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Analysts believe that lack of liquidity is behind the sharp fluctuations that markets are now going through.
Results for most listed firms were above expectations, as was the case with Emirates NBD, which posted a 45% increase in Q2 profits at Dhs1.4bn against the Dhs1.3bn expected by analysts.
Mohammed Ali Yaseen from Shuaa Capital believes that geopolitical tension from Iran's nuclear standoff is one of the reasons behind a lack of liquidity.
Dubai: Arabtec crosses new mark
Dubai Financial Market managed to end the session slightly up after a wave of fluctuations after support came from Emirates NBD bank, which posted 48% increase in its quarterly profits.
The bank was priced today at Dhs11.90 after trading above Dhs12.
Emaar shares continued unchanged, fluctuating between Dhs10 and Dhs10.05, while Arabtec jumped up by 7.6% crossing a new mark of Dhs19.10 from Dhs19.
Abu Dhabi: Excellent rating for Etisalat
Abu Dhabi Market fell today despite an excellent rating of AA2 for Etisalat by Moody's, but despite that the share fell to Dhs20.
The rising of the real-estate and energy sector made the index fall slightly as Arkan rose by 2% trading Dhs182.4m out of Dhs830m for the whole market.
Aldar shares rose by 1.2%, while Dana Gas fell by 1.1%.
Saudi: Market ends up
Like DFM, the Saudi market kept fluctuating to close slightly up after support came from the banking sector.
The newly listed Halwani Brothers jumped up by 4.1% at Dhs37 trading 14.2m shares out of 199m shares for the whole market, and valued at Dhs532m out of total value of Dhs6.5bn.
ASIG, Al Qaseem, Arab Insurance and Al Baha rose by 9%, while Sabic fell by 0.89%, which made its impact on the index.
Other related petrochemical shares like Kayan and Petrorabigh rose by 1.3% each.
Kingdom Holding Company, owned by Prince Al Waleed Bin Talal, rose by 2.8% after the company posted a SR535m profit.
Kuwait: Market profits after three rising sessions
The Kuwait Stock Exchange started a profit gaining wave after three rising sessions, while trading value remained below KD100m at KD92.6m, on a volume of 203m shares.
Pressure came from leading shares including Agility which fell by 3.3%, KFH by 1.4% and Zain by 2.5%.
Dubai First and Aqaar registered strong rises, going up by 5.4% and 3.8% respectively.
Kuwait Jewell Company posted a 110% increase in profits, while Al Masalekh posted 33% rise in profits, Al Ithmaar 9.3% and Gulf Insurance 73%.
Doha: Mawashi pushes the index up
Al Mawashi and General Insurance led the rise today at the market, which is still suffering from low trading value, staying below QR500m at QR480m compare to above QR2bn in March and April.
Mawashi traded 1.8m shares out of total 9.5m shares for the whole market after rising by 8.2% after the company announced it had received a grant of QR40.7m from the government to help counter the prices of Australian meat in the market.
General Insurance share rose by the maximum limit of 10% after the company announced that it sold a property worth QR110m.
Al Khaliji bank also announced that its profits fell by 42% for H1, to QR12.7m from QR21.8m last year, while the share closed unchanged at QR17.50.
Muscat: Fall continues for the fifth session
Muscat market continued in its downward trend for the fifth consecutive session after pressure came from leading shares like Muscat Bank which fell by 0.50% and Omantel by 1.7%.
Al Jazirah Steel traded OR2.6m, rising by 0.77%, while Muscat Financing registered the highest rise in the market, going up by 2.3% after the company posted OR1.2m profits.
Bahrain: GFH profits up
Bahrain's stock market continues to decline following pressure from the banking and industrial sectors.
Only two shares rose today, GFH and Bank of Bahrain and Kuwait by 1% and 0.71% respectively after GFH posted a 41% increase in profits for Q2 at $104m and 51% for H1 at $220m.
Staff
