Fluctuation continues to dominate Gulf markets with five markets declining while Muscat and Dubai rose by 0.65% and 0.09% respectively. All markets continue to suffer from a lack of liquidity with trading value down by 50%, while initial public offerings are gaining momentum especially in Saudi and the UAE market.
The five declining markets saw mixed results today, including ADX which went down by 0.43%, KSE by 0.23%, DSM by 0.19%, Bahrain by 0.15% and Saudi market by 0.07%.
Dubai: Kuwait Financing shares have no trades on first day
UAE markets have been affected by Emaar's fluctuation, ADX came under pressure from the real estate sector, but both Dubai and Abu Dhabi continued to have low trading values of Dhs571.8m for Dubai and Dhs268.6m for ADX.
Kuwait Financing Company was listed on DFM but witnessed no trading today with no change on its opening price of Dhs4.5.
Dubai market has been widely affected by Emaar which reached Dhs10.70 during the session but closed unchanged at Dhs10.50.
Arabtec shares have benefited from the company's new deals including the last Dhs1.6bn deal from Emaar, which pushed Arabtec share to Dhs19.25.
The biggest support came from Dubai Islamic Bank which rose by 0.86%, while Air Arabia fell by 0.62% to Dhs1.60. Air Arabia announced after the trading session that its profits rose by 14% to Dhs82m, against analysts' expectation of Dhs131m.
Abu Dhabi: Pressure from Sorouh
ADX came under sharp pressure from the real estate and energy sectors amid low trading value of less than Dhs300m compared to a daily average of Dhs1.5bn.
Sorouh shares fell sharply by 25% despite trading Dhs64.3m, while AlDar fell by 0.81%, RAK Properties by 1%, Taqa by 1.3%, while Gulf Cement announced that its Q2 profit fell by 45% while H1 profits fell by 21%.
Tadawul: Market declines for eighth session
Saudi's market continued to decline for the eighth consecutive session with fluctuations similar to that of DFM, pushing the index slightly down with pressure from Sabic which fell by 1.9%.
Trading value also fell to its lowest level, to SR4.2bn and 115m shares including SR958m for Maaden which still fell by 1.7%.
Sabic declined to its February price of SR126.50 and announced that it will distribute H1 profits by SR1.75 per share.
Other petrochemical shares like Petrorabigh fell by 0.45% and Yansab by 0.46%.
Kuwait: Record rise for Zain
Kuwait's stock exchange, like other gulf markets, witnessed low trading below KD100m and 169m shares, including 7.9m shares for Zain which rose by 4.8%.
Kuwait Finance House fell by 1.3%, Commercial Bank by 1.4%, while International Investor fell sharply by 5.2% after the company posted KD5.2m losses in H1.
Doha: Mawashi posts strong profits
Doha witnessed fluctuations, pushing the index to fall slightly while 21 listed firms rose up and 13 declined amid low trading of QR315m and 7.3m shares.
Mawashi today traded 3.2m shares, representing 43.8% of the total shares, and rose by 8% after the company posted a 539.5% increase in profits at QR27.5m.
Heavyweight shares like Qatar Industries fell by 1.1% and QNB by 0.51%.
Bahrain: Pressures from AL Saif
Bahrain's market witnessed low trading at BD0.6m and 2.1m shares, including 1.2m shares for Al Saif, which fell by 0.50%.
Banking and investments firms led the decline at the market including Arab Banking Corp by 2% despite posting a 15% increase in its revenues.
Muscat: Two shares under spotlight
Muscat's market rebounded up after the huge losses of last week with support from banks, investment and services sectors.
Trading value continued to be low at OR5.7m and 6.9m shares.
Muscat bank traded OR1.1m and rose by 0.30% while Al Anwar Holding traded 1m shares and rose by 3.5%. Omantel share also rose by 0.96%.
Dhofar International announced that its H1 profits rose by 106% to OR8.2m while its share rose by 1.5%.
International Investments Co profits rose by 481% to OR7.5m from OR1.3m while its share rose by 3.1%.