Gulf markets slump despite profit announcements

Dubai Financial Market, which was the biggest winner, fell by 4.2% after heavyweights Emaar and Emirates NBD fell sharply.

The Saudi market came second in terms of decline by 3.7%, to end its week down by 10.2% compared to more than 11% gains last week.

Doha too fell sharply by 3.2%, while Kuwait by 2.1%, ADX and Muscat by 1.5% each while Bahrain fell by less than 0.50%.

It is worth mentioning that Gulf stock markets declined despite the good results posted by many firms including telecom and banks.

Dubai sees the exit of speculators

UAE shares have lost Dhs15.5bn out of its total gains of Dhs25bn achieved in the last three days.
The decline came after many speculators and local and foreign portfolios left the market after they achieved a good profit.

The decline was led by Emaar, one day before the company starts buying back its own shares.
The company fell below Dhs6, going down by 5.2%, while Arabtec fell by 6.7% despite posting a 122% rise in profits which exceeded the expectations of analysts.

DFM share too fell by 7.8% despite a 97% rise in profits, Shuaa lost all of Tuesday's gains falling by 8%, Tamweel by 9% and Emirates NBD by 5% despite posting 33% rise in profits.

Abu Dhabi witnesses the decline of Abu Dhabi Commercial Bank

ADX came under extensive selling especially on energy and real estate shares.

ADCB fell sharply by 7.2% after the bank's profit fell by 26% because Dhs208m has already gone to cover losses in its investment portfolio.

Meanwhile, First Gulf bank rose by 6.8% after a 68% rise in profits, while Abu Dhabi National Bank fell by 1.4% despite a 44% rise in profits.

Saudi market witness 10.2% weekly decline

Tadawul has lost all its last week's profit after registering a 10.2% weekly decline compared to its 11% rise last week.

Saudi market saw extensive selling on leading shares including, Sabic which fell by 6%.

All banks saw a collective decline including some by 9.5% like Saudi Hollandi bank, and Al Rajhi 4.1%.

Insurance shares too fell sharply including Malath by 9.7% after the company posted SR34.4m losses.

In the petrochemical sector, Safco continued to decline, losing 9.8% yesterday despite posting the highest Q3 profit in its history.

STC closed unchanged, while Mobily fell by 4.3% one day after it posted a 50% rise in profits, and Zain fell by 3.6%.

Kuwait market returns to losses

One day after rising, KSE fell sharply despite the government's efforts to find solutions to stop the decline.

Trading value also declined below KD100m compared to KD200m before.

Al Mazaya fell by 4% despite a 152.3% rise in profits, Burgan bank too fell by 1.2% despite a 10% rise in profits.

Wataniya Telecom share fell by 1% to KD1.840 despite a growth in profits of 14.8%.

Doha: Qtel declines despite posting good profits

Doha Stock market fell below the 8.000 benchmark following extensive sales by foreign portfolios and speculators.
Only five shares rose today including United Development and Medical Welfare by 1.4% and 2.1% respectively after posting higher Q3 profits.

Qtel which reported a 38.5% rise in profits to reach QR1.3bn, fell by 1%, while Al Ryyan bank fell by 3.1% after the bank announced a 30% decline in profits.

Muscat sees sharp decline in trading value

All leading shares declined at Muscat market with the index approaching a new benchmark of 7.200, while the trading value fell sharply to OR4m compared to an average of OR8m.

Al Anwar Holding which posted strong profits that were up 210% fell by 0.50%.
Meanwhile Muscat bank and Omantel fell by 0.90% and 1.8% respectively.

Bahrain witnesses sharp decline of Isterad

Isterad shares, which fell by 10% after the company posted heavy losses in the first nine months of the year, led Bahrain market to fall yesterday.

Other leading shares fell too including GFH by 3.7%, Bahrain Islamic Bank 2.3%, Al Salam Bank 2.2%, and Al Khaleeji by 1.8%.