Gulf stock markets hit 2008 low
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Gulf stock markets hit 2008 low

Gulf stock markets hit 2008 low

More losses reported across the region's markets, with insiders blaming investigations and international influences for negative values. For the second consecutive day, Gulf markets have witnessed a painful and sharp decline with Doha only 0.5% away from losing all its gains since the beginning of the year, while Muscat has already lost all of its 30% gains and is now 4.4% down.

    Tadawul was the only winner going up by 1.2% but ended its week down 4.4%, while Muscat was the biggest loser by 2.8% followed by Doha 2.6%, Dubai 2.5%, Bahrain 2.3%, ADX 2.2% and Kuwait 1.7%.

    Mohammed Ali Yaseen from Shuaa Capital said that local markets are following the path of international markets, adding that investigations and probes in Dubai are also having a negative impact.

    He stressed that despite these charges, the companies are expected to post strong results for the year.

    Dubai: Emaar at new record low

    Dubai Financial Market dipped as low as 4% after Emaar broke the Dhs8 mark at Dhs7.62 before closing at Dhs7.85, down 2.5%.

    Shuaa registered the highest fall of 9.3% while Tamweel continued to decline by 4% yesterday after its deputy CEO was detained on corruption charges.

    Sheikh Khalid Bin Zayed Al Nehyan, chairman of Tamweel, has ruled out any impact of these charges on the financial status of the company.

    According to a report by DFM, foreigners' sales reached a record high yesterday at Dhs450.3m against purchases of Dhs476m only.

    Abu Dhabi: Aldar at its lowest point

    ADX index came under pressure from real estate firms and banks while the index is testing a new mark of 4.000.

    Meanwhile Aldar has broken the Dhs9 mark to Dhs8.37 down 6.2%, which is the highest in the history of the company.
    Sorouh also dipped by 5.2% as did Etisalat by 3% following an investigation concerning its salaries manager who diverted millions of dirhams to her personal account.

    Saudi: Tadawul falls 4.4% in one week

    The Saudi market managed to reverse its 1% downturn to go 1.2% up after Sabic rose by 3.6% pushing the index above the 8,000 points after previously being at 7.936.

    Most banks shares rebounded after Tuesday's loss except Arab National Bank and Investment bank which fell by 0.93% and 2.3% respectively.

    Most of the petrochemical sector witnessed a rise except Yansab which fell by 0.50%. Meanwhile Zain rose by 2.3%; STC fell by 0.78% and Mobily 2.1%. The Saudi market has ended its week down 4.4% moving into the next week with a new pricing policy.

    Kuwait: KFH falls to maximum limit

    Kuwait stock exchange registered a record low in eight months with a sharp decline in its index, which broke the 13.500 points due to pressure from all sectors including Kuwait Finance House which witnessed the biggest decline in its history by 4% to KD2.440.

    KSE has lost 15% of its gains since June when the index reached its highest above 15.600. Zain also fell by 1.1%, NBK by 1.1%, while Global rose by 1.1%.

    Doha: Index is 0.5% away from losing all its achieved gains

    Doha stock index is only 0.5% away from losing all achieved gains of the year which reached 30%, after its index lost more than 2,000 points.

    Yesterday, the Doha market has witnessed extensive sales for 36 firms, with Industries Qatar down 6%, while Qatar National Bank broke the QR200 mark to QR197.50, despite an announcement by the bank that it has turned its office in Singapore into a full branch.

    Muscat: The biggest loser

    The Muscat market has witnessed the biggest loss amongst all Gulf markets after pressure from its three leading shares, namely Gulfar which fell by 4.1%, Muscat Bank 4% and Omantel 2.7%.
    Oman National Bank registered a sharp decline by 3.2%, Sohar 0.87% despite trading 1.54m shares out of 7.6m for the whole market valued at OR15.8m.

    Bahrain: Bahrain's index breaks the 2.600 mark

    The decline in the Bahrain market, which broke the 2.600 mark, was led by services and investments shares amid a low trading value, which fell below BD1m and 1.8m shares.

    Investcorp witnessed a record decline by 10%, Ahli United Bank 5.1%, GFH 2.3% while other leading shares also registered a decline.

    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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