Gulf stock markets performed in a \"tragic manner\" in May and closed the month bearishly, according to a report released by Global Investment House. Lacking new motivating factors, the stock markets of the Gulf region had to resort to follow-up on international markets, which also took an alarming bearish path, due to the deepening credit crisis in Europe. Spain was the center point of latest developments in Europe, with Standard and Poors lowering credit rating for major Spanish banks. Saudi market was number-one loser among bourses of the region, falling 7.7 percent, in May, the Global report said, noting that the bearish trend of the regional markets was forecast to proceed in the summer. The Global report said up to 21.8 billion shares were traded in May, compared to 28.2 billion the previous month, 22.7 percent lower. Total value of traded shares reached USD 49.5 billion in contrast to USD 79.4 billion in April, dropping 37.6 percent. Market value amounted to USD 721 billion in the end of May. The value of the Saudi market constituted up to 50.5 percent of the overall value of the regional markets.