Abu Dhabi biggest winner as Kuwait stocks fall hardest

In Qatar, the Doha Securities Market (DSM) closed the week up 2.4%, but declined today by 0.07%.

The Dubai Financial Market (DFM) rose 1.3% for the week, but fell 0.40% during trading today. Muscat rose 1.2% for the week and 0.88% during trading today, while Bahrain was up 0.84% during the week, and 0.19% on the day.

Kuwait closed down 1.2% for the week, while the Tadawul was down 1.1% for the week when it closed trading yesterday.

UAE: Weekly gains of Dhs17.1bn

UAE markets gained Dhs17.1bn over the week, compared to Dhs14bn of losses last week.

Trading value also rose by 45.6% to Dhs15.4bn, compared with Dhs10.6bn last week.

The Abu Dhabi Securities Exchange (ADX) overcame the DFM in trading value, with Dhs8.6bn versus Dhs6.8bn , representing 56% of trading in the emirate.

Ajman Islamic Bank traded Dhs2.6bn of shares, with a weekly rise of 30.4%. Methaq traded Dhs2bn, up 20%.

Dubai: Speculators hone in on Ajman Islamic Bank and Arabtec

Ajman Islamic Bank leapt for third consecutive day, reaching 11%, before it was hit by profit taking, ending the day up 2.8%. It traded Dhs965.4m of shares, representing 46% of DFM trading, which reached Dhs2.1bn.

The Dubai market saw sharp fluctuations, but ended the session under pressure from Emaar, which at Dhs10.75 was down 1.8%, its lowest price since the beginning of the year.

Ajman Islamic Bank and Arabtec also experienced sharp fluctuations, hitting new highs. Arabtec at one point hit Dhs19, its highest price, before closing up 10%, at Dhs18.20.

Kuwait and Doha: Profit gaining

The Kuwait Stock Exchange continued to see investors cashing in stocks and was the biggest weekly loser among the GCC countries.

All sectors had an impact, which saw the index fall 0.46%. Kuwait Finance House fell sharply by 1.4%, Global 1.9% and Dubai First by 3.6%.

Kamco's announcement of a KD8.8m profit after selling its stake in United Company for Medical Services pushed its share up 1.2%, to KD0.800.

Wataniya Telecom's listing on the Doha market pushed the share down by 0.88%.

The Doha market declined slightly by 0.07%, after three consecutive record sessions, trading less than QR1bn today.

Qtel and Qatar Commercial Bank witnessed extensive sales, down 0.26% and 1.1% respectively. The majority of banks declined today, including Al Masraf by 0.86% and QIB by 0.94%.

Muscat and Bahrain: Few shares lead the index

Muscat grew for the fourth consecutive session, rising today by 0.88%, dominated by four shares, which accounted for half of the total trading, valued at OR15m or 19 million shares.

Julfar traded OR2.9bn, rising 1.8%, followed by Muscat Bank, which rose 0.06%. Al Jazira Steel saw the highest rise, up 8.1%, while Omantel was up 1.3% at OR3.299.

Bahrain was the only market to experience five continuous rising sessions, rising slightly today by 0.19%.

Trading value is back to normal, with BD1.7m compared to just BD500,000 yesterday.

Khaleeji Commercial Bank and Ithmaar dominated 55% of trading, which reached five million shares. Khaleeji Commercial Bank rose 1.6%, while Ithmaar remained unchanged at US$0.750.