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Other Gulf markets had mixed results today; Muscat rose by 0.73%, the Abu Dhabi Securities Exchange by 0.70% and Kuwait by 0.21%, while Doha fell by 0.71%, KSA by 0.30% and Bahrain by 0.11%.
Saudi Telecom Company and Omantel shares rose by more than 3% each after STC said it will buy a 25% stake in Omantel, after the Omani government announced its intention to sell 25% of its stake to a strategic partner.
DFM: Dramatic session led by Emaar
The DFM regained much of its losses from the last three weeks, gaining Dhs13.5bn in today's session.
It experienced a strong rebound, which started when Emaar's share fell below Dhs10 to Dhs9.99, allowing portfolios managers to pile in and push the property developer and all other leading shares up. The index subsequently hit 5,457 points, a strong rise of 3%.
Huge buying orders were placed on Emaar's share, pushing it from Dhs9.99 to Dhs10.60, trading Dhs443m and representing 22% of the total trading, which reached Dhs2bn.
Other leading shares registered strong growth, including Dubai Investments by 6.1%, Air Arabia by 5.9%, Deyar by 4.4% and Arabtec by 1.8% to reach Dhs19.45.
According to a DFM report, foreign purchases jumped to Dhs451m against selling orders of Dhs394.1m, while Arab investors sold Dhs284.8m against purchases of Dhs218.8m. Gulf investors sold Dhs90m of shares and purchased Dhs66.2m.
The ADX in Abu Dhabi also rose, after support from the energy and real estate sectors, including Aldar, which traded Dhs235.5m out of total trading of Dhs1.2bn, representing 20% of the total trading. This represented a 5% rise to Dhs12.55.
Tadawul ends higher on telecom rise
The Saudi market closed higher after support from Saudi Telecom (STC), which rose 3.8% to SR67, after the company announced that it will buy a 25% stake in Omantel.
The Tadawul closed its week up 2.5%, amid average trading of SR6.5bn, including SR571.70 for STC's share.
Other leading shares, such as Al Rajhi, Sabic and Samba, closed unchanged, despite Credit Suisse determining that the fair price of Sabic was SR174.76, 26% higher than its closing price of SR138.5.
The rise of STC is the main reason behind the index's climb, as other leading shares ended down. SEC fell 2.1%, Kayan 3.1% and Al Inmaa 1.5%.
Kuwait: banks' shares become more attractive
The Kuwait stock exchange rose, following support from the banking sector, pushing the index closer to 15,000 points.
According to analysts, the low price among banks shares made it attractive to investors, pushing portfolios managers to buy considerable amounts of shares following the excellent results achieved in H1.
The Kuwaiti exchange is the most attractive among all GCC markets, according to a Merrill Lynch report.
Heavyweight National Bank of Kuwait rose by 2.1%, KFH closed up 1.4%, Zain 1.3% and Agility 1.7%.
Muscat: Omantel leads the rise
Telco Omantel led the rise today, ending the market's five previous declining sessions.
Its share price jumped after news that STC will buy 25% stake in the company.
Omantel share rose by 3.5% to OR2.404, as it traded 12.8 million shares, worth OR1.6m out of total trading on the index of OR9.6m. Muscat Bank fell by 0.66% and Sohar closed unchanged.
Doha: Profit gaining wave
The Doha stock market saw profit taking today, after a series of rises following excellent financial results announced by Qatari companies.
Mawashi rose for second consecutive session, by 4.2%, after the company announced that it had received a QR40m government fund to cover its losses.
Other leading shares fell, including Qatar Commercial Bank by 1.9%, Doha Bank 1.3%, Masraf by 1.4% and Al Khaliji 1.2% after its H1 profit dropped.
Qtel also fell by 1.3%, after the company announced that it failed to acquire an influential stake in Indonesian Telecom Company Indosat. But Gulf Insurance rose by almost its maximum limit of 10%, after the company announced a 215% increase in H1 profits, which reached QR103.8m compared to QR32.9m last year.
Bahrain: Big deals on Al Salam Bank
The Bahrain market continued to decline, with pressure from Al Salam Bank, which dipped by 1.8% despite its active trading. It traded 16.3 million shares today, representing 89.5% of the overall trading of 48.2 million shares, valued at BD5.5m.
Elsewhere, Gulf Hotels rose by 2.1% following a 55.4% increase in profits, which reached BD5.4m from BD3.5m last year. Gulf Finance House fell by 0.25%, despite a 41% increase in profits, while Areej Insurance closed unchanged despite a 38% fall in H1 profit to US$11.4m from US$18.5m last year.
Staff
