Worst of days for Qatar and DFM as Gulf markets fall sharply

Dubai fails to keep rebound

Dubai Financial Market failed to keep its strong rebound after Emaar's decision to buy back its own shares from 1st of October, initially pushed the index up more than 2% and Emaar by 6% to Dhs8.03.

Other shares responded positively to Emaar's rise, but in the last hour there was a dramatic change and the index suddenly reversed its trend and fell to new a benchmark of 4,400 points.

Arabtec, Union Properties and Dubai Islamic Bank received extensive purchasing deals, pushing their prices down by 11.2%, 8.4% and 5.4% respectively, at a time when Emaar was losing all its gains and falling by 3% to Dhs7.34.

Tamweel witnessed the biggest decline by 10%, apparently under the impact of a corruption investigation.

Meanwhile Istithmar announced that it has relieved Adel Al Sherawi, former Tamweel president, and financial controller Firas Kalthoum from their posts following their detention on corruption cases.

Abu Dhabi breaks the 4,000 points

ADX broke a new benchmark today of 4,000, falling back to last year's standard, after pressure from telecoms and real estate sectors. Etisalat's share fell by 4.2%, Aldar Properties 3.4%, while four other shares fell by their maximum limit of 10%.

Tadawul too fail to rebound, following the introduction of its new pricing system, which saw the market decline 4% yesterday.

The Saudi market declined for a second consecutive day, by 0.55%, after a mixed day across all sectors.

Saudi Hollandi Bank saw a strong decline by 5.7%, SABB 4.8%, Al Rajhi 1.2% and Samba 0.35%, but Arab National Bank rose by 1.4% following positive recommendation by Hermes.

Sabic rose by 2.5% to SR111.50, Petro Rabigh 3.6%, Kayan 1% and Yansab 0.48. In telecoms, Mobily fell 4.2%, Zain 3.35% and STC 0.40%, after an announcement that STC will expand into external markets.

Doha sees worst trading day

Doha stock market saw the worst trading day, registering the second biggest decline in its history in single session, falling 6.1% and losing 850 points to below its 9,000 point benchmark.

According to analysts, foreign sales are responsible for this miserable situation with extensive random selling for shares. The total foreign sales reached 34.5% of the total trading which reached QR2.3bn.

Leading shares fell sharply, including Industries Qatar by 8.4%, Qatar Commercial Bank 8.4%, Qatar Islamic 4.6% and Al Rayyan Bank 5.5%.
Qtel too fell sharply by 7.4% to QR146, despite a rise in its 2nd quarter profits by 59% to QR655m as Global set Qtel fair price at QR282.40.

KSE gives up the 13,000 benchmark

Kuwait Stock Exchange lost 409 points, giving up the 13,000 benchmark to 12,714.

Leading shares had the biggest impact, including KFH 4.1%, NBK 2.3%, Global 6%, Zain 2.3%, Watanyia Telecom 6.5%, despite a positive recommendation by Global.

Bahrain's index approaches 2.500

The Bahraini market approached the 2,500 benchmark, after losing 2.3%, after pressure from banks, investments and services sectors.

The market saw an improvement in trading value to BD1.1m and 1.7 million shares. Ithmaar Bank fell by a record 6.4%, Ahli United 6%, GFH 2.4% and Batelco 1.4%.

Muscat suffers smallest decline

Muscat, which was the biggest monthly loser, fared best among all Gulf markets. It was supported by the rise of Omantel and Gulfar.

Omantel rose by 1%, after trading OR1.1m from total OR10m, while Gulfar rose by 0.23% after trading OR2.4m.

Meanwhile Muscat bank fell by 1.5% and Al Anwar Holding 3.4% despite trading 3.2 million shares out of total 13.8 million shares.