Saudi shares bounce back

Bahrain's market fell for 4th consecutive session by 0.35%. The three other markets which fell yesterday were DFM by 1.1%, ADX by 0.41%, and the Doha market by 0.33%.

The markets which ended positively yesterday were the Saudi market by 0.53%, Muscat 0.50%, and Kuwait 0.13%.

Dubai: Disappointed traders

The Dubai Financial Market disappointed traders who hoped that the market would keep its upward trend following the government's decision to fight corruption and malpractices.

The market yesterday managed to start higher, but later received extensive selling orders on all leading shares from foreign and local funds putting pressure on the index which closed lower.

According to the daily DFM report, the total foreign sales reached Dhs184m out of total trading of Dhs753.6m against purchasing of Dhs125.7m. Emaar lost all gains achieved during the trading session and fell by 1.3% to Dhs9.61.

Tamweel also started the session up but fended the day down 1.6% despite its announcement that an investigation with its former CEO will not affect the financial status of the company. Other leading shares like DFM, Dubai Investments, and Arabtec fell by 1.2%, 1.9% and 1.3% respectively.

All sectors at the ADX witnessed a decline yesterday including Aldar, which dipped by 2.3% to Dhs10.30 despite dominating 25% of the total trading, which reached Dhs458m.

Saudi market regains losses

The Saudi market managed to end the week up 3% with support from the petrochemical sector including Petrorabigh which jumped by 5.3%.

Sabic traded SR440.7m out of an extremely low trading value of SR3.8 and ended up by 1.8% to SR125.5. Yansab also rose, up by 2.8% and Kayan gained 1.1%.

The banking sector also made considerable advances including Samba which rose by 1.5%, Saudi Hollandi 1.1%, and Al Rajhi 0.92%, while Saudi French bank fell by 1.6% and Arab National by 0.87%.

The telecom sector, including Zain and Mobily, fell by 1% and 0.65% respectively, while STC rose by 0.76%.

Kuwait jumps up and down

The Kuwait stock exchange continues to fluctuate amid demands from traders to have a new index to avoid artificial closing.

Burgan Group has been hit by profit taking after strong rises last week. It ended down 4.6%, while Ektitab rose 1% after the company acquired 4% of UAE-based Drake and Scull Company. Manah Holding also continued its rise, trading 26.5m shares out of total shares of 208m and closed higher by 4.7%.

Muscat up for 4th session

The Muscat market continued its upward trend with support from Omantel and banks which took major stakes in yesterday's trading, which reached OR20.3m, including OR7.4m for Omantel which rose up by 0.13%.

Heavyweight Muscat Bank traded OR3.2m and jumped by 3.2%, while Sohar traded 4.1m shares out of total shares of 18.5m and rose by 0.81%.

Doha market is back on the decline

The Doha market failed to keep its upward trend under pressure from Qatar Industries which fell by 0.99%. 'Welfare' shares fell by 1.5% despite a 142.6% increase in its H1 profits.

According to analysts, sales by foreign funds continue to put pressure on the market, while local funds continue to have modest trading.

Bahrain fell with pressure from Al Salam

The Bahraini market tried hard to stand against selling orders on Al Salam Bank shares, which traded 50% of the total shares in the market, which reached 3.5m shares valued at BD1.3m.

Al Salam registered the highest decline in the market by 4.6%, followed by Ahli United Bank 1.6%, ARIG 1%, GFH 0.59%, while Al Barakah rose by 1.7%.