VOA标准英语10月-Most Arab, Gulf Stock Markets Lower for Third Day

Most Gulf¹ stock exchanges traded lower again, but with smaller losses than in previous sessions. Financial difficulties by the United Arab Emirates second-largest bank are causing a ripple² effect in various countries, including Kuwait, as Edward Yeranian reports from Cairo.
　

Traders follow market's movement at Stock Exchange in Kuwait City

Most Arab stock exchanges, with several key exceptions, were lower for the third day, amid an ongoing³ global financial and economic crisis.

The Qatar stock market was down more than 5 percent, and Kuwait more than 2 percent lower, while Abu Dhabi, Oman and Bahrain traded marginally lower. The Dubai market was flat, while Saudi Arabia showed a 5 percent gain, after hefty losses in recent days.

Gulf economic experts say major losses by Kuwait's second-largest bank are having a ripple effect across Gulf markets. Trading in its shares remain suspended.

Meanwhile, Kuwait's Finance Minister Mustapha Shamally told Al Arabiya TV that the government has approved a draft law to guarantee bank deposits, in line with similar measures taken in the United Arab Emirates, last week.

Newspaper reports say that Kuwait is also preparing to set up a $5.6 billion fund to help beleaguered⁴ companies that have incurred⁵ large overseas losses.

United Arab Emirates Central Bank Governor Nasser al Suweidi also indicated Monday that property prices in the UAE could be facing a "correction," but that banks in the Emirates were "safe," and that the Central Bank was prepared to pour more liquidity⁶ into the banking⁷ system.

In Egypt, the Cairo stock exchange closed with a gain of 4 percent after initial losses, but investors⁸ still appear to be fearful.

A businessman in communications and information technology, Mohammed Omran, says the Egyptian market has lost more than 65 percent of its value in recent days.

"The economic crisis is not only in the Gulf, it is everywhere ... I want to talk about the stock market in Egypt, where we have seen a lot of deterioration⁹ of the market capitalization and the market value of the stock market over the last two weeks, or about 10 days since the financial crisis started hitting Egypt badly, and the market has lost over 65 percent or 70 percent of its value ...," Omran said.

Omran also believes that panic is the major factor behind the economic crisis, and that many people are converting their assets into cash.

"Well, people are saying now to themselves that cash is a king, as you know, and for that everyone of course is trying to either liquidate¹⁰ his own stock assets or real estate or perhaps withdraw cash from the bank and keep it safe where he can," Omran said.

While the widespread panic appears to be calming in the Arab markets, many people say they are worried the markets will continue on their slippery downward slope.

1 gulf   

n.海湾；深渊，鸿沟；分歧，隔阂

参考例句：

• The gulf between the two leaders cannot be bridged.两位领导人之间的鸿沟难以跨越。
• There is a gulf between the two cities.这两座城市间有个海湾。

2 ripple   

n.涟波，涟漪，波纹，粗钢梳；vt.使...起涟漪，使起波纹； vi.呈波浪状，起伏前进

参考例句：

• The pebble made a ripple on the surface of the lake.石子在湖面上激起一个涟漪。
• The small ripple split upon the beach.小小的涟漪卷来，碎在沙滩上。

3 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

4 beleaguered   

adj.受到围困[围攻]的；包围的v.围攻( beleaguer的过去式和过去分词)；困扰；骚扰

参考例句：

• The beleaguered party leader was forced to resign. 那位饱受指责的政党领导人被迫辞职。
• We are beleaguered by problems. 我们被许多困难所困扰。 来自《简明英汉词典》

5 incurred   

[医]招致的，遭受的； incur的过去式

参考例句：

• She had incurred the wrath of her father by marrying without his consent 她未经父亲同意就结婚，使父亲震怒。
• We will reimburse any expenses incurred. 我们将付还所有相关费用。

6 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

7 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 deterioration   

n.退化；恶化；变坏

参考例句：

• Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
• The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。

10 liquidate   

v.偿付，清算，扫除；整理，破产

参考例句：

• A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
• They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。