GCC stock markets recorded one of its worst month-on-month (MoM) performances in 2008 in the month of November. The recession in developed economies and slowdown in emerging markets brought down oil prices, adversely affecting oil-driven GCC economies. The price of oil fell below USD50 per barrel from its lifetime high of USD147 per barrel in July 2008, increasing the uncertainty surrounding growth in corporate earnings in the near-to-medium term. In line with this, the GCC‘s market cap fell by USD127 Bn MoM in November to USD595 Bn which represents a nearly four-year low.