All seven Gulf markets have witnessed one of the worst falls so far with sharp retreats, including Doha and Saudi Arabia which didn't see the rise of a single share. For the second consecutive day, Doha lost 7% with a combined loss of 15% in just two days, followed by Saudi's Tadawul down 6.5%, ADX 4.3% and KSE 3.8%.
At the Dubai Financial Market, the index managed to lower its losses from 9% to 1.7% after external forces intervened and started selective buying, mainly on Emaar and Arabtec.
Bahrain and Muscat managed to close with the least declines compared to other markets with 0.79% and 0.16% respectively.
Tadawul is back to its 4-year low, while Kuwait lost all 30% gains that the market achieved since the beginning of the year.
A dealer at DFM revealed that investment funds related directly to Lehman Brothers, which announced bankruptcy, and to Merrill Lynch which will be sold to Bank of America, have already started collecting liquidity from Dubai Financial Market, focusing mainly on leading shares like Emaar and Arabtec which fell by 7% for Emaar and 15% for Arabtec.
Dubai reverses trend in last 15 minutes
When DFM index broke the 4.000 benchmark, fears spread and random selling started, but in the last 15 minutes money was pumped in in large quantities, pushing the index from 9% down to only 1.7%.
Some shares managed rise, including Arabtec which rose by 6.3%, Dubai Investments up 2.6% and even Emaar went from Dhs6.27 to Dhs7.30.
Abu Dhabi: Pressure continues
Unlike Dubai, Abu Dhabi failed to lower its losses with continuous pressure from the real estate, energy and telecom sectors.
Aldar Properties broke a new benchmark at Dhs7.50 after falling by 6.7%, while Etisalat and Sorouh fell by 4.4% and 6.7% respectively.
Doha: All shares fall
Doha market lost 7% today after extensive sales by foreign investment portfolios, with all 40 listed stocks going down.
Ten shares fell by the maximum limit of 10% including Barwa, Gulf Holding and Dalalah, while other leading shares like Industries Qatar fell by 8.8%, Qatar Commercial Bank 8.5%, Qatar National Bank 3.6%, Qatar Islamic Bank 8.1% and Al Rayyan bank 9%.
Tadawul: 62 shares fall to maximum limit
Tadawul is back to its 4-year low, going down 6.5% today.
The prices of 62 firms fell by the maximum limit of 10% including leading shares like Mobily which announced the increase of its capital by SR2bn.
All 124 listed firms fell today, some sharply, including Sabic 6.2%, Petro Rabigh 9.9%, Al Rajhi 5.8%, Safco, Saudi Group, and Shams by 10% each.
Kuwait loses all the year gains
Kuwait stock market has lost all gains achieved since the beginning of the year, including the 500 points lost today, which is the highest in single session.
Shares like Kuwait Finance House, Agility and Zain fell by the maximum limit in a trend described by some analysts as the worst in the market.
Bahrain and Muscat: Minimum losses
Bahrain market managed to hold with the least losses, while pressure from Ithmaar and Al Salam continued with falls of 6.9% and 4.9% respectively.
The rise of some shares like ARIG 4.4%, Bahrain and Kuwait Bank 2.1%, Gulf Investment 3.3% and Ahli United Bank 0.93% pushed the index up.
In Oman, the rise of Omantel and Gulfar by 0.22% and 1.2% respectively pushed the index, while heavyweight Muscat bank fell by 1.1%.
The Omani market, which saw the biggest losses in the last two weeks, started to stabilize and is qualified according to analysts to achieve a good performance in the days ahead.