Rollercoaster continues as Gulf markets plummet

Dubai Financial market, which has led the markets up in the last two days, has also led the markets down with pessimism back among traders.

UAE markets have lost Dhs24.4bn out of total gains of Dhs88bn after DFM index fell by 7.4% and ADX by 2.15%.

Doha also fell yesterday by 3.3%, Bahrain 1%, Kuwait .064% and Muscat by 0.35% while Tadawul rose up 0.50% to end the week up 11.4%.

Speculators behind the decline

Many analysts believe that profit gaining was the result of two days of upward movement, the intervention of the UAE government, which pumped in a total of Dhs120bn, and the easing of restrictions for companies to buy back shares.

According to the DFM report, foreign sales jumped to Dhs601m representing 37.6% of the total trading which reached Dhs1.6bn against purchases of Dhs582.3m.

Dubai: 16 firms fall by maximum limit

Dubai Financial Market opened down by 10% after all 32 shares fell, with 16 by the maximum limit.

Analysts believe that international markets, which fell sharply, had a negative impact on Gulf markets which have become fully linked to the world crisis.

A report issued by Rasmala has already confirmed the above, adding that markets are passing through the worst phase ever.

All leading shares fell by the maximum limit including Emaar which fell to Dhs6.11, Amlak Dhs2.43, Dubai Investments Dhs2.34, Tamweel Dhs2.71 as well as other leading shares like Air Arabia, Tabreed, Union Properties and Takaful.

Abu Dhabi: Banks shares lower losses

ADX market managed to hold ground after huge sales on real estate as banking and energy shares managed to rise amid trading value of Dhs1.2bn.

Aldar fell by 2.2% to Dhs6.44, Sorouh 5.5% to Dhs5.27 and Etisalat to Dhs16, while three shares rose by maximum limit including Foodco, and Gulf Cement.

Saudi market rises after sharp decline

Saudi market managed to change its 8% slump to rise by 0.50% to end its week up by 11.4%.

Banking and petrochemical shares namely Sabic, Al Rajhi, Samba and Saudi French bank changed from sharp falls to go up, which helped the market regain all its losses.

According to dealers, purchase orders on leading shares helped push prices up including Sabic by 8.5% to SR82.50, Al Rajhi 2.7% to SR83.50, and Saudi French 8.8% to SR61.75.

Profit gaining included shares in the telecom sector, except STC which rose by 1.95% to SR64.75, while Zain fell by 7.1% to SR15.50 and Mobily 5.3% to SR39.

Kuwait: Zain up by maximum limit

Kuwait Stock Exchange continued its downward trend for the third consecutive day especially after some banks reported a decline in Q3 profit as was the case with NBK and Ahli Bank.

Ahli Bank profit fell to KD25.1m from KD29m down by 13.4% while the share rose by 1.9% to KD1.060, while Commercial Bank fell by 1.5% to KD1.260 despite a 10% rise in Q3 profits.

Meanwhile Zain rose by 8.3% to reach KD1.300.

Doha: Industries Qatar rise help lower losses

Doha Stock Market managed to contain the profit gaining operations which included all 37 traded shares, expect two shares including Industries Qatar which rose by 1.9% to QR125.70.

Banks have seen sharp falls after going up by the maximum limit in the last two days including Commercial Bank 3% to QR92 despite a 60% rise in profits, Qatar Islamic bank 4.5% to QR109.10, and Doha Bank 7.5% to QR46.50.

A report by Rasmala said that the withdrawal of foreign investments has left a deep impact on shares which declined sharply like Industries Qatar which lost 35% of its value during the last month and the first week of October.

Bahrain: Three shares see profit gaining

Banks, Investments and services saw profit gaining yesterday including Al Salam, Ithmaar and Batelco while trading value fell sharply to less than BD1m and two million shares.

Al Salam fell by 3.7%, despite rising by 10% on Tuesday, Ithmaar fell by 3.6%, Batelco by 4% and Gulf Hotels by 2.7% despite the rise of its Q3 profit.

Meanwhile Bahrain Islamic bank announced the rise of Q3 profit by 84% to reach BD85m from BD46m last year.

Muscat sees the lowest decline

Muscat, like Doha, managed to retain its gains after registering a slight fall of less than 0.50% with support from banks except Muscat Bank which fell by 0.50% to OR1.095.

Heavyweight shares like Omantel fell by 1.4%, Resot Cement 2.8%, while International Investments rose by 2.5% after posting higher Q3 profits.

Ahli Bank registered the highest rise among all banks by 5.6%, Oman International Bank 3.3% and National Bank by 2.8%.