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Dominance of bank stocks in GCC may wane
- Tuesday, March 18 - 2008 at 10:27
While banking sector stocks continue to dominate the ranks of listed companies in the Gulf, their reign could end as a more diverse universe of listings emerges, according to a study by international rating agency Moody's Investors Service. Banks comprise only 13% of listed companies in the GCC but about one-third of market capitalisation, partly due to their role in recycling a considerable portion of the GCC's oil wealth and liquidity. The study said the dominance of the sector in the regional stock markets could decline in the future as a growing number of more diverse companies are obtaining stock market listings, reported Gulf News.
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Jeff Florian, Senior ReporterTuesday, March 18 - 2008 at 10:27 UAE local time (GMT+4)
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