Collective fall on GCC markets; Muscat biggest loser again

The fall continued for a third day today, although Bahrain and Kuwait managed slight rises, up 0.22% and 0.01% respectively. The ADX lost 1%, Muscat 0.79%, the DFM 0.55% and Doha 0.17%.

UAE: Dhs27.3bn weekly losses

UAE shares lost Dhs27.3bn this week or 3.1%, with a trading value of Dhs7.4bn. That was made up of Dhs5.1bn for the DFM and Dhs2.3bn for the ADX.

The Dubai Financial Market failed to stop its decline, with Emaar falling by 0.94% to Dhs10.45, while Emirates NBD rose by 0.84% and Arabtec - which declined sharply by 11% last week - rose today by 2% to Dhs17.15. Shuaa also reversed its downward trend and rose by 0.83%.

The Abu Dhabi market also fell heavily, with pressure from the real estate sector, namely Surouh and Aldar, which fell by 3.5% and 1.2% respectively, despite trading Dhs131m out of total trading of Dhs501.7m.

Muscat: Omantel declines further

The Muscat market registered the biggest weekly losses, down 4.4%, with pressure coming mainly from leading shares like Omantel, which traded OR1.8m today but declined by 2%.

Oman National Bank also fell sharply by 1.3%, despite trading one million shares out of total 10 million.

Kuwait continues upward trend

The Kuwait Stock Exchange continued its upward trend, with a relatively low trading value of KD93.3m and 176 million shares.

The Burgan Group continued its climb, rising 5.8% today, while Arif Taqa also rose by 1.2%, after the company announced a whopping 1,300% increase in profits.

Trading value up in Bahrain

The Bahrain stock market rose slightly today, with its trading value jumping to BD11.8m and 17.1 million shares, compared to less than 500,000 yesterday. That sudden jump in value is because of extensive trading on Bank of Bahrain and Kuwait, which traded 15.5 million shares.

Al Baraka rose by 4%, ABC 2.1%, Tameer 1.9%, Ithmaar 1.3%, and Al Salam 0.75%.

Qatar Industries shares continue the pressure

Leading shares continued to inflict heavy loses on the Doha market, amid a sharp decline in trading value, at QR291.6m and 5.1 million shares.

Heavyweight Qatar Industries fell today by 0.92%, Barwa 1.6%, while the Transformation share rose by 1.7%, after the company posted a 46% increase in profits from QR54.9m to QR80.1m.