Emaar share buy-back pushes Dubai market down

Local Gulf markets continued their downward trend, after pressure from banks on lending continued to affect liquidity in the market. Leading shares declined by a maximum limit of 10%, including Emaar, despite buying 9.2% of its shares.

Muscat was the biggest loser, down 7.5%, with the index near 6,000 points down from 12,000 points four months ago. Dubai fell by 5.8%, Tadawul 3.5%, Bahrain 2.9%, KSE 2.2%, Abu Dhabi Securities Exchange (ADX) 2% and Doha 1.5%.

Dubai loses Dhs10bn, despite Emaar move

UAE shares have lost a total of Dhs17.7bn in value, including Dhs10bn on the DFM, despite the move by Emaar, which initially pushed the index up before it declined sharply.

Emaar shares continued to fall despite a second buying order of 100,000 shares, to close at Dhs5.10, down 9.2% with a total trading value of Dhs453.2m. This represented 48.7% of the total trading, which reached Dhs929m.

All traded shares fell, following the decline of Emaar, with some companies dropping by 10%, such as Arabtec, which dropped to Dhs5.96.

Tamweel also fell by 9.5% to Dhs1.98, despite a 35% rise in third quarter profits. Union Properties fell by 3.3%, although the company announced a 70% rise in Q3 profits, to reach Dhs801m.

ADX: Aldar declines, despite 138% rise in profits

The strong profits announced by Aldar, which grew by 50% in the third quarter and 138% for nine months, failed to push the company share up. It declined 5.5% to Dhs4.71, while fellow developer Sorouh fell 6.7% to Dhs3.95 and ADIB 6.2%. Telco Etisalat rose by 0.33% to Dhs15.35.

First Gulf Bank also declined by 10%, after seeing previous gains thanks to its 68% rise in profits.

Tadawul falls below 5,500 points

For third consecutive session, Tadawul continued to decline, falling below 5,500 after pressure from all 15 sectors. The pressure was led by Sabic, which declined 6.3%, Yansab which fell to SR17.10, Kayan down 7.6% and Petrorabigh by 2.6%.

All banks declined except Saudi French Bank and Riyadh Bank, which rose by 1.4% and 3.3% respectively, while Samba fell by 0.68% and Al Rajhi by 2%.

The telecom sector also declined, although STC rose slightly by 0.42%, while Zain fell by 6.8% and Mobily by 6%.

Kuwait: Trading stopped on Al Zumrda shares

Kuwait Stock Exchange reduced its losses in the final 15 minutes of trading, after the index failed to rise above 10,000 after its 15,600 high four months ago.

Trades on Gulf Bank shares continued to be suspended, following a decision by the Central Bank of Kuwait (CBK), while trading on Al Zumrda was also suspended to investigate reports that the company also suffered losses from its trade in financial derivatives.

Most leading shares saw a sharp decline, including KFH by 4.1% despite the approval of the CBK for KFH to buy 10% of its shares. Meanwhile National Bank of Kuwait fell by 1.3% and telco Zain by 1.8%.

Muscat sees heavy loses for 'Oman and UAE Company'

The decline on the Muscat market was led by banks, while all 40 traded shares declined collectively, including some by 10%. This included National Bank and Ahli Bank, while Muscat Bank fell by 8.3%, despite a 44% rise in Q3 profits.

Meanwhile, 'Oman and UAE Company' announced Q3 losses of OR8.6m compared to OR10.5m profits last year, as a result of losses incurred by the company in the stock markets.

Doha: QNB to post 2008 profits early

Doha stock market reduced previous day losses of close to 10%, after support from major shares such as QNB, Qatar Fuel, and Qtel.

Qatar National Bank announced distributing profits for 2008 of QR7.5 per share and one bonus share for every four shares. The distributions represent 75% of the total capital and have pushed the share up by 0.50% to QR139.


Five leading shares pushed the Bahrain index down, as it registered its biggest decline for second day running, having previously fallen 10%.

Al Salam fell 9.6%, Ithmaar 9.6%, GFH 9.6%, Batelco 9.3% and Al Saif by 8.8%. However, Bahrain National Bank rose by 0.75% to BD0.675.