Muscat loses all the year's gains

Saudi market came second with a weekly decline of 4.4%, Kuwait third 3.7%, Doha 2.6%, ADX 2.3%, Bahrain 2.5% and DFM 2%.

All Gulf markets today saw a general fall led by Muscat at 3.8% breaking the 9.000 points mark followed by Doha which fell by 2% after breaking the 10.000 mark.

The DFM fell by 1.2% with pressure from Emaar, which registered its lowest price at Dhs8.76, while Kuwait fell by 0.86% and broke the 14.000 mark and Bahrain fell by 0.37%.

UAE: Weekly losses of Dhs15.6bn

UAE shares lost Dhs15.6bn in the week after its general index fell by 2% including DFM 2% and ADX 2.5%, while the trading value fell by 28.3% to Dhs4.3bn compared to Dhs6bn last week.

The weekly trading value for DFM reached Dhs2.5bn and Dhs2bn for ADX.

Dubai: Emaar at new record low

Emaar has registered a new record low at Dhs8.76, which is the level it saw in March 2005, creating a panic among traders.

Emaar fell by 3.3% to Dhs8.77 trading Dhs250m, representing one third of the total trading which reached Dhs740m.

Most selling was conducted by foreign portfolios, totalling Dhs396.7m against purchases of Dhs261m only.

Abu Dhabi: First Gulf bank falls after HSBC report

The decline at ADX was led by First Gulf Bank, which was affected negatively by an HSBC report in which it warned that the bank is overexposed to real estate loans and slashed the fair price of the First Gulf bank to Dhs20 from Dhs22.50. The bank fell by 4.4% to Dhs20.35.

Muscat loses all the year's gains

Amid a state of panic, Muscat stock market broke the 9.000 points mark losing all gains which the market registered since the beginning of the year which reached 30% while the index was at 12.164.

With today's decline the market is down 2.2%, which means that the market has fallen by 32.2% in two months.

Most selling came from local investors and speculators who tend to return to buying when prices are low.

All 42 listed firms fell today except two firms, while Omantel traded OR2m out of total trading of OR9.9m and fell by 3.6% followed by Muscat Bank by 2.4%.

Nine shares fell by the maximum limit of 10% including ONEC.

Kuwait breaks the 14.000 mark

Kuwait's stock exchange failed to stay above the 14.000 points mark, but still KSE is up 11.1% despite losing 9.9% since the beginning of the year compared to 15.500 points mark.

Today all sectors put pressure on the index except Zain which rose by 1.1%, while NBK fell by 1.1%, KFH 0.75%, Global 1% and Agility 2%.

Doha breaks the 10.000 mark

Doha stock market broke the 10.000 points mark before closing 32 points above, while fear still prevails in the market after foreign investors either switched to neighbouring markets or to international markets.

The decline was led by Industries Qatar which fell by 2.7%, Qatar Commercial 2.5%, Al Khaliji 2.7%, QNB 0.87%, Barwa 1.6% and Gulf International 2.2%.

Bahrain: Al Saif dominates trading

The decline at Bahrain market was led by NAS which fell by 9.2% with trading value above BD0.5m and 2m shares including 1.4m for Al Saif which closed unchanged.

The main pressure came from GFH which fell by 3.9% and Ithmaar bank which also fell by 1.4%.