Gulf stock markets suffered huge losses in August except for the Saudi market which ended the month up 0.19%, but remains the biggest loser since the beginning of the year, going down 21.6%. UAE shares saw the biggest losses which reached Dhs94bn after its general index fell by 11.2% including DFM 11.8% and ADX 11.3%. Muscat came second after Dubai, down 11.6%, followed by ADX 11.3%, Doha 9.7%, Bahrain 3.8% and Kuwait 3.6%.
With the close of August, Tadawul topped the falling markets down 21.6% followed by Dubai 19.7%, ADX 3% and Bahrain 2.3%.
Kuwait was the best performer, going up 15% since the beginning of the year, followed by Doha 9% and Muscat 5%.
According to analysts, the record profits posted by most companies for H1 failed to support the indices as financial markets were subject to external factors including the decline of international bourses, which came as a result of the credit crisis which hit the US economy.
Today's performance came in continuation of the current trend except for Doha which rose by 1.4% and the Saudi market up 0.50%.
Muscat fell sharply today for third consecutive day, going down by 2.3%.
UAE markets failed to rise today including the DFM which fell by 0.56%, ADX 0.06%, Kuwait 0.36% and Bahrain 0.24%.
UAE: Market falls 11.2% in August
According to the UAE market authority monthly report, the general index fell by 11.2% in August and 11.5% since the start of 2008.
The monthly trading value fell to Dhs28.7bn from Dhs48.6bn in July, down 41%.
The monthly trading value for Dubai reached Dhs17.3bn representing 60.2%, while ADX had a monthly value of Dhs11.4bn representing 39.8% including Aldar, Emaar, Sourouh and Ajman bank dominating 36.5% of the total trading.
Emaar alone traded Dhs3.6bn but fell by 13.2%, while Takaful topped the highest rising shares, going up 418%, while Union Properties topped most declining shares down 29.1%.
Dubai: Biggest loser
Dubai Financial market fell in the last 30 minutes after pressure from Emaar and DIB which fell by 3.4% and 0.27% respectively.
Arabtec witnessed huge demands from foreign portfolios pushing the share up 10% before closing at Dhs14.60 up to 4.6%.
ADX managed to lower its losses after support from real estate, energy, while banks made huge pressure including NBAD, ADCB and ICB which fell by 2.5%, 2.1% and 3% respectively.
Saudi market: The only winner of August but the biggest loser of 2008
The Saudi market rebounded after yesterday's decline after support from transportation, construction, and real estate amid low trading value which reached only SR3.2bn.
Analysts believe that the decision taken by the authorities to open up the market for foreigners will have a positive impact in the days to come.
Today, leading banks regained some of their losses including Samba up 0.98% and Al Rajhi 0.28%, while Sabic slightly rose by 0.39% and Petrorabigh 1.8%, while Yansab closed unchanged.
Zain and STC closed unchanged while Mobily rose by 1%.
Kuwait: Best performer of the year
The decline at KSE was led by the investment, real estate and services sectors but the market managed to end the year up amid weakness in liquidity as a result of current IPOs.
Kuwait Finance House share fell by 0.74% unaffected by the company's announcement that it won a deal in China worth $275m, meanwhile Zain fell by 2.25% and Agility by 1.8%.
Muscat: Huge losses for third session
Muscat's stock market fell for the third consecutive session with pressure from Omantel, Gulfar and Muscat bank which together dominated one third of the total trading which topped OR8.4m.
The three said shares fell by 3.7% for Gulfar, 1.4% for Omantel and 1.1% for Muscat bank, while Oman National Bank fell by 3.95% and Sohar 0.41%.
Al Salam bank leads decline at Bahrain
Bahrain market witnessed huge pressure from banks amid sharp declines in trading value below BD1m and 1.6m shares including 357,000 shares for Al Saif which rose by 1.5%.
Al Salam fell sharply today by 2.3%, Ahli United Bank 1.6% and GFH 1.5%, while Ithmaar rose up by 1.4% after the bank announced the setting up of a takaful insurance firm with a capital of LE60m.
Doha up on Qatar Industries
Doha market witnessed strong rebound after a series of continuous falls last week.
The rebound came as a result of Qatar Industries shares, which jumped by 4.4% to QR170.
The index managed to stay above 10.000 after fears prevailed in the market that index will break this mark.
Khaliji bank share rose by 3.5%, Al Rayan 1% and Qatar Islamic bank 0.23%.