Middle East Economic Survey

VOL. LII

No 3

19-Jan-2009

GCC

Stocks Pressured By Earnings Decline Fears, Oil Price Slip

Concern over fourth quarter company and bank earnings, coupled with the continued downwards trajectory of crude oil prices pressured the regions stock markets last week. WTI tumbled under $40/B as inventories at the US delivery point of Cushing continued to climb, with the storage facility nearing full capacity. Kuwait and Bahrain indices slumped to fresh four-year lows of 7,031.50...