Saudi shares lose SR136bn on the week
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Saudi shares lose SR136bn on the week

Saudi shares lose SR136bn on the week

Gulf stock markets have concluded the week with a sharp decline, the worst ever recorded, following the collapse of Lehman Brothers. Doha saw the biggest weekly decline, falling by 9.2% followed by Saudi Tadawul 9.1% which lost SR136bn of its market value.

    Dubai came third with a decline of 7.9%, ADX fourth losing 7.3%, while UAE markets lost Dhs50bn with total losses of Dhs115bn since the beginning of the month.

    Kuwait came fifth with a decline of 3.5% and Bahrain sixth with losses of 2.5% and Muscat by 0.50%.

    UAE: Weekly losses of 7.2%

    The UAE economy minister's statement that the government will not interfere to support the stock market has caught investors by surprise as many, according to analysts, were expecting direct government intervention.

    According UAE stock authorities, the general index fell by 7.2% while trading value rose to Dhs10bn, compared to Dhs7.8bn last week, including Dhs6.2bn for Dubai and Dhs3.7bn for Abu Dhabi.

    Dubai: DIB hits 11 month low

    Dubai Financial Market failed to retain its upward trend after foreign investors pushed for strong sales.

    Dubai market lowered its losses from 4% to 3% with a trading value of around Dhs1bn including Dhs250m for Emaar which closed at Dhs7, down 3.7% today, 7.5% over the week, 21% over the last two weeks and 53% since January.

    Dubai Islamic bank registered its lowest level for 11 months, going down by 9% before closing at 7.6% at Dhs5.45.

    Abu Dhabi sees record decline for banks

    Banks made huge pressure on ADX, which fell today by 2.4% with weekly losses of 7.2%.

    Many leading shares lost yesterday's gains, including ADCB and First Gulf Bank which retreated by 8.4% amid fears that both banks may have investments in US financial.

    Kuwait: Rebound in final minutes

    KSE succeeded in lowering its losses in the last minutes, rising by 0.44% to remain above the 12.600 benchmark.

    KSE has attracted large liquidity which increased the trading value by more than 100% to KD205.4m and 463.5m shares despite fears that the market might suffer a lack of liquidity following Zain's IPO.

    NBK rose by 3.4% after the bank announced that it would buy back 10% of its own shares, Wataniya Telecom too rose by 7%, Agility 2.4%, while KFH fell by 0.84% and Global by 2.4%.

    Doha loses 50% of yesterdays gains

    Doha stock market lost 50% of yesterday's gains after foreigners started to sell in large quantities.

    Industries Qatar completed the sale of 3.3m shares and fell today by 2.7%.

    Trading value jumped to QR1.3m and 22.9m shares. Naqilat rose slightly by 0.75%, while QNB fell by 5.4% and Qatar Commercial by 6.1%.

    Muscat lowers losses to 0.50%

    Muscat managed to end the session on a slight decline of 0.50% from 2% after some leading shares like Gulfar, Sohar Bank and Dhofar Bank rose by 3.6%, 2.2% and 0.62% respectively.

    Muscat Bank and Omantel fell by 3.6% and 0.25% respectively.

    Dohfar Bank set its IPO price at 451 Pissa per share. The bank intends to launch 156.5 million shares worth OR70.6m in an IPO to increase it capital.

    Bahrain: Ithmaar rebound lowers losses

    The rise of insurance and services sectors lowered the losses and eased the pressure on the index which fell by 0.36% with trading value of BD0.6m and 1.8m shares.

    Ithmaar bank rebounded 5.3% after trading nearly half a million shares while Bahrain National Bank rose by 3.1%, Al Salam by 0.96% while GFH fell by 2% and Ahli United Bank by 3.6%.

    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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