Weekly performance: Tadawul biggest winner, UAE regains Dhs20bn

Despite the decline over the past two days, five stock markets managed to end the week up, including Tadawul which ended its week up 11.4% followed by ADX 5%, Doha 3%, Muscat 0.97% and Dubai 0.18%, while Kuwait declined by 3% and Bahrain by 1.2%.

For the first time in 18 months, UAE shares made gains worth Dhs20bn lowering last week's losses, which had reached Dhs130bn in four sessions.

According to the UAE stock market authority report, the UAE index rose by 3% with a weekly value of Dhs11bn, including Dhs7.4bn for Dubai representing 67.2% of the total weekly trading.

Other Gulf markets failed to retain their strong rebound even with governments' decisions to pump billions of dollars into the banking sector to activate liquidity, and even buying banks shares.

Gulf stock markets have responded negatively to the wave of declines that hit American, Asian and European bourses which registered record declines yesterday and today.

UAE: 20 shares fall by maximum limit

Extensive selling continued at Dubai Financial Market leaving 28 shares falling today, while 10 other shares fell by 10%, including Emaar which fell to Dhs5.52, Arabtec to Dhs7.43, Tamweel to Dhs2.44 while Amlak fell by 8.2% to Dhs2.23.

In Abu Dhabi, the decline at ADX was led by the banking and real estate sectors, while the strong Q3 profit announced by Union National Bank of 104% failed to stop the share from falling by 3.5% to Dhs4.83.

Aldar and Sorouh fell by 10% to Dhs5.99 and Dhs4.88 respectively, while First Gulf Bank also fell by the same rate and ADCB by 5.5% after a report by Merrill Lynch predicted that ADCB will be the most hit because of its lending policy which exceeded its assets and that the bank has to repay Dhs6.5bn debts of medium range loans during the second half of the year.

Kuwait: Zain continues to soar

Kuwait Stock Exchange continued to register more declines for the fifth consecutive session with the index near breaking the 11.500 benchmark after pressure continued from banks, investments and services.

Trading values continued to improve as it reached KD307.4bn and 568.3 million shares.

Zain managed to rise by maximum limit for the third consecutive day to reach KD1.4, while Gulf Bank rose by 6% to KD1.060 after the bank announced a rise in its Q3 profit which reached KD92.9m from KD55.9m.

KFH share fell by 2.6%, NBK 2.2% and Commercial bank by 1.5%.

Muscat: Profits can't stop slide

All 40 traded shares fell today with no single one rising.

Leading shares like Muscat Bank fell by 8.5% to OR1.001, Omantel 5%, Resot Cement 6.9% despite announcing a 32.7% increase in Q3 profits, which reached OR26.1m, Cables Industry fell 3.3% despite a 77% increase in profits.

Doha: No rising shares

The same scenario took place at the Doha Stock Market with all its 40 traded companies registering a mass decline, including heavyweight Industries Qatar.

AlRayyan and Nagilat dominated 40% of the total trading, which reached 11.2 million, but still fell by 4.2% and 2.2% respectively.

Industries Qatar fell by 1.5%, Qatar Commercial Bank by 6.7% despite a 54.8% rise in Q3 profit with total profits of QR1.6bn for the first nine months of the year.

Bahrain: Bahrain Islamic Bank posts profit but falls

The decline at Bahrain stock market was led by the banking, investment and services sectors approaching a new benchmark of 2.300 points.

Today's session saw the rise of only two shares, Batelco 0.96% and GFH 0.80%.

Al Salam Bank, which closed unchanged, dominated 70% of the total trading which reached 2.3 million shares, while Bahrain Islamic bank fell by 3% despite an 84% rise in profits which reached $85m from $46 last year.