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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%.

Dubai: Traders remain disappointed

The Dubai and Abu Dhabi markets disappointed analysts and dealers as, many had expected a strong rebound today after the losses which the two markets witnessed for two consecutive sessions, which reached 2.5%.

For third session, UAE markets added Dhs3.6bn to their losses to reach a total of Dhs19.6bn in three days.

The Dubai Financial Market started up today but later fell after Emaar ended on Dhs10.95.

Foreign portfolios switched back to purchasing today, while UAE and Arab investors sold, which pushed the index down.

The rise of DFM shares by 1.5%, DIB by 0.36% and Arabtech by 0.62% affected the index positively and prevented it from posting higher losses.

Ajman Islamic Bank share fell for third consecutive day by the maximum limit of 15%, before ending down by 10%.

The share has lost 40% of its value in three days, although it rose by 296% in its first day of listing.

Abu Dhabi Securities Exchange failed to stay above its historic mark of 5,000 points, falling by 0.77% after declining for four consecutive sessions with pressure coming from the real estate and energy sectors.

Methaq share rose today by 1.7%, dominating 50% of the trading at Dhs485.7m or 77.1 million shares out of total shares of 174.4 million shares.

Saudi Arabia: Sharp fall marks the week’s tally

The Saudi market ended the week down 1.5%, which is the highest among all Gulf bourses.

All 15 listed sectors witnessed falls today except for the energy sector, which rose by 2% supported by Saudi Electricity.

The prices of 100 listed companies fell, compared to 12 companies which rose.

The banking sector also declined today, except for Riyadh bank and Saudi Hollandi bank.

The petrochemical sector fell too except for Al Mutaqademah shares.

Heavyweight Sabic, which has the highest market value, fell by 1.9% taking other leading shares with it, including Petrorabigh which fell by 3.1%, Yansab by 2%, and Kayan by 1.8%.
In the banking sector, Samba fell by 1.5%, Saudi French bank by 1.2% and Al Rajhi by 0.84%.

Kuwait takes break

After a marathon uptrend, which lasted for eight sessions, KSE fell in all sectors, except for real estate which kept on rising.

The index fell by 0.36% after pressure from banks and investments firms which registered sharp declines including KFH by 2%, NBK by 1% and Al Ahli bank by 1.7%.

Kuwait Commercial bank went against the index and rose by 2.6% after a positive rating issued by Global putting its fair price at KD1.640.

Dubai First shares continued to rise for the third consecutive day to the maximum limit of 10% after the company announced an increase in its capital.

ALAFCO shares rose by 1.8% after a $1.6bn deal with Saudi Arabian Airlines.

Doha and Muscat pressurized by banks shares

Industrial and banking shares put strong pressure on the Doha index, which fell by 0.40% despite the deal with New York- Euronext bourse which acquired 25% of Doha stock market.

Out of 41 companies which traded today, three companies, Al Rayan, Naqilat and Gulf International, dominated 50% of the total trading which reached 10 million.
The three fell by 0.44%, 0.74% and 0.63% respectively.

Analysts believe that the Doha market will witness slight declines in the coming days, following a strong performance in the last two months which put the bourse ahead of all Gulf markets in terms of growth.

This has been estimated at 26% for Doha.

Muscat fell by 0.33% following pressure from the banking sector amid fears that the index might break the 11.500 points mark if Muscat Bank continued its losses. The bank fell by 0.76% today.

Oman National Bank and Al Ahli bank fell by 1.4%, while Suhar bank fell by 0.81%.
Other leading shares including Julfar rose by 2.5%, ONIC by 2.9% and Omantel by 0.09%.

Bahrain falls after pressure from GFH

The Bahrain stock market fell by 0.32% one day after it rising.
The decline was led by Gulf Finance House which fell by 1.9% to $4.14.
The slight rise of Batelco by 0.98% and Khaleeji Commercial Bank by 0.65% helped the market to post a lesser decline, which saw 10 listed firms down and only three go up.