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Dubai Financial Market was the second lowest, down 13.3% during September and 24.1% in Q3 followed by Kuwait 11.1% and 17% in Q3 but remained the only rising market since the beginning of the year, moving up 2.2%.
Doha came fourth with a monthly decline of 10.8% and 21.4% in Q3followed by Muscat with a monthly decline of 10.5% and ADX in the 6th position with a monthly decline of 10.3% and 20.1% in Q3, while Bahrain came in the last position with a monthly decline of 8.4% and 13.8% in the third quarter.
UAE shares lose Dhs172.8bn in Q3
According to the UAE stock market authority, shares have lost Dhs81bn of their market value during September, down 11.1% with total losses of Dhs172.8bn in the third quarter, going down 21.1%.
Trading value during September reached Dhs36.8bn, including Dhs22.6bn for Dubai, representing 61.5% from the total trading, and Dhs14.2bn for Abu Dhabi, while overall trading during the third quarter reached Dhs114.2bn.
Emaar shares topped the list during the first part of quarter with Dhs15bn, trading down 28.5% in the three months to Dhs7.75, Aldar Dhs11.9bn down 36.4%, while Takaful topped rising shares by 337% and Tamweel topped the list of falling shares by 57.7% followed by Shuaa 45%.
Foreign sales at DFM during September reached Dhs10bn against purchases of Dhs8bn.
Analysts agree that the credit crisis which led to the collapse of Lehman Brothers has had a negative impact on the Gulf bourses especially in Dubai.
Meanwhile Gulf markets ended the month of Ramadan with strong rises which included all markets except for Bahrain which fell by 0.06%, while Doha rose by 2.6%, Dubai 1.6%, Muscat 0.57%, Abu Dhabi 0.42% and Kuwait 0.12%.
DFM gets holiday boost
Dubai financial market witnessed a strong rise after support from Emaar which jumped by 3% to Dhs7.75, influencing other shares to move ahead and pushed index to register more than 2% gains.
Analysts believed that the desire of traders to seize the chance before the Eid holiday pushed them to pump in more liquidity eventually pushing trading value to Dhs1.4bn.
Many traders believe that the market will see better performance after Eid following intervention by Emaar to buy back some of its shares besides third quarter profits which are expected to be high.
Banks continue to support ADX
Abu Dhabi Commercial bank continued to register good performance up 8.6% today following rumours of a merger with a major bank, while Aldar fell by 2.5% and Sorouh 0.65%.
Kuwait: The only market with annual growth
Despite its losses in the third quarter, Kuwait stock exchange is the only market with a rising annual performance, up 2.2%.
National Bank of Kuwait rose by 2.2%, while KFH fell by 2.7%, Zain 1.3%, and Agility 1.2%.
Meanwhile Kuwait's telecom company announced the allocation of its shares equally among traders with 274 shares for each.
Doha up on Industries Qatar share
Doha market continued its good performance in a bid to regain some of its losses after it was the best market in the region up 30% in the first half of 2008.
Doha managed to end the third quarter above the 9.000 benchmark, despite losses of more than 20%.
The index received support from Industries Qatar which jumped by 4.1%, Commercial Bank 5%, QIB 1.9%, Al Rayyan Bank 2.1%, and Al Ahli 3.8%.
Muscat: Q3's worst performer
Omantel fell by 0.50% which lowered the gains of the index while Muscat Bank rose by 1.6%, Oman International Bank 2.8%, Oman National Bank 0.95% and Ahli Bank 0.40%.
Muscat market, which was the highest rising until the end of first half of 2008 going up 32%, declined in the third quarter and remained down 6% on the beginning of the year.
Bahrain: The lowest fall during Ramadan
Bahrain, which was the only loser yesterday went down the least during September and in third quarter as whole.
Bahrain National Bank fell by 1%, Bahrain Islamic 0.80%, Batelco 0.73% while Ithmaar rose by 1.8%.
Staff
