CPI Financial

Continuing with our discussion on the stock market erosion in the Middle East and North Africa region (MENA), the market cap of the MENA stock market went down by as much as 47 per cent for the year to date (YTD) as on 25 November 2008, making the region one of the worst performers globally despite the high growth expected in the region and much lower levels of exposure to subprime. It is quite a high figure when compared to the country responsible for the global meltdown. For example, the US, as measured by S&P Index, shed 41 per cent of its market cap while UK’s FTSE 350 Index market cap shed 37 per cent as part of its correction.