Gulf markets continued the upward trend that saw in the second half of the year, with the exception of the Kuwait Stock Exchange (KSE) and Dubai Financial Market (DFM). The Muscat, Abu Dhabi and Doha markets were back to the historic highs they lost during the second half of last month.
By Abdul Rahman Ismail
The Abu Dhabi Securities Exchange (ADX) rose 1% - up 53 points - to remain above the 5,000 points mark, while Doha increased 130 points, also 1%, and stayed above 12,000 points.
Muscat rose above 11,500 points, rising 0.86%, while the Tadawul in Saudi Arabia rose 0.88% and Bahrain 0.03%. Only the KSE and DFM fell, by 0.34% and 0.16% respectively.
Dubai: Ajman Islamic rises 15% for second day
Despite the decline of the DFM, the UAE's indexes rose by 0.52% thanks to a strong showing on the ADX.
Overall, UAE shares gained Dhs4.4bn, regaining all of last weekâ€™s losses.
The slight decline in the DFM didn't change the optimistic view among traders, especially as it minimised losses for two hours with a 1% gain.
Traders said that most share sales came from non Arabs, as a result of the continuous decline of the US and European stock markets, which force portfolios managers to sell in external markets like Dubai.
Foreigners' sales rose rapidly according to a DFM report, to reach Dhs361.1m against purchasing of Dhs100.6m. Arab and Gulf, however, investors continued their buying operations.
Ajman Islamic Bank rose by the maximum limit of 15% for the second day running, to Dhs3.17. It dominated 47% of the total trading, which reached Dhs1.6bn.
Abu Dhabi: Strong support from energy sector
The energy sector pushed the ADX to a record high, pushing trading value to over Dhs2.2bn. Six shares dominated 73.5% of trading, including First Gulf Bank, Methaq, Aldar, Abaar, Dana Gas and Surouh.
They registered record highs, topped by Abaar, which rose 7.6%, having hit its maximum limit of 10% at one point during the session. First Gulf Bank traded Dhs351m shares and rose by 4.1%, after reports of record profits for H1.
Saudi Arabia: Week end decline of 1.1%
The Tadawul continued its upward trend for the fourth consecutive session, but this did not prevent it closing down for its trading week by 1.1%. This was due to a sharp 2.8% decline at the start of its week, caused by decreases in US markets.
The banking sector, along with other 15 sectors, pushed the market upwards, but it failed to cross 9,450 points after heavyweights such as Samba and Saudi French Bank (down 1.2% each) and Saudi Bank (down 1.9%) all fell.
Sabic, which traded SR446m of stock and rose by 1.4% to SR143.25, pushed the petrochemical sector to the top of the most traded list. Al Tasnee and Al Sahara also both rose, by 2.5% and 2.7% respectively.
But the value of trading remained weak, at SR6.3bn, which analysts attributed to the summer season, as investors left the market.
Kuwait: Profit taking is back
Profit taking on the KSE continued today, with pressure on Zain, which fell by 1.2%, and Kuwait Finance House, which fell by 1.3%.
After being stopped from trading, Al Dar Investments was back, registering a strong rise of 1.1% after the company announced that it will not sell its stake in Okyana Holding.
Injazat Real Estates was also up, by 1.8%, after the company gained a KD4.5m profit through selling land in Bahrain.
Doha and Muscat: Telecoms and banks lead the rise
Shares in banks and Qatar Industries pushed the index in Doha above 12,000 points. Twenty-nine of the 42 shares traded rose, while 11 fell. Four companies dominated 55% of trading, which reached 13.4 million worth of shares, or QR765m.
Among those that closed up were Gulf International, which rose by 1.5%, Al Rayan by 0.45%, Gulf Holding by 2.8%, Qatar Industries 0.44% and Qatar National Bank 5.9%.
Omantel and Bank Muscat led the Omani index, which closed above 11,500 points. They traded OR5.2m out of the OR18.4m traded across the index. Omantel rose 0.67% and Bank Muscat by 0.77%, after a strong profit prediction by Global for their H1 financial results.
Low trading in Bahrain
There was just BD500,000 of trades in the Bahrain exchange today, accounting for 1.1 million shares. Ithmaar and Al Salam banks remained unchanged, while Batelco fell by 1.5%. Support came from Al Baraka, Trafco and Khaleeji Comemrcial, which pushed the index up.