Situation worsens on Gulf exchanges

Analysts believe that fear is directing the markets, and that trading has become subject to foreign movement while local portfolios remain quiet.

The good profits posted by a number of banks and companies for the third quarter failed to have any positive impact on the markets.

In an interview with AME Info, head of Emirates International trading Hmoud Abdullah, said that foreign investors have turned now to speculation after the mortgage crisis in US and Europe.

Dubai sees no rising shares and Emaar falls below Dhs6

UAE shares have added losses worth Dhs27.2bn to its previous losses of Dhs75bn in the last two days to reach total losses of Dhs102.2bn, which is the highest in the history of the market.

Emaar started to collapse, reaching Dhs5.8, its lowest point in four years before closing at Dhs5.94, down by 2.1%.

All listed shares fell yesterday, with some going down by the maximum limit, including Arabtec which lost 12% at Dhs8, Dubai Investments down by 13.5%, and Shuaa 14.7% to go to Dhs2.94.

Abu Dhabi: Real estate shares fall further

Real estate and energy shares have pushed the ADX index further down, while leading shares including Aldar continued to lead the decline, going down 7.3% below Dhs6, Sorouh by 8.3%, while Tamweel fell by the maximum limit of 10%.

Saudi Arabia: 62 shares fall by maximum limit

For the second consecutive day, the Saudi market fell heavily with 62 shares losing up to the 10% limit out of 117 which declined, mainly from the banking, petrochemical and telecom sectors.

The statement issued by four major banks; Al Rajhi, Samba, Saudi French and Arab National, that they are not affected by the world crisis left no impact on the market, on the contrary pushing them to fall by 10%, including Saudi Hollandi bank which had posted a 68% rise in Q3 profits.

Riyad bank, which also announced its Q3 profits, fell by 5%, while heavyweight Sabic fell to SR85.50, the lowest in its history.

Kuwait: KFH and Zain fall by maximum limit

KSE posted more losses after pressure from all sectors, mainly banks and services, including KFH and Zain which fell by 5% and 7.9% respectively.

National Bank of Kuwait also witnessed a sharp decline of 2.4%, Kuwait Commercial bank 1.6%, and Global of 7.4%.

Doha lowers losses

Doha stock market managed to lower its losses, while four shares managed to rise and 33 fell.

Leading shares continued to lose more points including Industries Qatar 2.1%, and QNB, which denied that it would borrow $1.5bn from international markets, stressing that liquidity is already available in the bank.

Muscat sees no rising shares

Muscat ended its trading day with no single rising share after all 40 traded shares declined sharply, some by the maximum limit of 10%.

Three major shares namely Muscat bank, Gulfar and Omantel fell by 6.5%, 9% and 6.9% respectively while some shares fell by the maximum limit including Dhofar International, United for Energy and Oman Holding.

Bahrain: Gulf Finance House falls by maximum limit

Bahrain market managed for third day to keep to the fewest losses among all bourses.
ARIG for insurance managed to rise while all other shares closed down.

The decline was led for third consecutive day by GFH which fell by maximum limit, while Bahrain Islamic bank fell by 4%, Gulf Construction 8.3% and Al Salam bank 3.6%.