Gulf markets soar

[lovuian]

http://www.dawn.com/2006/05/14/ebr21.htm

RIYADH/DUBAI May 13: Bourses in the Gulf Arab region soared on Saturday after Saudi Arabia replaced a key regulator who had borne the brunt of public outrage over a recent market crash.

The Saudi all-share index rose nearly 10 per cent, Dubai’s bourse climbed more than 9 per cent and Abu Dhabi rose more than 6 per cent. But Kuwait’s market, the region’s second largest, was down 1 per cent.

snip...

Saudi King Abdullah issued a decree on Friday naming Abdelrahman al-Tuweijri, a former representative to the International Monetary Fund, as head of the Capital Markets Authority (CMA), which runs the Arab world’s largest bourse.

He replaced Jammaz al-Suhaimi, a controversial figure who tried to stamp his authority on a notoriously opaque and volatile market dominated by wealthy speculators.

Tuweijri said restoring confidence in the bourse, which lost half its value in three months, wiping some $400 billion off investors’ books, would be a priority.

Analysts say the Saudi market had been ripe for collapse after record oil revenues fired a months-long rally that made it one of the most expensive in the world
more...

$400 billion lost in 3 months... I wonder which wealthy investors lost that???

[NYC]

1. I wonder how "real" the loss was.

If they gained $800 billion in the last 6 months, then lost $400 billion in the last 3 months, I wouldn't consider it a "real" loss.