Complex Made Simple

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’s Tadawul market was the biggest loser, going down 5%, followed by Doha at 3.3%, Kuwait at 3.1%, DFM at 2.9%, ADX at 1.6%, and Bahrain at 0.69%.

Three markets managed to rebound up in the last day of the week including Kuwait which rose by 0.80%, Bahrain , which went up 0.20% and Muscat which rose by 0.08%.

The remaining three markets fell including Doha by 0.87%, DFM 0.73% and ADX by 0.19%.

The UAE markets have lost all gains achieved last week with losses reaching Dhs17.2bn after its general index fell by 2%.
Trading value jumped to Dhs12.8bn rising 17% compared to last week; of which 56.7% was with ADX with Dhs7.2bn against DFM’s Dhs5.5bn.

Kuwait, which gave up its 15,000 points mark, rose up today after support came from National Bank of Kuwait which rose by 2.2% at KD1.840 following the 15% rise in the bank’s H1 profit and the expectation that the bank’s profits will rise by 20% by the end of the year.

Despite the announcement of profits by leading Qatari firms, Doha’s stock market continued to drop today with less than QR1bn of trading.

Omantel and Muscat Bank are back to lead the trading, rising by 1.5% for Muscat Bank and