Ajman Bank falls by maximum limit on second day
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Ajman Bank falls by maximum limit on second day

Ajman Bank falls by maximum limit on second day

Gulf markets overall witnessed a general decline yesterday. Ajman Islamic Bank was indicative of this, showing a sharp fall in its second day of listing on Dubai Financial Market to the maximum limit of 15%, compared to a 1.3% decline for the general index. The Saudi Tadawul fell slightly by 0.12%, Abu Dhabi by 0.04%, and Bahrain by 0.08%, while Muscat rose by 0.41% and Kuwait by 0.11% and Doha by 0.21%. Kuwait's Stock Market crossed a new barrier at 15.600 points.

    Dubai: UAE nationals join in selling


    Dubai Financial Market saw a sharp decline yesterday after rising in the last two sessions.

    Foreign financial portfolios are back to selling and have been joined by UAE nationals, unlike Arab and Gulf investors who continue to buy.

    UAE shares have lost Dhs7.2bn of their market value as a result of DFM's sharp decline.

    According to market data, foreign portfolio sales reached Dhs372.3m, representing 35% of the total Dhs1bn trading, against Dhs364.7m purchase orders.

    Non-Arab sales reached Dhs184.3m, against Dhs161m purchase orders.

    Against all expectation, Ajman Islamic bank witnessed a sharp fall in its second day, falling to the maximum allowed limit of 15%.

    Shareholders offered to sell the bank's shares with no single buyer willing to buy.

    Ajman Islamic bank shares dominated 40% of the total trading, valued at Dhs442m on a volume of 118.6 million shares, out of 251.5 million for the whole market.

    According to analysts, the bank was highly affected by the negative trend of the market.
    All leading shares witnessed a sharp decline including Dubai Islamic Bank which fell by 2.7%, Dubai Investments by 2.2%.
    The DFM as a whole fell by 2.1%, breaking the support point of Dhs5.5 to Dhs5.34.

    Abu Dhabi market saw slight decline after support came from heavyweight share Etisalat, which rose by 0.50% to reach Dhs19.95 despite the recommendation issued by Bleton which determined its fair price as above Dhs26.67.

    Saudi Arabia: Speculation on insurance shares


    The Saudi index continued its sluggish movement rising one day and falling the next within the 9,500 and 9,800 point sphere. It is awaiting positive news which could push the index to approach the 10,000 points mark.

    Speculations on insurance shares continued with Al Ahlia, SICO, SABB Takaful, MidGulf Insurance and Sanad topping the rising shares, while Malath Insurance slump by 4.1%.
    Banking sector shares are back to rising, while petrochemical shares fell and put pressure on the index.

    Sabic lost 1% of its price as did related shares like Petrorabigh which fell by 1.9%, Yansab by 0.39% and Al Mutaqademeh 1.2%.
    Saptco rose by 2.1%, then stabilized following an announcement by the company that it had received all of its governmental subsidies, totalling SR185m.

    Kuwait: 'Network' and Bayan grab attention


    Kuwait's stock exchange rose for the seventh consecutive session, registering new record highs supported by low value shares.

    Leading shares either stabilized or fell, especially in the banking, telecom and investment sectors.

    'Auto Network' and Bayan Investments grabbed the attention of dealers rising by 9% and 7% respectively.
    Both shares traded 29 million shares out of total shares of 323 million valued at KD155.6m.

    Muscat and Doha continue their upward trend


    Muscat stock market continued to rise for the second consecutive day, going up by 0.50% with major trading focused on development bonds 34 and 3. These traded for OR12.9m, representing 45% of the total trading of OR28.6m.

    Muscat Bank fell again by 0.69%, while Suhar bank remained unchanged despite trading 2.7 million shares.

    Doha's market is approaching its historic mark of 12.500 which it failed to retain last week.
    Four shares out of 42 shares traded in the market supported the market dominating 60% of the total trading including Gulf International, Al Rayan Bank, Naqilat and 'Qatar and Oman'.

    Qtel's announcement that it has completed the acquisition of 40.8% of Indosat pushed the share up 1.3% to QR191.50.

    Electricity and Water share continued to jump by 4.25% with no explanation for the rise.

    Bahrain's stock market continued to fall, with limited points as a result small increases, including Ithmaar Bank which rose by 1.4%, while Al Salam bank remained unchanged after trading 1.8 million shares out of the total 6.7 million shares for the whole market.
    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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