UAE: Markets lose Dhs11.6bn on the week
UAE shares lost Dhs11.6bn by the end of the week, according to the Securities and Commodities Authority’s weekly report. As a result of the decline the UAE market general index fell 1.3% to Dhs857.8bn compared to Dhs869.5bn last week.
Trading value jumped by 5.1% to Dhs13.5bn compared to Dhs12.8bn last week.
For the third consecutive week Abu Dhabi market’s share of the total trading was bigger that Dubai, posting Dhs9bn or 67% of the total market trading, against Dhs4.4bn for the DFM, representing only 33%.
Methaq shares topped the trading list for the first time, with a weekly rise of 40.1% attributed by analysts to speculation on the shares.
Dubai Financial Market failed to keep up yesterday’s upward trend after the market lost some of the support it received from Arab and UAE portfolios. The index fell by 0.69%.
Leading shares also fell, including Emaar which returned back to the Dhs11.10 mark, falling by 1.7%.
Goldman Sachs’ new rating for Arabtec, which determined its fair price as above Dhs23, made Arabtec shares rise by 2.4% to Dhs16.45.
Methaq took the lion’s share of Abu Dhabi trading, which fell by 0.41%, posting over Dhs1bn for the first time, hitting Dhs1.1bn out of total trading of Dhs1.9bn for the whole market.
Kuwait: 1.6% weekly gains
Kuwait’s stock market rebounded up in the last minutes of trading, rising by 0.08% after support came from the service sector.
Al Masalekh and Al Safah International continued to rise, by 7.6% and 7.5% respectively, despite an announcement by the two companies that they had no information on the reason behind the rise.
Kuwait Finance House fell by 0.68%; Kuwait Commercial Bank fell by 1.3%, while National bank of Kuwait, International, Al Ahli, and BKME remained unchanged.
Doha: Only one stock rises
Doha’s market posted heavy weekly loses after all 40 listed firms fell except for the water and electricity company. The total value of trading fell to QR841m on a volume of 13.9 million shares.
The reason behind Doha’s decline was attributed by analysts to extensive selling transactions by foreign portfolios pushing the index to below the 12.000 points, which three weeks ago was the resistance point of the index.
Muscat: The Gulf’s biggest loser
Muscat was also subject to heavy losses, falling 3.6%.
The decline was led by Muscat bank which fell by 2.7% and Omantel which fell by 0.65%.
The value and volume of trading jumped to OR38.6m and 68.8 million shares after huge deals on Suhar bank stock which traded 42.6 million shares valued at OR9.4m although the share fell by 0.80%.
Bahrain: Slight dip
The Bahraini stock market fell slightly by 0.09%, affected by the decline of Al Salam and Batelco which fell by 2.1% and 1.25% respectively.
Banader topped the most active list, rising by 8.3% after trading 1.3 million shares out of total shares of 2.7 million shares valued at BD854.000.