A worldwide corrective market trend is behind the recent drop in GCC market share prices, according to Omani Minister of Commerce and Industry Maqboul bin Ali Sultan.
The minister stated that a similar drop occurred in Oman in 1998, according to <i>KUNA</i>, and that prices have doubled in many GCC markets over the past year.
Some analysts maintained that the drop was a result of a large number of recent underwritings in new companies, and that the downward trend would not continue for much longer.
In Saudi Arabia, Kuwait and the UAE, markets fell significantly, causing panic amongst some GCC investors.
The Saudi market fell 4.82 percent, while Kuwait Stock Exchange index faced its greatest loss in three years.
