UAE, Doha regain losses, Kuwait falls
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UAE, Doha regain losses, Kuwait falls

UAE, Doha regain losses, Kuwait falls

Three Gulf markets regained some of their losses from last week, including Doha which rose by 2.2% today. UAE shares regained Dhs3.7bn out of Dhs10bn lost by Dubai and Abu Dhabi yesterday. The DFM index rose by 0.54%, ADX rose by 0.55%. Muscat also retained its upward trend, rising by 0.19%. Kuwait's stock exchange witnessed correctional waves which made the market lose more than 1000 points, falling by 1.1%. The Saudi market also fell by 0.50% after its strong rise yesterday as it welcomed Al Uthaim which listed today. Bahrain fell slightly today by 0.11%.

    Dubai: Foreigners back to buying


    According to dealers at the DFM, foreign investment and portfolio funds are back to gradual buying after causing the market to fall last week.

    According to the daily DFM report, Non Arab and Gulf foreigners' purchases rose to Dhs217.4m against Dhs188.4m worth of sales out of transactions totalling Dhs1bn for the whole market.

    Other Arab and Gulf investors continue to buy which helped the index to rebound up by 0.50%.

    Emaar shares are back to support the market after rising 1.4% to Dhs10.30.

    Thirteen listed firms rose today against nine that declined as Arabtec jumped above Dhs18 to Dhs18.50, rising by 4.8%.

    Ajman Islamic bank also rose by 6.4% to Dhs3.47 trading around Dhs489m.

    At ADX, three shares rose by the maximum limit of 10% including Gulf Medical, Emirates Driving, and National Hotels. Trading value remained generally low, at Dhs571m.

    Saudi Arabia: Al Uthaim receives the highest trading in its first day


    The Saudi market welcomed Al Uthaim shares, which traded more than SR1bn out of total trades of SR7bn.

    The market lost 0.50% but managed to stay above the 9,000 points mark.
    Al Uthaim share rose by more than 20%, opening the session by SR83 which climbed to SR86, but then fell to SR67.50 before closing at SR68.75.

    Sabic, which led the rise yesterday, declined today by 1.2% which left an impact on petrochemical shares which all fell except for one.

    Samba fell by 0.64%, Saudi French bank by 1.7% while Al Rajhi rose by 0.58% and Arab National Bank by 1.7%.

    Zain fell by 1% and Mobily by 0.50% while STC remained unchanged.

    Al Khazaf rose by 6.8%, Al Jebs by 6%, South Cement by 3.9% while Mabrad posted a 162% increase in profits, Zujaj profits rose by 12% and Febco by 10.4%.

    Doha regains all losses


    Doha Market succeeded in regaining all of yesterday's losses adding 0.50%, while trading value remained below QR1bn at QR700m.

    A total of 15.5m shares were traded, including 9.7m shares for Naqilat which rose by 3.5%, Al Rayan by 1.4%, Gulf International 3.2% and United for Development by 7.6%.

    Qatar National Bank H1 profits rose by 30% to QR187.6m from QR144m pushing the index by 0.15%, while Qatar Industries shares climbed up by 1.7%.

    Kuwait loses 1000 points in three weeks


    Kuwait's Stock market has lost 1000 points since the start of the correctional wave on 25 June after the market gave up its two historical marks of 15,000 and 15,500 points.

    All listed sectors witnessed a decline today, including banks which announced record H1 profits like KFH which posted 35% increase but fell by 1.4%.

    Bobyan also fell by 1.7% despite a 49.5% increase in H1 profits to KD13.6m from KD9.1m.

    Hits Telecom share also fell by 2.7% despite an 800% increase in H1 profits.

    Muscat: Banks push index up


    Muscat's market retained its upward trend after support came from banks including Muscat Bank which traded 1.7m shares out of 10m for the whole market.

    Muscat Bank rose by 1% to OR1.850.

    Oman International Bank rose by 1.1%, Dhofar by 0.34% while Cables Industries fell by 2.7% after it rose by 6% yesterday. Omantel slightly fell by 0.08%.

    Bahrain: Market falls slightly


    The Bahraini market fell slightly today by 0.11% amid BD1.9m trading on volume of 6 million shares including 4.1 million for three shares; Al Salam, Ithmaar and Gulf Commercial.

    Banader shares fell sharply by 6%, as did Saudi Bahraini bank by 3.1% despite H1 profits of BD2.8m from BD2m last year.

    The decline of GFH by 2.3% also left its impact on the index.

    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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