CC BY
17
УДК 336.761-048.87
F. G. Rahal1, B. N. Zheliba2
1Belarusian State Technological University 2Belarusian State Economy University
FINANCIAL PERFORMANCE OF COOPERATION COUNTRIES STOCK MARKETS: COMPARATIVE STUDY
Stock markets are important issues in the economy. They represent the wealth of the countries and the individuals. Studying gulf cooperation countries (GCC) stock markets is a core. This is due to their sensitive and essential role in the economy as they are significant suppliers of oil to lot of countries. The other reason is globalization that dominate the world which made the globe interacts with each other as if it was a small city. This imposes to concern on GCC stock markets. This paper studies these financial markets and analyze their performance for the period 2000-2018 covering 19 years. The financial indicators used are: Market Capitalization, Market Capitalization as a percentage of GDP, stock traded, stock traded as a percentage of GDP, Turnover ratio, Listed Domestic Companies. Results are varying since stock market size can be measured in various ways, and each may produce a different ranking of countries. However, the development of an GCC financial markets is closely related to its overall development, Well-functioning financial systems provide good and easily accessible information.
Key words: gulf countries, stock markets, performance, listed domestic companies, market capitalization stock traded.
Introduction. Since the eighties the oil in comes generated by the commercial oil production contributed to the development of the GCC financial services. These enhanced in turn in the growth of the GCC financial firms. However, the financial systems of the GCC stock markets have too much elements in common, namely, a central bank, commercial banks, stock broking institutions, insurance companies, stock exchanges, etc. Nevertheless, this article tackles the establishment of GCC stock markets and study the performance of GCC stock markets by applying some financial indicators and show their growth from 2000 till 2018 and then analyzing the results.
Analysis of the GCC stock markets financial indicators. In this section we will present an overview of the establishment of GCC stock markets, then we will shed light on the financial performance for the five GCC stock markets namely: Saudi, Kuwait, United Emirates, Oman, Qatar, and Bahrain stock markets by studying the development of some financial indicators in order to
evaluate the performance of these markets between the period 2000 and 2018. Stock market size can be measured in various ways, and each may produce a different ranking of countries. The financial indicators for the GCC under study are: Market Capitalization, Market Capitalization as a percentage of GDP, stock traded, stock traded as a percentage of GDP, Turnover ratio, Listed Domestic Companies.
Overview of the establishment of GCC stock market. Relying on data retrieved for the GCC stock markets, the following table (table 1, source [1-6]) is sketched sorting these markets based on the date of establishment where shown that KSA is the oldest (1962) and UAE - Abu Dhabi Securities Market is the newest.
Listed domestic companies, total. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. Listed companies do not include investment companies, mutual funds, or other collective investment vehicles [7].
Table 1
The establishment of GCC stock markets
Country GCC countries stock markets Date of establishment
Kuwait Kuwait Stock Exchange 1962
KSA Saudi Stock Market 1984
Bahrain Bahrain Stock Exchange 1987
Oman Muscat Securities Market 1989
Qatar Doha Securities Market 1995
UAE Dubai Financial Market (DFM) Abu Dhabi Securities Market (ADX) 1998 2000
As table 2 and fig. 1 [7, 8] shows:
1. The value for listed domestic companies, total in Kuwait was 196 as of 2013. Over the 14 years this indicator reached a maximum value of 215.00 in 2010 and a minimum value of 77.00 in 2000.
2. The value for listed domestic companies, total in Oman was 110 as of 2018. Over the past 14 years this indicator reached a maximum value of 131 in 2000 and a minimum value of 91 in 2001.
3. The value for listed domestic companies, total in United Arab Emirates was 130 as of 2018. Over the past 14 years this indicator reached a maximum value of 130 in 2018 and a minimum value of 12.00 in 2001.
4. The value for listed domestic companies, total in Saudi Arabia was 200 as of 2018. As table 5 shows, over the past 14 years this indicator reached a maximum value of 200 in 2018 and a minimum value of 68 in 2002.
5. The number for listed domestic companies, total in Qatar was 46 as of 2018. Over the past 14 years this indicator reached a maximum value of 48.00 in 2009 and a minimum value of 22 in 2000.
6. The value for listed domestic companies, total in Bahrain was 43 as of 2018. Over the past 14 years this indicator reached a maximum value of 49.00 in 2009 and a minimum value of 42.
Stocks traded, total value (current US$). The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices [7].
As table 3 and fig. 2 shows [7, 8]:
1. The latest value for stock traded (current US$) in Kuwait was $13,598,314,689 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $92,368,280,000 in 2005 and $1,165,490,000 in 2001.
2. The latest value for stock traded (current US$) in Oman was $1,916,584,223 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $8,799,790,000 in 2008 and $348,000,000 as in 2001.
3. The latest value for stock traded (current US$) in Saudi Arabia was $229,577,660,738 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $1,403,048,100,000 in 2006 and $22,291,000,000 in 2001.
4. The latest value for stock traded (current US$) in Qatar was $18,980,064,807 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $54,729,710,000 in 2014 and $18,330,180,817 in 2017.
5. The latest value for stock traded (current US$) in Bahrain was $21,862,700,000 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $2,083,620,000 in 2008 and $156,130,000 in 2011.
6. The latest value for stock traded (current US$) in United Arab Emirates was $25,493,636,042 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $143,162,600,000 in 2014 and $15,004,370,000 in 2011.
Table 2
Listed domestic companies, total
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 77 131 54 75 22 42
2001 78 91 12 76 - 42
2002 85 96 24 68 - 42
2003 97 96 30 70 - 42
2004 113 96 50 73 29 42
2005 143 96 79 77 31 47
2006 163 124 81 86 36 49
2007 181 120 90 111 40 43
2008 202 122 96 127 42 45
2009 207 120 95 135 48 49
2010 - 119 101 156 43 44
2011 215 123 104 150 42 44
2012 199 124 102 158 42 43
2013 196 116 62 163 42 43
2014 - 117 120 169 43 44
2015 116 125 171 43 44
2016 113 125 176 44 43
2017 112 127 188 45 42
2018 110 130 200 46 43
250 200 150 100 50 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 .....« Oman —_ UnitedArab Emirates — — — Saudi Arabia *(^atar Bahrain
Fig. 1. GCC listed domestic companies (total) Stock traded total value (current USD)
Table 3
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 548,600,000 245,440,000
2001 1,165,490,000 348,000,000 22,291,000,000 191,500,000
2002 2,230,000,000 600,780,000 35,678,100,000 215,000,000
2003 5,610,000,000 1,542,260,000 159,056,600,000 266,730,000
2004 48,454,400,000 1,971,430,000 472,940,800,000 311,640,000
2005 92,368,280,000 3,654,220,000 1,103,534,500,000 702,290,000
2006 57,196,160,000 2,916,820,000 20,187,670,000 1,403,048,100,000 20,754,100,000 1,381,120,000
2007 6,909,370,000 47,604,080,000 681,947,600,000 29,940,120,000 1,044,720,000
2008 8,799,790,000 71,135,377,000 523,326,600,000 48,186,490,000 2,083,620,000
2009 5,833,970,000 65,802,580,000 335,109,900,000 25,319,200,000 466,280,000
2010 3,309,430,000 27,717,670,000 201,210,910,000 18,401,500,000 287,560,000
2011 21,400,000,000 2,548,940,000 15,004,370,000 291,435,880,000 22,908,600,000 156,130,000
2012 21,764,200,000 2,662,690,000 17,951,830,000 511,178,270,000 19,410,000,000 278,400,000
2013 40,330,800,000 5,735,640,000 66,579,810,000 362,402,350,000 20,564,610,000 604,600,000
2014 21,091,972,646 5,804,960,000 143,162,600,000 567,392,070,000 54,729,710,000 717,800,000
2015 13,223,871,459 3,559,680,000 56,641,170,000 436,941,100,000 24,152,160,000 294,040,000
2016 9,437,991,774 2,459,047,123 48,548,890,000 306,380,423,760 18,956,146,618 332,914,102
2017 18,948,463,903 2,385,830,010 43,036,010,000 218,380,624,730 18,330,180,817 562,999,038
2018 13598314689 1,916,584,223 25,493,636,042 229,577,660,738 18,980,064,807 969,893,333
5E+11 0
Year
1 2 3 Kuwait
4 5 6 7 8 9 10 11 12 13 14 15 16 17 Oman ^^United Arab Emirates Saudi Arabia Qatar ™
Fig. 2. Stock traded total value (current USD)
18 19 Bahrain
Stocks traded, total value (% of GDP).
The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices [8]. As table 4 and fig. 3 [7, 8] shows: 1. Stocks traded, total value (% of GDP) in Kuwait was 23.15 as of 2013. Its highest value over the past years was 114.32 in 2005, while its lowest value was 3.34 in 2001.
2. Stocks traded, total value (% of GDP) in Oman was 2.41% as of 2018. Its highest value over the past 19 years was 16.41% in 2007, while its lowest value was 1.78% in 2001.
3. Stocks traded, total value (% of GDP) in United Arab Emirates was 6.15% as of 2018. Its highest value over the past 19 years was 35.51% in 2014, while its lowest value was 4.27% in 2011.
4. Stocks traded, total value (% of GDP) in Saudi Arabia was 29.33% as of 2019. Its highest value over the past 19 years was 372.25% in 2006, while its lowest value was 9.2% in 2000.
5. Stocks traded, total value (% of GDP) in Qatar was 26% as of 2014. Its highest value over the past 19 years was 41.8% in 2008, while its lowest value was 1.3% in 2000.
Stocks traded,
6. Stocks traded, total value (% of GDP) in Bahrain was 2.57% as of 2018. Its highest value over the past 19 years was 8.1% in 2008, while its lowest value was 0.54% in 2011.
Market capitalization of listed domestic companies (current US$). Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies [8].
Table 4
value (% of GDP)
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 2.81 9.2 1.3 2.71
2001 3.34 1.78 12.10 2.13
2002 5.84 2.98 18.81 2.23
2003 11.71 7.12 73.70 2.41
2004 81.51 7.96 182.78 2.37
2005 114.32 11.75 335.97 4.40
2006 56.32 7.83 9.08 372.25 34.08 7.46
2007 16.41 18.45 163.94 37.56 4.81
2008 14.44 22.54 100.67 41.80 8.10
2009 12.05 25.95 78.09 25.88 2.03
2010 5.64 9.56 38.09 14.70 1.12
2011 13.89 3.75 4.27 43.41 13.65 0.54
2012 12.50 3.47 4.79 69.45 10.38 0.91
2013 23.15 7.28 17.06 48.53 10.34 1.86
2014 7.15 35.51 75.01 26.53 2.15
2015 5.16 15.81 66.78 14.93 0.94
2016 3.72 13.59 47.50 12.49 1.03
2017 3.37 11.24 31.71 10.98 1.59
2018 2.41 6.15 29.33 9.88 2.57
500 450 400 350 300 250 200 150 100 50 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 EnB|Oman CTSUnitedArab Emirates BTC Saudi ArabiaBET^QataralEjjSBahrain
Fig. 3. Stock traded, total value (% of GDP)
As table 5 [7-9] shows:
1. The latest value for Market capitalization of listed companies (current US$) in Kuwait was $94,337,230,628 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $188,046,000,000 in 2007 and $20,772,000,000 in 2000.
2. The latest value for Market capitalization of listed companies (current US$) in Oman was $18,782,400,000 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $41,123,170,000 in 2015 and $2,606,100,000 in 2001.
3. The latest value for Market capitalization of listed companies (current US$) in United Arab Emirates was $235,451,373,161 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $239,387,430,000 in 2017 and $5,727,314,000 in 2000.
4. The latest value for Market capitalization of listed companies (current US$) in Saudi Arabia was $496,353,180,000 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $646,103,5700,000 in 2005 and $67,171,410,000 in 2000.
5. The latest value for Market capitalization of listed companies (current US$) in Qatar was $163,047,410,000 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between $185,860,280,000 in 2014 and $5,152,000,000 in 2000.
6. The latest value for Market capitalization of listed companies (current US$) in Bahrain was $21,862,700,000 as of 2018. Over the past 19 years, the value for this indicator has fluctuated between
$28,133,540,000 in 2007 and $6,599,520,000 in 2001.
Market capitalization of listed domestic companies (% of GDP). Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies [7].
As table 6 and fig. 4 [7, 8] shows:
1. Market capitalization of listed companies (% of GDP) in Kuwait was 55.79 as of 2012. Its highest value over the 14 years was 163.91 in 2007, while its lowest value was 55.1 in 2000.
2. Market capitalization of listed companies (% of GDP) in Oman was 23.68% as of 2018. Its highest value over the past 19 years was 54.79% in 2007, while its lowest value was 20.88% in 2001.
3. Market capitalization of listed companies (% of GDP) in United Arab Emirates was 56.84% as of 2018. Its highest value over the past 19 years was 64.20 in 2005, while its lowest value was 5.49 in 2000.
4. Market capitalization of listed companies (% of GDP) in Saudi Arabia was 63.43% as of 2018. Its highest value over the past 19 years was 196.71% in 2005, while its lowest value was 35.6% in 2000.
5. Market capitalization of listed companies (% of GDP) in Qatar was 84.91% as of 2018. Its highest value over the past 19 years was 196.08% in 2005, while its lowest value was 29% in 2000.
6. Market capitalization of listed companies (% of GDP) in Bahrain was 57.92% as of 2018. Its highest value over the past 19 years was 129.47% in 2007, while its lowest value was 52.23% in 2012.
Table 5
Market capitalization of listed domestic companies (current US$)
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 20,772,000,000 3,463,100,000 5,727,314,410 67,171,410,000 5,152,000,000 6,624,350,000
2001 23,191,142,950 2,606,100,000 5,773,601,922 73,199,390,000 - 6,599,520,000
2002 30,704,742,819 3,997,140,000 20,376,310,683 74,855,370,000 - 6,854,570,000
2003 59,408,967,391 5,013,510,000 30,363,231,858 157,302,250,000 26,701,455,650 9,701,780,000
2004 69,365,671,642 6,325,450,000 55,488,400,000 306,247,540,000 52,977,935,703 13,513,180,000
2005 130,079,836,677 15,268,940,000 115,952,000,000 646,103,570,000 87,315,542,709 17,364,300,000
2006 128,940,060,000 16,157,922,078 80,742,600,000 326,869,220,000 61,563,470,000 21,122,390,000
2007 188,045,850,000 23,060,440,000 121,114,000,000 515,110,770,000 95,487,550,000 28,133,540,000
2008 107,167,528,476 14,914,296,845 68,812,200,000 246,337,046,708 76,307,107,261 21,176,551,724
2009 95,938,489,668 17,301,715,044 80,199,100,000 318,765,043,303 87,855,592,554 16,933,187,987
2010 119,620,955,366 20,267,203,533 77,080,700,000 353,414,057,729 123,591,804,449 20,429,312,833
2011 100,869,323,281 19,719,430,528 93,726,650,000 338,873,294,908 125,412,934,586 17,152,201,592
2012 97,091,394,026 20,107,206,856 101,327,920,000 373,379,732,299 126,371,321,066 16,064,898,555
2013 110,331,225,358 36,766,600,000 194,516,710,000 467,365,780,000 152,576,230,000 18,466,320,000
2014 103,119,735,031 37,830,490,000 214,832,160,000 483,115,510,000 185,860,280,000 21,058,170,000
2015 87,094,064,991 41,123,170,000 202,860,160,000 421,060,070,000 142,556,460,000 19,251,070,000
2016 86,968,651,731 23,285,264,254 221,433,400,000 448,831,069,542 154,823,888,553 19,394,198,865
2017 92,414,679,338 21,298,880,000 239,387,430,000 451,378,840,000 130,610,060,000 21,706,180,000
2018 94,337,230,628 18,782,400,000 235,451,373,161 496,353,180,000 163,047,410,000 21,862,700,000
Table 6
Market capitalization of listed domestic companies (% of GDP)
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 55.1 21.41 5.5 35.6 29 73.09
2001 66.5 20.88 5.6 40 - 73.52
2002 80.5 25.61 18.6 39.7 - 77.70
2003 124.1 33.54 24.4 73.3 113.5 86.93
2004 116.7 38.09 37.5 118.4 166.9 102.97
2005 161.0 49.12 64.2 196.7 196.1 108.74
2006 127 43.27 36.4 86.7 101.1 114.14
2007 164 63.40 48.93 123.8 119.81 124.66
2008 72.7 33.80 34.02 47.4 66.39 77.58
2009 90.6 46.43 54.52 74.3 89.8 70.90
2010 103.6 48.28 45.37 67.1 98.8 78.01
2011 65.5 39.54 26.72 50.6 73.9 57.65
2012 55.8 39.49 27.05 50.9 66.5 52.23
2013 46.66 49.86 62.8 76.77
2014 46.66 53.29 64.7 90.12 66.09
2015 59.66 56.64 64.35 88.13 61.85
2016 35.31 62.01 69.59 102.03 60.14
2017 30.09 62.57 65.55 78.24 61.26
2018 23.68 56.84 63.43 84.91 57.92
300
200
100
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
^—Kuwait ......Oman ■ United Arab Emirates — Saudi Arabia • Qatar Bahrain
Fig. 4. Market capitalization of listed domestic companies (% of GDP)
Stocks traded, turnover ratio of domestic
shares
Turnover ratio is the value of domestic
shares traded divided by their market their market capitalization. The value is annualized by multiplying the monthly average by 12 according to the following formula [8]:
Monthly domestic shares traded Month-end domestic market capitalization
••12.
As table 7 and fig. 5 [7, 8] shows:
1. The value for Stocks traded, turnover ratio in Kuwait was 23.23 as of 2012. As the table
below shows, over the past 14 years this indicator reached a maximum value of 117 in 2003 and a minimum value of 21.3 in 2000.
2. The value for Stocks traded, turnover ratio (%) in Oman was 10.2% as of 2014. Over the past 14 years this indicator reached a maximum value of 42.47% in 2008 and a minimum value of 8.56% in 2001.
3. The value for Stocks traded, turnover ratio in United Arab Emirates was 10.2% as of
2018. Over the past 18 years this indicator reached a maximum value of 167% in 2005 and a minimum value of 1.76% in 2000.
4. The value for Stocks traded, turnover ratio (%) in Saudi Arabia was 46.25% as of 2018. Over the past 19 years this indicator reached a maximum value of 288.40% in 2006 and a minimum value of 27.1% in 2000.
5. The value for Stocks traded, turnover ratio (%) in Qatar was 11.64% as of 2018. Over the past 19 years this indicator reached a maximum value of 56.13% in 2008 and a minimum value of 4.5% in 2000.
6. The value for Stocks traded, turnover ratio (%) in Bahrain was 4.44% as of 2018. Over the past 19 years this indicator reached a maximum value of 12% in 2008 and a minimum value of 1.5% in 2011.
Table 7
Stocks traded, turnover ratio of domestic shares (%)
Year Kuwait Oman United Arab Emirates Saudi Arabia Qatar Bahrain
2000 21.3 13.13 1.8 27.1 4.5 3.6
2001 52.1 8.56 2.5 31.7 - 3.0
2002 80.3 11.64 2.8 48.2 - 3.1
2003 117 21.25 4 137 - 3.3
2004 75.5 20.89 10.4 204.1 - 3.6
2005 94.3 23.93 167.0 231.7 40.0 4.6
2006 43.2 18.11 114.9 288.4 27.6 7.4
2007 76.2 25.89 149 161.5 38.1 6.6
2008 83.2 42.74 152.6 137.8 56.1 12.0
2009 96.9 25.96 88.2 105.13 31.1 4.5
2010 38.8 11.68 34.9 56.93 17.3 1.5
2011 19.4 9.48 21.3 86.00 18.6 1.5
2012 23.2 8.79 25.3 136.90 12.2 1.9
2013 15.60 15.5 77.54 13.47
2014 15.34 75.1 117.44 32.3 3.25
2015 8.65 27.92 103.77 16.94 1.53
2016 10.83 21.92 77.47 12.64 1.80
2017 11.2 17.97 48.38 14.03 2.59
2018 10.20 10.82 46.25 11.64 4.44
600 500 400 300 200 100 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
-Kuwait ......Oman ■ United Arab Emirates — — — Saudi Arabia Qatar Bahrain
Fig. 5. Stocks traded, turnover ratio of domestic shares (%)
The Performance of GCC Stock Markets. After overviewing indicators will be analyzed in the GCC countries. The result shows the following:
1. The stock markets in GCC stock markets are considered small; by 2018 total market capitalization of listed companies on the GCC stock markets reached was equivalent to $1,029,834,293,789.
2. Kuwait stock market, which was opened officially in 1977, is the oldest.
3. Market capitalization shows the overall size of the stock market. Saudi Arabia has the biggest stock market in terms of capitalization in U.S. dollars, which was $496,353,180,000 in 2018 with 200 listed companies on the exchange. Market size is positively correlated with the ability to mobilize capital and diversify risk.
4. According to the market capitalization of listed companies (% of GDP) in 2018, Qatar is the leader since it has the biggest one (84.91%).
5. According to total value stocks traded as a percentage of GDP in 2018 Saudi Arabia has the biggest percentage of 29.33%. It represents the market liquidity, i.e. the ability to easily buy and sell securities. Liquidity is an important attribute of stock markets because, in theory, liquid markets improve the allocation of capital and enhance prospects for long-term economic growth.
6. Saudi Arabia is considered the most dynamic in GCC countries in 2014 and this is shown from the highest turnover ratio of 103.77%. The turnover ratio - the value of shares traded as a percentage of market capitalization - is also a measure of liquidity as well as of transaction costs. (High turnover indicates low transaction costs.) I.e. the turnover ratio complements the ratio of value traded to GDP, because the turnover ratio is related to the size of the market and the value traded ratio to the size of the economy.
7. Stock market size can be measured in various ways, and each may produce a different ranking of countries. The development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information. That lowers transaction costs, which in turn improves resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At high levels of economic development domestic stock markets tend to become more active and efficient. Open economies with sound macroe-conomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital
flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations.
Conclusion. This paper overviewed the GCC stock market firstly showing the establishment of them, secondly, it presented an analysis of major financial indicators used by the World Bank for these GCC stock markets. The financial indicators for the GCC under study are: Market Capitalization, Market Capitalization as a percentage of GDP, stock traded, stock traded as a percentage of GDP, Turnover ratio, Listed Domestic Companies.
References
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3. Bahrain stock exchange. Available at: http://www.bahrainbourse.net/bhb (accessed 02.06.2019).
4. Muscat securities market . Available at: https://www.msm.gov.om (accessed 15.08. 2019).
5. Emirates stock exchange. Available at: http://esm.sca.ae/English/Reports/Pages (accessed 22.06.2019).
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Information about authors
Rahal Hassan Fatima - PhD student, the Department of Enterprises Economy and Management. Belarusian State Technological University (13a, Sverdlova str., 220006, Minsk, Republic of Belarus). E-mail: fatimarahajaber@hotmail.com
Zheliba Boris Nickolayevich - DSc (Economics), Professor, Professor, the Department of Banking. Belarusian State Economy University (26, Partizanskiy Ave., 220070, Minsk, Republic of Belarus). E-mail: boriszheliba@gmail.com
Received 12.08.2019
