Tadawul continues to fall

Dubai: Tamweel deputy CEO detained

Dubai Financial Market almost lost its entire 1% rise after the announcement that Tamweel's deputy CEO was detained by authorities, as part of a corruption investigation.

Following the announcement, Tamweel shares reversed their 5% rise to fall below Dhs5.02 before closing at Dhs5.20, down 4%.

Tamweel has lost 30% of its value over one month following charges of corruption and bribery against its senior management.

Emaar, meanwhile, lost all its gains and closed stable at Dhs8.08 trading Dhs279m, representing 23.3% of the total trading which reached Dhs1.2bn.

According to brokers, the sales by foreigners diminished the gains made by the index, with foreign sales estimated at Dhs312.7m against purchasing of Dhs135.9m.

Abu Dhabi: Bank shares retreat

The same scenario was repeated at ADX which received strong support from real estate and energy, while bank declines diminished the gains amid low trading value below half a billion dirhams.

Aldar Properties dominated 29% of the total trading and rose by 2.1%, while Sorouh traded 15m shares out of a total 76.8m and rose by 1.45%.

Umm Al Quwain Bank registered the biggest fall, losing 6.8%.

Saudi: Sabic leads the market fall

The Saudi market, which was the biggest winner on Monday, fell by 2.6%, making it the third biggest decline of the week.

Sabic lost all its gains it achieved and fell by 4.3% to SR110.50 despite dominating 16% of the total trading, which reached SR3.6bn.

The prices of 110 listed shares fell while only 10 shares rose up.

Samba registered the biggest decline, going down by 4.7%, ALJazirah bank lost 4.5%, Saudi Hollandi fell 2.5% to SR56.50 with 'Global' recommending keeping the share and setting its fair price at SR58.03.

The Petrochemical sector also fell including Sabic by 4.8%, Kayan 3.4%, Yansab 3.7% and Petrorabigh 4.3% despite an announcement that Aramco has handed over a SR862.5m refinery to the company.

Kuwait: Last minute switch

Kuwait stock exchange repeated Monday's scenario, diminishing its losses in the last minute after support from Zain, NBK and KFH which helped the index close above 13.500 points.

Zain registered a strong rise for second consecutive day by 3.5% to KD1.740, NBK up 1.1% and KFH 0.79%.

Dubai First shares rose by 5.4% after it announced that it has appointed Global to manage its acquisition to the Waterfront Company.

Doha: Market up on QNB support

Doha stock market witnessed the highest rise among all GCC markets yesterday after support from Qatar National Bank which rose by 3.1% and Industries Qatar up 0.25%.

The current prices are considered attractive for investors after the index dipped below 10.000 points encouraging funds managers to buy the shares.

Muscat: Market rebounds slightly

Muscat market rebounded 0.59% after its strong fall on Monday.
The market failed to move further because of the decline of Muscat Bank by 1% and Omantel 0.10%.
A report by Global has recommended keeping Omantel shares, setting the fair price at OR2.339 compare to yesterday's closing rate of OR1.957.

The biggest support came from Gulfar which traded 1.6m shares and OR1m out of total trading of OR5.1m and 6.7m shares.

Batleco leads Bahrain rise

Batelco has led the Bahraini market to rise after climbing by 2.2% to BD0.695.
The banking sector witnessed the rise of Al Salam bank by 0.87% trading 452 thousands shares out of around one million.

Bahrain Islamic bank also rose up by 0.98% pushing the index further.