Dubai and Doha decline sharply
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Dubai and Doha decline sharply

Dubai and Doha decline sharply

The Dubai Financial Market declined sharply yesterday, down 1.2% and losing more than Dhs7.7bn, two days after UAE shares had regained Dhs4bn of its total last week losses which had reached Dhs16bn.

    All Gulf financial markets declined yesterday except the Saudi market, which saw a slight rise by 0.39%, and Bahrain by 0.01%. Doha was the biggest loser with 1.4%, followed by DFM 1.2%, Muscat, 0.58%, Kuwait 0.38% and ADX by 0.35%.

    Dubai: Emaar approaches Dhs9

    Heavyweight Emaar registered a new record low at Dhs9.06, down by 1.8%, but closed at Dhs9.13 amid extensive trading which focused mainly on selling worth Dhs140, representing one third of the total market trading which reached Dhs430m.

    Financial analyst Hmoud Abdullah told AMEInfo that the sharp decline at DFM came amid extremely low trading value at Dhs430m while foreign investment portfolios continued their selling operations.

    Hmoud added that foreign traders are acquainted with trading and are fully aware of the best times to sell or to buy shares, adding that UAE investors are reluctant to start buying fearing sharp declines ahead.

    Twenty-two listed firms declined against only 3 firms which gained, including Salamah for Insurance which rose by 0.44%, while Union Properties registered a record low by dropping 3.65% to Dhs3.95.

    DFM shares also fell below Dhs4 to end the day on Dhs3.90, down 2.7%.

    ADX: speculation back on RAK Cement

    The Abu Dhabi Market registered its lowest trading value yesterday at Dhs180.7m, while speculation is back regarding RAK Cement, a phenomena which already hit the share in the first quarter of the current year.

    RAK rose 4.9% with a trading value of Dhs58.6m and 18.3m shares representing one third of the total market trading value.

    On the other hand, Aldar and Sorouh fell by 0.90% and 1.3% respectively. Taqa also fell by 2.9% to Dhs2.68, while its fair price was set at Dhs3.20 by Al Mal Capital.

    Dana Gas fell by 1.1% to Dhs1.72 while its fair price was set at Dhs1.95.

    Saudi market reverses in last 30 minutes

    The Saudi market reversed its track in the last 30 minutes of trading from declining to rising, amid low trading value compared to last two days at SR5.4bn.

    Analysts believe the Saudi market is responding positively to the government decision which allowed foreign trading. It is already close to the 9.000 points mark after closing at 8.933 points amid expectations that the market will enter a peaceful phase after its strong gains in the last two weeks.

    Most leading shares, except Sabic, registered a rise yesterday including Samba 1.4%, Al Rajhi 1.9%, Saudi French 0.63%, Al Mutaqademeh 6.1% and Zain 1% after trading SR474.6m following an announcement that its commercial operations will start to enter into competition yesterday with STC and Mobily.

    Kuwait: IPOs absorb liquidity

    The decline at KSE was led by the investment and real estate sectors, while the market is witnessing the launch of many IPOs including Kuwaiti Telecom, Zain, and Al Madina which are affecting the liquidity rate in the market.

    The IPOs are expected to collect KD3bn from the stock market.

    Analysts believe that these IPOs are putting huge pressure on the market, which witnessed the decline of 76 firms against 33 rising shares, including Agility which fell by 1.8% to KD1.080 despite an announcement by the company that it has won a deal worth KD140m from the US Army.

    Zain fell by 2.3% to KD1.680 for a second consecutive day after it rose by the maximum limit last week.

    Doha: biggest loser

    All listed shares declined yesterday except Azdan, which rose by 1.1%.

    Leading shares saw sharp declines yesterday including Qtel by 1.1%, and Qatar Industries by 1.3% after the company announced that it has withdrawn from a steel project in Mauretania for internal and strategic reasons.

    Muscat: Three leading shares lead decline

    Gulfar, Omantel and Muscat Bank led the decline yesterday at Muscat market for the third consecutive session.

    Gulfar traded OR1.9m out of total trading of OR6.3m, but still fell by 2.8%. Omantel fell by 0.62%, while Muscat bank fell by 0.42% despite trading 1.5m shares out of total shares of 7m.

    Bahrain: BIB leads the rise

    The Bahrain market rose after support came from Bahrain Islamic Bank which climbed 1.8% amid low trading value below BD1m and 3.4m shares.

    Al Saif shares dominated 61.7% of the total shares and rose up by 1%, while Bahrain Hotels registered the highest rise by 3.8%, while Al Salam Bank fell by 1.6%.

    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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