Gulf markets heave a sigh of relief

Analysts believe that the strong rebound is natural after the heavy losses incurred by Gulf markets, making them attractive to investors wanting to buy shares at low prices.

UAE shares regained Dhs15bn after posting Dhs56bn of losses in the last three days.

DFM came back strongly, despite the continuation of sales by foreigners, which reached Dhs523.8m out of total trading of Dhs1.4bn, against purchasing of Dhs419.8m.

Dubai: Ajman bank rises to maximum limit

Most leading shares rebounded today in the market, including Ajman Islamic Bank and Tamweel which rose by almost 10% after a series of losses.

DFM went up 6.4%, and Emaar by 2.4% to Dhs9.84.

The price of leading shares have reached an attractive limit for investors to intervene and buy at low prices.

Abu Dhabi: Back above 4.400 points

Abu Dhabi returned back above the 4.400 points mark with support coming from different sectors, except real estate, including Aldar which closed down 2.1% below Dhs10.

Three shares jumped to the maximum limit of 10% including Gulf Medical and Foodco which rose by 8.5% after the company posted Dhs30.8m H1 profits.

Saudi: Market falls by 3.1% in one week

The Saudi market witnessed sharp fluctuations but ended its week down by 3.1%.
Today's support came from Safco which closed higher by 2.2% while heavyweight Sabic closed unchanged.

Saudi Hollandi bank led the rise in the banking sector, going up 2.9%, Samba rose 0.38%, while Al Rajhi fell by 0.31%.

In the telecom sector, STC rose up by 2%, Mobily by 1.8% while Zain closed unchanged.

Marine Transportation shares dominated most trading today with SR576m out of total trading of SR4.5bn but closed down by 8.4%.

Muscat: Regains more of its losses

Muscat's market continued its upward trend, regaining most of its losses with five shares dominating 55.3% of the total trading, while Omantel rose up by 3.5% above OR2.

Omanvest registered a maximum rise of 10% after posting 99.6% increase in H1 profits to reach OR23.1m, while Oman National Bank rose by 7.1%, Sohar Bank 1.6% and Muscat bank by 1.5%.

Doha: Market led by banks

Doha market continued its upward trend with major support coming from banks while Qatar Industries fell by 0.39%.

Qatar Commercial Bank rose up by 2%, QNB by 1% and Islamic bank by 1.2%, while Medical Co shares fell by 1.6% despite posting QR7.8m profits in H1.

Bahrain: Al Baraka shares push market up

The Bahraini market rose after a week-long decline, with Al Baraka Banking Group registering a 8.5% rise after posting a 62% increase in profits.

Gulf Finance House also rebounded up 1.85%, while Ithmaar and Batelco rose by 1.2% and 0.57% respectively.

Kuwait: The only loser

Kuwait stock exchange continued its downward movement after pressure from all sectors except services and banks.

IFA Hotels registered the highest rise, going up by 5.6% after the company announced that it will distribute free bonus shares to shareholders by 20%. The company has also posted a 64% increase in profits.

Al Safah International registered the highest decline, losing 8.9% after posting losses in the first half of the year 2008.