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Gulf markets in turmoil; Tadawul the biggest loser
Stock markets around the Gulf were in a state of panic today, as all bar Muscat and Bahrain declined. While other markets suffered random selling - and the Tadawul in Saudi Arabia declined sharply - Muscat rose on the back of the government's sale of 25% of Omantel's shares.
Omantel sale pushes Muscat shares
Muscat's stock market registered a strong 1.2% rise today, after the sale of 25% of Omantel to a strategic partner, pushing the telcos share up 2.4%.
Emaar falls to its lowest price since the start of the year
Unexpectedly, Dubai's Financial Market fell sharply today, losing 1.5% and pushing the index below 5.500 points, while Emaar registered its lowest price since the beginning of the year, closing at Dhs10.55. Beside DFM, three other Gulf markets fell today including Doha's market which fell by 0.78%, KSE by 0.71% and Bahrain by 0.14%. Saudi's Tadawul Market rose strongly today going up by 1.1%, Muscat rose by 0.63% and Abu Dhabi market by 0.14%.
Saudi shares welcome Maaden IPO with 1% fall
The IPO launched by Maaden, which is the second largest witnessed by the market after Inmaa Bank, has been received with a bourse decline of 0.94%. Maaden has launched 462.5 million shares, representing 50% of its capital, or SR9.2bn. Each share has been priced at SR10 as a nominal value with another SR10 as issuance fees, while the Saudi government will retain 50% of the company's shares.
Abu Dhabi biggest winner as Kuwait stocks fall hardest
The Abu Dhabi Securities Exchange topped list for the five Gulf markets which registered a week-end rise. It climbed 2.5% over the week, despite ending today down 0.31%. With the exception of Muscat and Bahrain, all Gulf markets declined during trading today.
Dubai and Kuwaiti stocks fall as other Gulf markets rise
Gulf markets continued the upward trend that saw in the second half of the year, with the exception of the Kuwait Stock Exchange (KSE) and Dubai Financial Market (DFM). The Muscat, Abu Dhabi and Doha markets were back to the historic highs they lost during the second half of last month.
Strong starts as UAE shares regain value
Gulf Stock markets today registered a strong start for the second half of the year, with UAE shares regaining H1 losses after rising 1.7%. The Abu Dhabi Securities Exchange (ADX) rose 1.8% and Dubai Financial Market (DFM) 1.7%. UAE shares regained all of last week's Dhs14.8bn losses.
First half trading: Five winners and two losers
Gulf stock markets concluded the first half trading of the year today with five winners topped by Muscat which is the smallest in terms of market value but saw a rise of 25.3%. Two markets have declined in the H1 including the Saudi market by 16.3%, despite being the biggest in terms of market value, followed by the Dubai Financial Market, with a drop of 8.2%.
Gulf markets follow global exchanges
As expected, Gulf markets followed deteriorating world markets and fell yesterday, except for Bahrain which rose slightly. After Saturday's sharp decline of Saudi's Tadawul by 2.8%, the exchange rebounded in the last few minutes of yesterday's session to finish up by 0.12%.
Tadawul hit by global slump
The Saudi market fell sharply yesterday, which was attributed by analysts to the general decline witnessed in the global markets despite the exchange not being open for foreign transactions, unlike other Gulf markets like Qatar and UAE which are also expected to fall tomorrow.
UAE shares lose all gains achieved since the start of the year
With the decline of Dubai and Abu Dhabi markets today by 0.40% and 0.06% respectively, UAE shares have lost all gains achieved since the beginning of the year, with losses reaching Dhs14bn this week and Dhs25.5bn in two weeks. With only few days left for listed firms to announce second quarter profits for the current year, Gulf Financial Markets ended a second week down, except for Kuwait which managed to close up 0.06%. Over the course of the week the Dubai Financial Market fell by 2.2% followed by Saudi Arabia by 2%, Abu Dhabi by 1.96%, Doha by 1.8%, Bahrain by 1% and Muscat by 1%. Today Bahrain rose by 0.08%, while Doha witnessed sharp fall, losing 1.7%, Muscat by 0.25% and Kuwait by 0.23%.
Collective decline across all markets
Gulf markets witnessed extensive selling operations today which resulted in falls across the board, including the Kuwaiti Stock Exchange which has been rising for eight consecutive sessions. The Saudi market ended its week with a sharp fall of 1.5%, losing 2% in one week, while other financial markets witnessed smaller losses of 1%.
UAE market losses reach Dhs16bn in two days
UAE stock markets losses reached Dhs16bn in two days after today's losses hit Dhs8.8bn. The Dubai Financial Market fell for the second consecutive day by 1.14%, while the Abu Dhabi Securities Exchange fell by 0.77%. Except for Kuwait, which rose by 0.25%, and Bahrain which rebounded up by 0.19%, other Gulf stock markets witnessed a general decline, including Doha which fell by 1.3%, Muscat by 0.85% and Saudi Arabia by 0.60%.
Ajman Bank falls by maximum limit on second day
Gulf markets overall witnessed a general decline yesterday. Ajman Islamic Bank was indicative of this, showing a sharp fall in its second day of listing on Dubai Financial Market to the maximum limit of 15%, compared to a 1.3% decline for the general index. The Saudi Tadawul fell slightly by 0.12%, Abu Dhabi by 0.04%, and Bahrain by 0.08%, while Muscat rose by 0.41% and Kuwait by 0.11% and Doha by 0.21%. Kuwait's Stock Market crossed a new barrier at 15.600 points.
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%.
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