Mirroring global financial market developments, March 08 was a punishing month for GCC when the MSCI GCC index declined by 7.7%. Saudi Arabia led the losers with a whopping fall of 11.24% as compared to a gain of 6.37% in February’08. All GCC markets, except Kuwait, recorded a month-on-month (MoM) decline. The Kuwaiti market significantly outperformed other GCC markets and posted a MoM return of 2%.