Last minutes speculations undo Saudi and Dubai gains

The same thing has also happened to Tadawul, which lost its 4.6% gains closing, down by 1.5%, while KSE continued to decline losing 0.09%.

Other GCC markets rebounded regaining much of their losses after the international stock markets witnessed an improvement, including Dow Jones which went up 10.8% on Tuesday.

Markets are awaiting the US Federal Reserve decision to cut the interest rate by another 0.50% which would leave a positive impact on local markets.

Doha was the biggest riser, going up by 5.1% or 331 points, followed by Muscat by 2.3%, ADX 2.2% and Bahrain 2%.

Gulf central bank governors continued to send positive messages to investors stressing that local banks as well as central banks have enough liquidity to cope with any possible demand.

Dubai sees last minute declines

DFM was the highest rising market until the last 30 minutes by more than 4% but failed to keep the gains as a result of speculations which forced the index to close at 2917 points.

Speculators who fear that markets will not be able to rise for more than two consecutive sessions because of the international fluctuations sold all shares at high prices, while awaiting further market falls to start buying.

Emaar which rose by more than 4% at Dhs5.70 closed down by 1.5% at Dhs5.20; the same thing also took place for other leading shares including Du which closed down by 3%, Arabtec 3.1% and DFM 1.7%.

Abu Dhabi: Hermes recommends buying Aldar shares

Abu Dhabi market managed to keep its upward trend, closing up at 3350 points supported by three major sectors; telecom, banks and real estate.

ADX managed to face the selling operations, with leading shares taking the lion's share; including NBAD up by 8.2%, ADIB 3.1% and First Gulf Bank 3%.
Meanwhile, Hermes has recommended buying Aldar shares in the medium and long term setting its fair price at Dhs44.90. Aldar closed up by 3.4% at Dhs5.10.

Saudi market falls 25.5% in one month, 10.1% in one week

The Saudi market, which had remained up until the last minutes, closed down under pressure from speculators ending its week with a sharp decline by 10.1%.

It has therefore finished October down by 25.5% compared to 14.8% down in September, with total losses of 50.5% since the beginning of the year.

Tadawul closed at 5537 from 7458 points in September which means that index has lost more than 1921 points during October indicating the sharpness of the slump.

Tadawul opened with a strong rise for most sectors during the first half of the session, while it lost all its gains in the second trading session after profit gaining by investors and speculators.

All leading shares declined including Sabic 5.6%, Al Rajhi 2.2%, Samba 2.1%, Zain 2.3%, Mobily 0.36% and STC 1.2%.

Kuwait lowers losses before closing

Kuwait stock exchange lowered its losses, closing slightly down at 9676 points after many shares in banking and services sectors changed its trend and closed up.

The Kuwaiti government has already announced that it is willing to interfere to raise the capital of Gulf Bank to face the losses which the bank incurred from its trade in financial derivatives, which is estimated at KD200m.
Kuwait Finance House rose by 1.1%, International bank by 4.8%, while Global declined by 4.1% despite the strong profits.

KAMCO also rose by 1.4% despite reporting a 36% decline in its nine months profits.

Doha sees strong rise

Doha stock market gained 400 points, up by more than 6%, before closing at 5.3% at 6766 points with major operations focused on the banking and industry sectors.

Industries Qatar rose by 5.7%, Al Rayyan also retained its upward trend trading more than 16.8 million shares out of total 31.2 million but closed unchanged at QR11.80.
All 35 traded shares rose yesterday except Al Ahli down 8.5%, Dalalah 7.9% and Amaal 4.8%.

Muscat: Oman Cement up despite lower profits

Muscat stock market managed to return above 6000 points after support from banks, industry and investment sectors.

Oman Cement which reported lower profits by 21% managed to rise in trading by 4.6% to OR0.336.

Gulfar traded OR1.7m from total trading of OR6.2m but still declined by 8.2%, while Dohfar Tourism, United Financing and United Insurance rose by 9% each.

Bahrain sees strong rebound for five shares

Banks, investment and services sectors which were behind the decline in few past days were the reason behind yesterday's rise, pushing the index up to 2162 points.

The rebound came on five shares which rose by 10% namely Batelco, Bahrain Islamic bank, Al Saif, GFH, and Al Salam.