Sharp losses in Oman; UAE markets regain Dhs4.1bn

Meanwhile, the Saudi market failed to keep its upward trend, two days after allowing foreigners to trade in the market, declining slightly by 0.03% after an unprecedented rise of 5.2% on Saturday.

The Bahraini market managed to rise yesterday by 0.37% and Kuwait gained 0.22%, while Doha continued to decline, down 0.19%.

Doha down for second straight day

The logical decline of the Muscat market came after strong rises last week, allowing traders to start profit taking. The same shares which were behind the strong rises last week were behind the sharp decline yesterday, including Omantel and Muscat Bank.

Leading shares witnessed strong selling offers, including 29 listed firms, while only 6 firms escaped the decline yesterday.

Al Jazeerah Steel posted the days' biggest loss, down 8.3%, while Omantel fell 4.6% and Muscat Bank dipped 0.57%.

Dubai changes track in last hour

UAE shares regained Dhs4.1bn of last week's losses, while the DFM managed to keep its upward trend till the last hour before declining after pressure came from Emaar.

The Dubai market started the decline after Emaar received selling offers pushing its price from Dhs9.55 to Dhs9.30, down by 0.95%.

Following the decline of Emaar, other leading shares started to collapse, including Union Properties by 1.4%, Amlak by 0.52% and Dubai Islamic Bank by 0.53%.

Abu Dhabi retains upward trend

The ADX managed to keep its upward trend till the end of the day with support from the real estate, energy and telecom sectors, especially Aldar, Sorouh, Etisalat, and Dana Gas, which dominated the day's trading that reached Dhs0.5bn.

Haitham Urabi from Shuaa Capital said that markets are suffering from liquidity problem as well as rumors of corruption in Dubai which are having an adverse impact on shares.

Urabi expected markets to pick up in the last week of Ramadan, as local and international investment funds will start coming in the last quarter of the current year.

Saudi market sees profit taking

The Saudi market responded positively to the decision of allowing foreigners to start trading in the market, but fell slightly yesterday amid reports from regional and international financial institutions, including Credit Suisse, Hermes, and Shuaa Capital, that foreign investments will start pouring in the market.

According to a report released by Credit Suisse, the opening up of the market is a step toward complete liberalization which will attract foreign investments.

A report by Hermes said Al Rajhi and STC will be among the favorite shares for investors.

The recent strong rises of some leading shares resulted in profit taking yesterday, which included Samba which fell by 0.34%, Saudi Hollandi down 0.77%, Saudi French down 0.94%, STC down 1.4%, Mobily down by 0.50%, and Kayan down by 1%, while Sabic closed unchanged.

Kuwait starts IPO on 3rd mobile operator

Kuwait's telecom shares were affected by the launch of the first IPO this year which is on 50% of Kuwait Telecom company's shares, the third operator in the country.

The Saudi Telecom Company already has a 26% stake in the new company after winning the KD48m deal, while the Kuwaiti government owns 24% stake in the new company. The IPO is expected to collect KD26m.

Zain fell by 1.1% after rising by the maximum limit on Thursday.

Kuwait Finance House rose by 0.72% to KD2.780 after Global set its fair price at KD2.710.

Bahrain finally sees green

After a week in the red, Bahrain returned to green yesterday with support from Al Salam bank, which dominated 79.5% of the total shares, which reached 3.4m but still fell by 0.40%.

Ithmaar bank registered a strong rise of 2.8%, as did GFH, up 1.5%, Arig up 2.2% and Ahli United Bank up 1.7%.

Doha market dips below 11,000 points

The Doha market fell below 11,000 points after pressure from Qatar Industries, which dipped 1.4%.

The rise of Qtel by 1.6% and QNB, up 0.64%, kept the index from registering a sharp decline like last week.

Other leading shares including QIB, Khaliji, fell 1% and 2% respectively, while Qatar Commercial bank rose up 0.46%.