Gulf markets continue slump

Despite the approval of many measures by GCC finance ministers and central bank governors to limit the impact of the world crisis, local markets preferred to ignore the positive decisions and fell sharply, some by the maximum limit.

Kuwait's stock exchange decided to stop trading on Gulf Bank, following a state of panic among traders after the bank announced that it posted losses.

It attributed this to some of its clients being unable to repay their loans after they incurred heavy losses from trading in oil future contracts.

Muscat Stock market fell by 8.3% with no rising shares, while Dubai fell by 4.7%, ADX 3.7%, KSE and Bahrain 3.5% each, Tadawul 1.6% after it fell by more than 9% on Saturday.

UAE shares lost all its Dhs18bn gains from last week after posting Dhs22.7bn losses, while trading value for both Dubai and Abu Dhabi declined below Dhs1bn, with Dhs600m for Dubai and Dhs313m for Abu Dhabi.

Dubai: Portfolios linked to Emaar interfere

Dubai Financial Market remained cautious after Emaar started to buy its own shares, while some portfolios linked to Emaar indirectly also started to buy the share which rose from Dhs5.50 to Dhs5.81 before closing down 6.3% at Dhs5.62.

According to dealers, selling orders came from all funds, local and foreign alike, while some shares like Arabtec fell by 10% and DIB by 8%.

Tadawul declines for second day

Saudi market Tadawul fell for the second consecutive day, while the rise of Sabic by 1.6% limited the decline, it later worsened after STC and Electricity Company announced Q3 losses.

STC fell by 1.2% after the company announced the decline of its Q3 profits by 4%, while the nine months profits rose by 10% to SR9.8bn.

STC managing board approved in a meeting to distribute cash bonuses, SR1 per each share.

Electricity Company share rose by 0.50% despite posting 44% decline in profits, while the Q3 profit rose by 130%.

All banks fell except for Saudi French bank which rose by 1%, SABB by 3.3%.

Leading share Samba fell by 2%, while the petrochemical sector continued to decline including Al Mutaqademeh by 10%, Safola by 8.6% after posting a 37% fall in profits.

Kuwait market down after Gulf bank losses

KSE stopped the trading on Gulf Bank after the bank announced that it has incurred losses after some of its clients were unable to repay debts.

Kuwait Central bank announced that it will guarantee the bank's assets, while the government will guarantee all banks' assets.

Following the decline of Gulf bank, 112 traded shares declined, while only five shares rose.
Leading shares fell also including KFH 5%, Zain, 7%, Global 8.2%, and Agility by 6.4%.

Doha is the biggest loser

All Qatari shares declined after a strong selling wave pushing the index below 7.000 points, while all leading shares fell by 10% including Industries Qatar, QNB, Commercial Bank, QIB, Ahli bank, Khaliji bank which posted a 62% decline in profits.

Al Salam bank fell by 6.3%, despite posting QR128.4m profits.

Analysts said that the major sales orders came from local as well as foreign portfolios as a reaction to the decline on world bourses.

Muscat sees the decline of all shares

All shares at Muscat market declined with no single rising share, with leading shares losing almost 10% including Oman International Bank, National Bank, Muscat bank and Dohfar bank.

Omantel too fell by 9.2%, Resot Cement 9.8% despite trading OR2.3m out of total trading of OR7.1m.

Bahrain: GFH Q3 profit falls

Bahrain stock market registered the biggest daily decline in its history after its leading shares fell by almost 10% namely Ahli United Bank, GFH, and Bahrain National Bank.

Gulf Finance House announced that its Q3 profit fell by 3.8% while its nine months profits rose by 31%, meanwhile Invest Bank also announced losses of $1.3m out of a profit of $16.2m.