GCC Stock Markets Daily

Ajman bank shares jump 296% on first day
Ajman bank, the seventh Islamic bank in the UAE, made a record rise in its first day of listing on the Dubai Financial Market, driven by high speculation on the shares. The Abu Dhabi Securities Exchange fell by 0.34% and Bahrain fell by 0.93%, while the remaining five markets displayed strong rises including Doha which rose by 1.4%, Muscat by 0.85%, Dubai by 0.73%, Saudi Arabia by 0.34% and Kuwait by 0.29%.
Middle East: Sunday, June 22 - 2008 at 20:47

Saudi shares fluctuate ahead of Jeddah Summit
Saudi shares started the week with fluctuations ahead of the planned oil price summit in Jeddah, which shows that the market is hanging on the outcome of the meeting. The index fell 1% after the decline of all major industry sectors, especially banking, which saw the decline of all 10 listed shares including Riyadh Bank by 1.4%, Inmaa by 1.3% and SABB by 1%.
Saudi Arabia: Sunday, June 22 - 2008 at 12:27

Weekly wrap: Two winners and five losers
Gulf markets ended the week on a sharp decline, except for Kuwait's Stock Exchange which was the only winner in today's trading. Doha fell sharply by 1.6% while Muscat fell by 1.3%. The week ended with only two winners; Kuwait, which rose by 1.6% and Saudi Arabia which climbed by 0.92%. The other markets all fell: Muscat by 3.6%, Doha by 2.8%, Dubai by 1.7%, Abu Dhabi by 1.1% and Bahrain by 0.20%.
Middle East: Thursday, June 19 - 2008 at 19:05

Arab portfolios support Dubai Financial Market
Dealers at Dubai Financial Market said that extensive purchases by Arab and UAE investors intervened today to limit the negative impact of foreign selling which continued for a second consecutive day.Despite this, UAE shares added more losses today, totaling Dhs1.8bn, to reach Dhs21.3bn in two days as Abu Dhabi market fell by 1%. All Gulf markets fell today, except for Kuwait, which rose by 0.20%. Doha fell by 0.86%, Muscat fell by 0.72%, the Saudi market fell by 0.37% and Bahrain fell by 0.16%.
Middle East: Wednesday, June 18 - 2008 at 22:03

UAE shares post Dhs9.5bn losses
UAE shares suffered heavy losses today after losing Dhs9.5bn. Dubai Financial Market witnessed one of the worst random selling operations yet, which made the index fall 1.7%, slightly less than the Abu Dhabi Securities Exchange which fell by 0.53%. Kuwait's Stock Exchange registered a new record high above its historic mark of 15.500 points after it rose by 0.53%. The Saudi market rose too, by 0.33%, Muscat rose by 0.13%, while Doha stock market fell 0.82% and Bahrain fell for the second consecutive session by 0.63%.
Middle East: Tuesday, June 17 - 2008 at 20:48

Markets rebound pushed by Banking and Petrochemical shares
After a collective decline lasting for two or three sessions, most Gulf stock markets rebounded and rose including Saudi Arabia, Dubai, Doha and Abu Dhabi which regained some of yesterday's losses, while Muscat, the biggest loser, failed to regain more than 50% of its losses, which reached 2.2% of market value.
Middle East: Monday, June 16 - 2008 at 21:31

ADX holds Taqa trades
Five Gulf stock markets continued to slump for the second consecutive session, while Kuwait and Bahrain went up. The Bahrain stock market rose to its record high, crossing the 2.900 point barrier, rising 0.76%.Muscat stock market witnessed one of the sharpest declines, falling by 2.2%, as the Dubai and Abu Dhabi markets fell too. Taqa was stopped from trading today following a dispute with shareholders on their right to trade on the IPO of convertible bonds which will be issued by Taqa, and are estimated to be worth Dhs4.1bn.
Middle East: Monday, June 16 - 2008 at 09:40

Three firms keep Saudi Tadawul index up
The Tadawul all share index started the week up 0.21%, boosted by trades on three of the 118 companies traded today. Al Inmaa, Petrorabigh and Zain accounted for 52%, or 149 million shares out of 287 million shares, traded in the market. The value of the trades stood at SR4.1bn out of total of SR10.7bn, equal to 38.3%.
Saudi Arabia: Sunday, June 15 - 2008 at 09:38