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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 Arabia: H1 profits support today’s rebound

After heavy losses last week, Saudi’s market rebounded regaining some of its losses as support came from all sectors including banks, petrochemicals and the industrial sector.

Sabic has led the rise along with other listed firms which announced their H1 profits, pushing the index above 9,000 points.

Sabic rose by 2.6% trading SR835m out of total trading of SR8bn. This comes after it lost 5% of its price last week.

Other petrochemical shares followed Sabic and saw some increases, including Sahra Petrochemical which rose by 6.8%.

Banking sector shares also rose, except Arab National Bank which fell by 0.39%. Samba rose by 5.8%.

Firms which announced strong H1 results saw a remarkable rise today including Madanya which rose by the maximum limit of 10% after the company posted a 98% increase to reach SR46m.

Analysts said that the positive results achieved by some companies have contributed greatly to the rebound of the market amid expectations that Sabic will announce strong H1 results.

Misk profits grew by 47% which pushed its share up by 5.5%.

Abdul Latif Co profits also grew by 9% pushing its share up by 3.7%.

UAE: Downturn continues

UAE markets continued their sharp decline, with losses reaching Dhs10.3bn, while some companies started to announce record profits.

This includes DFM, which witnessed a 100% jump in profits but fell today by 2.4%.

Dubai Financial Market continued with its decline today with pressure from all leading shares including Emaar, which fell by 1.4% to finish at Dhs10.15.

Selling orders didn’t stop, pushing the index below 5.300 points amid a fall in trading value that reached Dhs675m.

All leading shares saw sharp falls including DIB which lost 1.5%, to go below Dhs8 to Dhs7.90, Dubai Investments fell by 3.7% to Dhs3.72, and Air Arabia fell 3% to Dhs1.62.

DFM shares fell today by 2.4% to Dhs4.83 despite the 100% increase in H1 profits, which hit Dhs560m from Dhs280m last year.

ADX’s decline was bigger than that of Dubai after pressure came from all industries especially the energy and health sectors. Trading value at ADX fell to Dhs563m.

Shares like Al Tebya, Abu Dhabi Aviation and Al Khazna fell to the maximum limit of 10%.

Abaar shares fell by 3.7% while Taqa fell by 4.4%.

Kuwait: Zain profits push index up

Kuwait Stock Exchange was able to continue its rebound.

Zain’s share price jumped by 5.4% after statements by its chairman that profits will increase by 20%.

Trading value fell sharply to KD78.6m on a volume of 204.4 million shares, including nine million trades for Hits Telecom, which rose by 7.3%.

Kuwait Finance House announced that its H1 profits rose by 35% to reach KD157.3m from KD116.6m last year, but despite that the share closed unchanged. Iaada shares rose by 3.3% supported by a 3% rise in profits which reached KD3.4m from KD3.3m.

Muscat: Cable profits push index up

Muscat’s market continued its upward trend supported by Cables Industries shares which rose by 6% after a 122% jump in H1 profits to hit OR1.1m from OR0.5m.

Support also came from Julfar which traded 1.3 million shares out of total trades of 7.7 million shares.

Bank shares saw mixed results with Oman International Bank shares up 1.9% and Dhofar up 1.1%, while Oman National Bank fell by 1.6% and Muscat Bank by 1%.

Doha: Decline continues

Doha continued to see a record decline after pressure came from all leading sectors, as record profits announced by some firms failed to stop the market falling.

Gulf Holding fell by 3.5% despite a 23% increase in H1 profits to QR43.5m from QR13.2m.

Shares of Naqilat, Al Rayyan and Gulf International fell despite dominating most of the trading.

Bahrain: Investments put pressure on the market

Investments and the Service sector made their impact felt on the index after Al Salam bank dominated one third of traded shares, which reached 2.7 million but fell by 0.36%.

NAS fell by 2.1%, ABC by 1% and Batelco fell by 0.50% which put extra pressure on the index.