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Telecom shares lead Saudi market
Three Saudi telecom companies - Zain, STC and Mobily - registered record rises yesterday on the Tadawul, despite the decline on the general index by 0.64%. Trading value on the index was SR6bn, including SR980m for Zain alone.
Dubai biggest market winner, Muscat biggest loser
Dubai Financial Market (DFM) ended the week up 4.1%, having gained 3% today and topped all Gulf markets. The Tadawul, which closed trading yesterday, had the second biggest gain of the week, with a 2.5% rise, followed by Abu Dhabi at 2.3%, Doha at 1.4%, and Kuwait at 0.54%. The Muscat market declined 1.1% for the week, followed by Bahrain at 0.50%.
Liquidity saves Emaar and pushes DFM up 3%
Foreign liquidity saved Emaar's share today, which had plunged below Dhs10, pushing the Dubai Financial Market (DFM) up by 3%, its highest point in three months. Emaar's share rose 5.4%, its highest since the beginning of the year. Trading value on the index jumped 150% to reach Dhs2bn, from Dhs812m yesterday, indicating that external factors were at play.
Lack of liquidity behind GCC stock fluctuations
Fluctuations continued today at Gulf financial markets after most listed firms had announced their H1 profits. Three stock markets rose, including Doha, Dubai and Saudi Arabia by 0.60%, 0.18% and 0.13% respectively. The remaining markets fell amid weak trading volume and value.
Portfolios managers focus on strong H1 profits
Fund managers have started to re arrange their portfolios in light of the profits posted by companies on the Gulf's stock markets, setting the course for share performance for the rest of the year. Portfolio managers said the good results showed strong growth, giving foreign and local funds focus for their priority sectors.
Sabic and Emaar profits fail to push biggest two markets up
The profits announced by Sabic and Emaar, the two largest companies in terms of market value, have failed to push up the index of the two biggest financial markets in the region and stop the declining trend.
Saudi shares regain last week's losses
Saudi's market rose by 2.4% regaining all of its 1.5% losses from last week. The rise came after some leading companies announced record H1 profits including Sabic and Mobily.
All Gulf markets close week down
Gulf stock markets all experienced sharp losses for the third consecutive week. The UAE markets were the biggest losers, with losses reaching Dhs19.3bn, after the Dubai Financial Market and Abu Dhabi Securities Exchange fell by 2.3% and 2.1% respectively.
Gulf markets continue to fall
The Gulf stock markets continued to fall for the fourth consecutive session, with only the Saudi market closing in positive territory today (up 1.7%), although it is still down for the week. Elsewhere, the colour red dominated trading screens, with the Dubai Financial Market falling sharply by 1.3%, Doha 1.1%, Abu Dhabi 1%, Muscat 0.32%, Kuwait 0.14% and Bahrain 0.01%.
Panic in UAE markets after Emaar falls to Dhs10
A feeling of panic prevailed at the Dubai Financial Market today after Emaar continued its downward trend to drop to Dhs10 amid fears that the whole market might collapse if the shares break that barrier. A similar feeling of panic erupted at the Saudi market, which registered a sharp decline of 5% before closing down 4.3%. A mass decline has been witnessed today in Gulf markets; DFM fell by 0.44%, ADX by 0.25%, KSE by 0.54%, Doha by 0.35% and Bahrain by 0.10%. Muscat was the only winner today, going up by 0.29%.
UAE, Doha regain losses, Kuwait falls
Three Gulf markets regained some of their losses from last week, including Doha which rose by 2.2% today. UAE shares regained Dhs3.7bn out of Dhs10bn lost by Dubai and Abu Dhabi yesterday. The DFM index rose by 0.54%, ADX rose by 0.55%. Muscat also retained its upward trend, rising by 0.19%. Kuwait's stock exchange witnessed correctional waves which made the market lose more than 1000 points, falling by 1.1%. The Saudi market also fell by 0.50% after its strong rise yesterday as it welcomed Al Uthaim which listed today. Bahrain fell slightly today by 0.11%.
Saudi rebounds strongly, four other markets fall
Three Gulf markets registered strong rises today including Saudi's Tadawul which jumped up by 1.6% after 5% loses last week. The three remaining Gulf markets saw sharp falls. Kuwait and Muscat continued their upward trend as KSE rose by 0.50% and Muscat by 0.25%. UAE markets have witnessed a new wave of falls, with DFM losing 1.1%, ADX 1.4%. Doha was the biggest loser with 1.7%, while Bahrain 0.10%.
Saudi shares look for chance to finish up
Saudi shares failed to start the week with a rebound after witnessing heavy losses last week, which reached 5%, as the bourse fell yesterday by 0.04%. All 15 listed sectors fell today except for the petrochemical, media and cement industries. The insurance sector witnessed heavy losses, with six listed firms hitting the maximum limit of 10%.
Weekly report: Huge losses, Muscat is the only winner
Gulf stock market witnessed huge losses by the end of the week, except for Muscat's market which was the only winner showing a slight increase of 0.74% despite having had sharp decline in the middle of the week.
Saudi and Kuwaiti markets continue to fall on back of war fears
Analysts believe that the possibility of a war in the region with Iran is behind the sharp decline in the Gulf markets. The Saudi index fell 3% to below 9,000 points, losing 5.3% now in two days. The Kuwait Stock Exchange had its highest single-session loss this year, falling by 2% and below 15,000 points.
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