'Margin call' incurs losses of Dhs17.2bn on UAE shares

According to Mohammed Ali Yaseen from Shuaa Capital, banks have put huge pressure on clients to immediately sell their shares amid fears that marker prices have hit low points.

Excepting the Saudi market which rose by 0.54% and Muscat, which went up by 0.06%, other Gulf markets witnessed falls, including Doha by 2.8%, and Kuwait and Bahrain by 0.31% each.

Dubai: Emaar at new record low

UAE shares have lost Dhs17.2bn after the general index fell by 2.2%, with cumulative losses of 12.4% since the beginning of the year including 20.6% for Dubai and 4% for ADX.

According to brokers, Dubai dealers, particularly foreigners, have received orders from banks to start selling their shares after Emaar shares fell below Dhs9.

Emaar shares fell by 1.4% to Dhs8.95 and closed at Dhs9 pushing the index to break the 4.800 points mark and test a new level of 4.700.

Other leading shares also witnessed a sharp decline including AMAN by 6.1%, DFM by 5.6%, Arabtec by 5.5%, Amlak by 4.5%, Emirates NBD by 4.5% and Tamweel by 4.2%.

Abu Dhabi: Market under real estate pressure

The Abu Dhabi market has seen heavy falls after pressure came from Aldar and Sorouh which fell by 3% and 2.6% respectively despite trading Dhs510.6m.

According to Mohammed Ali Yaseen, it is very difficult to convince investors to pump more liquidity into the market amid investor fears and continuous declines.

Saudi market continue to rise

The Saudi market continued to rise for the third consecutive session with index testing the mark of 9.000 points.

The rise was led by banks, including Samba which rose by 5.5%. Sabic also rose by 0.93%, Petrorabigh 1.3%, STC 0.74% and Yansab 0.45%, while Zain fell by 2% and Mobily by 1.5%.

Kuwait: Index testing new mark of 14.500

Kuwait's stock exchange is testing a new mark of 14.500 after pressure continued from heavyweight shares in the banking and services sectors.

Agility rose by 1.8% after winning new $140m deal from the US army, while Zain finally stabilized after falling for two sessions.

Musharaf continued its leap up today by 7.3% despite no logical explanation for the rise.

Doha: Biggest loser for second day

Doha registered a sharp decline for the second consecutive day with index breaking 10.500 after extensive sales by foreigners.

The sharp decline came after the heavy losses by Qatar Industries of 5%, while Qatar Islamic bank fell by 2.5%, Qatar Commercial by 4%, Qatar International by 1.7% and Barwa by 2.2%.

Bahrain: Down on Batelco decline

The Bahraini market fell down after heavyweight Batelco declined by 2.1%, while Bahrain Islamic bank kept its upward trend moving 3.1% and Al Saif by 1% after Global announced that it will buy two million shares to up its stake to 15.2%.

Muscat: Up after support from Omantel

Muscat's market managed to rise today after support from the banking, industry and services sectors particularly Omantel, Gulfar and Muscat Bank which traded OR2.1m but fell by 1.3%.

Omantel rose up by 1.6% after news that eight firms have qualified to buy 25% stake from its shares. Gulfar rose by 2.4%, Oman International Bank 0.60 and Oman National Bank 0.51%.