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Article: Stock market review.(Middle East's winners and losers)
- Article from:
- The Middle East
- Article date:
- March 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Last year saw mixed fortunes the region's stock markets.
With the exception of Morocco, 1998 was a difficult year for the major bourses in the Middle East. In addition to some domestic considerations, Istanbul, Cairo and Tel Aviv were all caught up in the aftershocks of the Asian economic collapse. Even some of the smaller and more insulated markets suffered from the fallout as a steep decline in demand saw the price of oil spiral downwards, dragging many Gulf equities down with them.
As the Asian debacle flowed to eastern Europe - following Russia's rouble crisis and into Latin America, global portfolio managers were forced to dump stocks in a hurry, to ...