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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%.

Dubai: Foreign sales put pressure on the index

UAE shares lost Dhs5bn out of total gains of Dhs17bn last week because of the sharp decline of DFM.

Abu Dhabi market traded Dhs2.5bn against Dhs845.8m for Dubai.

All 25 DFM listed shares, except one, fell today as a result of the selling wave which swept the market, involving all portfolios, according to Mohammed Ali Yaseen from Shuaa Capital.

Yaseen added that sales of foreign funds are under pressure from losses in the international market, which in return pressurized local shares, particularly Emaar.

Emaar registered its lowest price since the beginning of the year at Dhs10.55 amid fears that the share might fall even more to Dhs10.

Emaar lowest price was registered last year at Dhs9.75.

According to the daily report, non-Arab and Gulf investors’ sales rose to Dhs163.5m compare to Dhs77.8m of purchasing orders.

Gulf investors joined foreign portfolios with sales of Dhs113.1m against purchases of Dhs33.5m, while Arab investors continued to buy shares worth Dhs132.6m against sales of Dhs113.1m.

Abu Dhabi: Speculation and liquidity are behind the rise

Liquidity which came from Dubai to Abu Dhabi pushed trading value to Dhs2.5bn out of which 25% went to Methaq shares.

These rose by 1.7% crossing the Dhs7 which is the highest since it was listed two months ago.
Speculation continued on ‘Oman and UAE Investment Holding Co’ and Abaar registered a rise of maximum limit of 10% after Abaar announced that it will issue convertible Sukuk for a strategic investor.

Saudi Arabia: Riyad bank profits push index up

The record rise of banks pushed the index above 9450 points including Riyad bank H1 profit which rose by 6.3% to SR1.579bn.

Riyad bank shares rose today by 5.7%.

The expectation that other banks will also post higher H1 profits pushed banking shares up, including Arab National Bank by 5.2%, SABB by 4.8%, Al Rajhi by 3.5% and Samba by 1.9%.

Petrochemical sector shares fell except for leading shares like Sabic which rose by 0.17% and Kayan by 2%.

Advanced Company shares unexpectedly fell by 3.1% despite H1 profits rising by 79% to SR13.1m from SR7.3m.

Kuwait: KFH leads the decline

For the second week KSE continued its upward wave and fell below 15.500 points amid fears that it might even fall below 15.000 points.

Kuwait Finance House fell by 1.4%, Kuwait Projects Co by 1.8% and Arabian Real estate by 4%, while Salboukh rose by 3.5% after the company said that it would announce H1 profits.

Doha: Fears of breaking the 12.000 points mark

Doha market is on the verge of 12.000 mark and concerns are high that the index might even go below this mark if profit gaining operations continue, especially on heavyweight shares like Qatar National Bank which fell sharply by 4.7%.

Qatar Commercial Bank also fell by 1.5%, Doha Bank by 2%, and Al Rayan fell by 0.92% despite trading 4.8 million shares out of total shares of 16.6 million.

Bahrain: Traders unsatisfied with Al Salam bank profit

Traders expressed their disatisfaction on profits posted by Al Salam bank which rose by 9% to $40.5m in Q1, then fell by 15% in the Q2.

Al Salam bank share fell by 2.1% to BD0.268 despite trading one million shares out of total 2.9 million.

Muscat: H1 profits push index up

The good results posted by Omani companies pushed the index up, while four firms dominated 52.3% of the total 20 traded firms.

Heavyweight Muscat Bank rose by 0.88% while Omantel went up by 1.4%.
Oman Financing Services Company posted OR1.6m profit for H1 compare to OR1.1m last year which pushed the share up 2.5%.

Al Anwar Ceramic fell by 5.9% despite H1 profits of OR1.8m from OR1.6m in a sign of dissatisfaction from traders.