Gulf market losses continue to mount

Brokers and analysts blamed foreign portfolios for the decline after losses in the international markets have led to fears that Gulf markets might witness similar losses.

Saudi Arabia sees its worst performance in three years

In its first day of trading after Eid holiday, Tadawul fell by 10% or 700 points, its worst since three years.

A state of panic prevailed among traders who didn't expect the decline especially at a time when banks are posting higher profits for Q3 including Al Rajhi which posted 5% increase in profits, Arab National Bank 4%, Saudi French 8%. Samba's profits fell by 7.5%.

The sharp decline created panic among traders with all 120 listed firms falling by 10% including leading shares like Sabic, Al Rajhi, Samba, Saudi French, Petrorabigh, Kayan, STC, Mobily and Zain.

Saudi experts said that they have been expecting such a decline in light of the current international crisis, although the fall witnessed by Tadawul was unjustified.

UAE markets lose Dhs75bn in two days

UAE markets have lost Dhs40bn today which added to yesterday's loses of Dhs35bn after the general index fell by 6%.

DFM saw the rise of only one share, namely Al Salam Bank, while the remaining 26 shares fell sharply amid low trading value of less than Dhs1bn.

Emaar traded at Dhs6, down by 10.7%, for the first time in three years. Arabtec fell by 15% below Dhs10, Salma Insurance also fell by te maximum limit.

Amlak which posted a 157% rise in Q3 profits fell by 11.6%.

Dubai sees historic decline

A number of experts and brokers described what the market witnessed yesterday unprecedented since the market's creation in 2000 after foreigners started to sell randomly, with sales worth Dhs288.5m against purchase orders of Dhs170m.

Abu Dhabi: Aldar and Sorouh fall by maximum limit for second day

For second consecutive day, Aldar and Sorouh fell by maximum limit of 10%.

It was obvious that most selling was focused on real estate firms which put extra pressure on the index.

But surprisingly, three listed shares managed to rise with maximum limit including Al Wathba, Abu Dhabi Ship Building and Fujairah Bank.

Kuwait: Index at its lowest in 15 months

KSE index broke the 12.000 benchmark for the first time in 15 months amid declining trading value at KD93m, with the market clearly suffering from lack of liquidity.

Leading shares saw maximum declines including Zain, NBK, Gulf Bank, Agility and Global.

Traders and analysts have called upon the Kuwait Investment Authority to step in, while KIA has already announced that it will invest KD300m in the market.

Muscat: Biggest GCC drops

The biggest loser of the day was Muscat, which like Tadawul didn't witness the rise of any shares amid low trading value of only OR6.1m.

Many shares fell by maximum limits including Omanvest, Alaaf, Dhofar International and Bank Fhofar, while Muscat Bank and Omantel fell by 6.1% and 6.4% respectively.

Doha: Three shares lead the decline

Three heavyweight shares namely Industries Qatar, Batar National Bank and Qtel fell by 6.2%, 6.5% and 4.4% respectively.
Four shares out of 40 traded dominated 58% of the total trading including Naqilat, Al Rayyan, Islamic Bank and Industries Qatar.

According to analysts, foreign portfolios continued to make huge sales in the market putting extra pressure on the index.

Bahrain: Gulf Finance House fell by maximum limit

Bahrain registered the minimum losses of all regional markets, while the strong decline resulted in the maximum drop of 10% for Gulf Finance House.

Except the rise of Batelco and Bahrain Islamic bank, all listed shares fell sharply including Ithmaar bank 8.9%, Al Salam 8.1%, ARIG 6.5% and Al Saif 6.2%.