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According to most analysts, Gulf stock markets are now feeling the impact of the international crisis despite the approval of the $700bn bailout by the US congress.
Dubai: No positive response despite Amlak and Tamweel merger
The continuous sales by foreigners pushed the DFM index further down, while Emaar fell 14% below Dhs7 to Dhs6.67 before closing at Dhs6.80 down by 12.2%, while Arabtec fell by 14.4%.
The announcement of a merger between Tamweel and Amlak failed to push the two shares up with Amlak going down by 3.9% and Tamweel by 7.3% to Dhs3.52.
The third quarter profit of Dhs312m announced by Deyyar also failed to push the share up, with it eventually going down by 5.6%.
Since corruption charges started against Tamweel and Deyyar the two shares witnessed sharp declines, totalling 40% for Tamweel so far.
The only rising share was Gulf Finance House which rose by 1.6% although it fell in Bahrain by 3.3%.
According to DFM report, foreign fund sales reached Dhs480m, representing 43% of total trading, which reached Dhs1.1bn.
The total purchases of foreigners, on the other hand, reached Dhs126.4m, while Arab investors' purchases reached Dhs204m against sales of Dhs153.6m.
Abu Dhabi: Aldar and Sorouh fall by maximum limit
The decline at ADX was led by Aldar Properties and Sorouh, which fell by 10% despite dominating 75% of the total trading, which reached Dhs591m.
Four shares went up by 10%, including Al Wathba, Al Jarafat, and Rak Ceramic, while Abu Dhabi Commercial Bank fell by 9% despite the bank's denial that it merged with National Bank of Abu Dhabi.
Kuwait sees the biggest decline in 25 months
Kuwait Stock exchange saw its biggest single decline in 25 months, of 460 points below its benchmark of 12.500 points after pressure from all sectors amid very low trading value of only KD86m.
Many heavyweight shares fell, including Zain 6.8%, NBK 4.4%, Gulf Bank 7.8%, KFH 3.7%, Global 6.4%, Projects 5.8% and Kuwait Commercial Bank by 4.7%.
Sokouk Holding fell by 7.2% despite gaining profits of KD1.6m from selling its stake in Elaf Bank in Bahrain.
Al Safah International fell by 5.1% despite posting profits from selling its stake in a real estate firm.
Doha posts biggest losses
Doha stock market lost 650 points and went below the 9.000 benchmark in a trading session which saw the rise of only one share, while the other 37 listed shares saw a massive decline.
Industries Qatar and Qatar National Bank fell by 8.3% and 9% respectively, which is attributed by analysts to huge sales made by foreign investment portfolios in a bid to lower their overseas losses.
Five sectors witnessed a decline to the maximum limit including Cement, Electricity and Water, while Qatar Commercial Bank fell by 7.1%, Qatar Islamic Bank 5.1%, Doha Bank 5.7% and Qatar Fuels by 8.1%.
Muscat witnesses minimal trading
Muscat stock market witnessed a sharp decline in trading which is considered the least this year with only OR3.8m and 5.8 million shares with 29 listed firms witnessing a decline against only five which rose.
The index, which gave up its 8.500 benchmark, came under heavy pressure from Muscat Bank, Omantel, Gulfar, Dhofar bank, National Bank and Oman International Bank which fell by 1.7%, 3.4%, 2.7%, 6%, 5% and 2% respectively.
Bahrain sees the rise of Batelco only
Bahrain witnessed a massive decline in trading value of BD0.3m and 0.4m shares including 130.000 for GFH which fell by 3.3%.
Batelco, the only rising share, rose by 2% while Bahrain National bank fell by 2.3%, Bank of Bahrain and Middle East 7.4% and Gulf Construction by 5.6%.
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