Mixed results on Gulf bourses
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Mixed results on Gulf bourses

Mixed results on Gulf bourses

One day after their strong rise, gulf markets witnessed mixed movements with three markets, Muscat, Doha and Abu Dhabi, going up and four others, Dubai, KSA, Kuwait and Bahrain, reporting losses. The markets have started to witness more liquidity as investors bid to buy more shares at the current low prices, expectations indicate the markets will witness a jump after the Eid vacation.

    Dubai: Market sees profit gaining


    UAE markets have witnessed the decline of Dubai Financial Market by 2.5% after yesterday's rise, which touched 10%, and the rise of ADX by 1.6%, pushing the index above the 4000 benchmark that it had lost two weeks ago.

    The intervention of the UAE central bank, giving banks more credit facilities to pump liquidity into the market, has given strong support to the market.

    Leading shares, including Emaar, tried to contain the profit gaining wave by foreign portfolios which started to sell at high prices, according to Mohammed Afifi head of research at Al Fajr Securities.

    According to the DFM report, the total sales by foreign funds reached Dhs379.1m against buying orders worth Dhs190.1m, while Arab investors continued to buy, totaling purchases worth Dhs357.2m today against selling of less than Dhs233.2m.

    Emaar tries to hold above Dhs8


    Selling on Emaar shares started after it reached Dhs8.33. It later fell below Dhs8 to Dhs7.81 after trading Dhs595m, representing one third of the total trading which reached Dhs1.8bn.

    All leading shares registered a decline including Union Properties by 6.2%, Tamweel 4.7% and DIB 4.1%.

    Abu Dhabi: Aldar above Dhs8


    ADX index continued its upward trend rising by 1.65% and crossing the 4000 benchmark after support came from the real estate sector.

    Aldar and Sorouh dominated 67% of the total trading which jumped to Dhs1.4bn.
    Aldar stayed above Dhs8 at Dhs8.11 up by 8.1% and Sorouh above Dhs6 at Dhs6.16, up by 7.6%.

    Saudi market falls before National Day vacation


    Tadawul fell by 1% today before it starts its National Day vacation after the index gave up its 7500 benchmark with pressure coming from all sectors including banks, petrochemicals and telecoms.

    The trading value fell to SR2.4bn, the lowest of the year, after the prices of 100 firms fell against 22 firms which rose.

    Petrochemical sector also fell today except Al Lujain and Cheanol whose trading totaled SR287.5m, while Sabic fell by 1.1%, Yansab 2.1% and Kayan 1.3%.

    Mobily rose by 1.8% after the company set a date for its upcoming meeting to approve the raising of the capital by 40%.

    Kuwait lowers its losses


    KSE fell slightly today by 0.06% but stayed above the 13000 benchmark while trading value declined to KD160m compared to KD200m yesterday.

    Analysts said that profit gaining was needed after three upward sessions as portfolios are expected to start buying following the support by the Kuwait Investment Authority and the buying back of shares by some banks and firms.

    The pressure on the index came from banks including KFH which fell by 0.81% after rising by 4% yesterday, NBK 2.1%, Commercial bank 4.6% and Zain down by 5.6%, while Wataniya continued to rise up 6.1% today.

    Doha continues upward movement


    Doha market continued its upward movement, moving 2.1% today following huge liquidity and buying orders pushing the index above 9000 benchmark and approaching the 9500 point.

    Six firms out of 20 dominated 65% of the total trading which reached 20.3m shares, while banks continued to rise led by Commercial Bank up 5.5%, Al Ahli 5.1%, QNB 1.6%, Industries Qatar 3% and Qatar Fuel 3.3%.

    Muscat: 10 shares rise to maximum limit


    Muscat also managed to rise today, pushing the index above 8.700 points up 2.1% with support coming mainly from the services, banks and industrial sectors.

    Ten shares rose by the maximum limit reflecting a strong buying trend at the market which had witnessed sharp declines last month.

    Five shares out of 44 dominated more than 50% of the total trading which reached OR14.8m and 21.8m shares including Muscat bank 0.75%, Omantel 1.9% and Gulfar 0.40%.


    Bahrain: Only two shares rise


    Bahrain security market closed down slightly by 0.16%, while the index remained above 2.500 points, with support from the industry and investment sectors.

    Only Ithmaar and GFH rose today, by 1.6% and 0.32% respectively, while Al Salam fell by 2.3%, Al Saif 2% and Bahrain Islamic 1.9% and Bahrain National Bank by 1.4%.
    Author
    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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