Gulf markets witness further declines
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Gulf markets witness further declines

Gulf markets witness further declines

The Gulf stock markets continued to fall for the second consecutive day, except for the Saudi market which rose today by 2.3% after the index broke the 8,000 points mark. Muscat was the biggest loser today with a decline of 5.7%, followed by ADX which fell sharply by 3.8% to join Dubai Financial Market which lost 1% today. Doha also fell by 2.5%, Kuwait by 1% and Bahrain by 0.80%.

    UAE markets lose Dhs70.5bn in 7 sessions

    UAE markets added another Dhs21.3bn losses today, losing Dhs43bn in just two sessions with an accumulating loss of Dhs70.5bn over seven trading days.

    ADX witnessed its biggest decline of the year with the index already below 4.500 points, after its leading shares saw extensive selling, including AlDar which fell by 6.1%, while Etisalat fell by 5% amid random selling by small investors who fear more falls in the market.

    Dubai: Emaar below Dhs10

    Emaar fell below Dhs10 creating panic in the market.

    External factors intervened and managed to raise its price to Dhs9.90, so that it closed down by 1.5% on the day.

    The decline of Emaar left a deep impact on the market, which witnessed the decline of 19 listed firms.

    Only five firms rose, including Arabtec by 1.2%, Dubai Investments by 0.56%, Emirates NBD by 0.43% and Union Properties by 1.1%.

    Investment funds and portfolios continued to witness heavy sales, which reached Dhs465.5m compared to Dhs199m worth of purchasing orders.

    On the other hand, Arab and GCC investors continued their buying trend with buying orders worth Dhs123m compared to sales of Dhs84m.

    DFM share fell by 5.8% breaking the Dhs4 mark at Dhs3.87, while Tamweel fell by 2.3% despite a denial by the company that it had undergone an investigation by the police into corruption charges.

    Saudi Arabia: Market rebounds after losses of 10%

    The Saudi index managed to rise today after seven consecutive declining sessions in which the index lost 10% of its value, with support coming from all sectors.

    The prices, considered to be the lowest since October, made an appealing trend for buyers today, pushing the index above 8,000 points again.

    The rise was led by Sabic, which rose by 3.7% to SR118.50 after reaching its lowest price at SR114.

    Except Petrorabigh and Lujain, other petrochemical shares rose including Safco by 3.1% and Al Mutaqademeh by 2.1%.

    Low share prices in the Saudi market encouraged investors into aggressive buying.

    All banking shares expect AlBilad, made significance gains today including Arab National Bank which went up by 6.6%, Saudi Hollandi by 5.4%, Saudi French by 3.3%, Al Rajhi by 1.6% and Samba by 1.1%.

    Telecom firms also rebounded strongly with STC rising by 4.3%, Zain 2.2% and Mobily by 1.2%.

    Muscat: Second biggest fall in a year

    Muscat's market index registered its lowest fall after breaking the 10,000 points mark with 42 listed firms witnessing a decline, while trading value rose by 100% to OR18.2m and 19.6m shares.

    All leading shares put strong pressure on the index; including Omantel which fell sharply by 7.1%, to go below OR2, Muscat Bank by 5.7%, and Gulfar by 8.2% despite trading OR4.3m.

    A feeling of fear and panic prevailed among traders who are wary of more declines after the index already fell below 10.000 points.

    Kuwait: H1 losses announced by some listed firms

    Kuwait's Stock Exchange fell amid an improvement in trading values, above KD100m at KD108m today.

    Many Kuwaiti firms announced H1 losses today, which left an impact on the index including International Investments Projects which posted KD3.8m loses compared to profits of KD25.5m last year. The share fell by 6.5%.
    Kuwait Invest posted losses of KD2.4m, compared to KD8.1m profits last year.

    On the other side, Gulf Investment House H1 profits rose to KD7.3m, compared to KD6.4m last year.

    Doha: Qatar Industries falls despite good profits

    Doha stock market, like other Gulf markets, fell sharply today after pressure from Qatar Industries, which declined by 2.1% despite a 130% increase in profits.

    Trading value has improved compared to last week, standing at QR828m and 11m shares. Over 4.9m of these were for just three shares; Al Rayan, Naqilat and Qatar Industries.

    Bahrain: Ithmaar leads the decline

    Ithmaar led the decline in the Bahraini market falling 4.1% despite trading 1.2m shares out of the total 2.4m.

    Other leading shares continued to fall today including Al Salam Bank which fell by 3%, Gulf Finance House by 1.9% and Batelco by 2.7%.

    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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