which dropped 4.4 per cent on Saturday, gained 1 per cent yesterday to finish at 6,586.95. "The Saudi market was open on Saturday and felt the full power of international market sell-offs. Today was their rebound," said Mohammed Ali Yasin, the chief executive of Shuaa Securities in Abu Dhabi.

London's FTSE 100 index and the Standard & Poor's 500 share index both fell sharply last week as investors anticipated the repercussions of the Greek debt crisis and other uncertainties. Those concerns spilt over to the Gulf yesterday, but several analysts said the damage was not as bad as they had expected. Qatar's QE index posted the biggest drop in the Gulf, falling 4 per cent to 7,076.01. In the MENA region, Egypt's Case index led the way down with a tumble of 5 per cent to 6,754.11.

Muscat's MSM 20 index retreated 1.1 per cent to 6,726.58, and Bahrain's All Share index lost 1 per cent to close at 6,726.58. Today "will be another wait-and-see day. A lot of what happens in our regional markets depends on sentiment and meetings that are happening in Europe," Mr Yasin said. [e-mail]