UAE stock markets losses reached Dhs16bn in two days after today's losses hit Dhs8.8bn. The Dubai Financial Market fell for the second consecutive day by 1.14%, while the Abu Dhabi Securities Exchange fell by 0.77%. Except for Kuwait, which rose by 0.25%, and Bahrain which rebounded up by 0.19%, other Gulf stock markets witnessed a general decline, including Doha which fell by 1.3%, Muscat by 0.85% and Saudi Arabia by 0.60%.
Dubai: Panic on the trading floor
Continuous foreign fund sales created a panic among traders today.
Small traders went in for random selling, especially after leading shares broke the supporting points barrier.
Emaar broke the Dhs11 mark to hit Dhs10.90 and Amlak neared the Dhs4.50 mark falling 3%.
Dubai Investments fell below Dhs4, while Dubai Financial Market shares approached Dhs5, falling by 4.1%.
Ajman Islamic Bank fell for the third consecutive day to the maximum limit of 15% to reach Dhs2.87. Its highest value, reached on Sunday, its first day of trading, was Dhs5. Ajman Bank fell despite trading Dhs245m out of total trading of Dhs1bn.
Foreign portfolios have intensified their selling operations, which included all leading shares with total sales of Dhs325m against purchasing orders of Dhs175.3m, while Gulf and Arab investors are back to buying rather than selling.
Abu Dhabi Securities Exchange gave up its historic mark of 5,000 points after falling for the third consecutive session after pressure came from all sectors.
Methaq started to decline by less than 1% but clinched to its historic price above Dhs6, trading Dhs272m out of total trading of Dhs1bn.
Doha: Negative reaction to New York bourse deal
Despite the acquisition of 25% of Doha stock market by the New York bourse in a deal worth $250m, the market responded negatively to the deal and fell more than DFM by 1.3% after pressure came from all sectors.
Prices for 25 listed companies fell compared to eight companies which saw a rise today.
Three shares dominated 65% of the total trading; Al Rayan Bank, Gulf Holding and Naqilat but all fell, by 1.1%, 2.4% and 2.8% respectively.
Analysts fear that the market may no longer be able to keep its 12.000 points mark after it failed previously to retain its 12.500 points mark as a reaction to the correctional trend.
Saudi Arabia: Noticeable decline in trading value
The Saudi market continued its fluctuations after pressure came from all influential sectors.
Trading declined sharply to only SR7.6bn compared to SR10bn in the last session.
All listed banks fell except for Saudi Hollandi bank and Riyad bank which rose by 3.5% to SR36 after the bank approved distribution of the H1 profits to shareholders.
Petrochemical sector shares fell except heavyweight Sabic which rose by 0.33%.
The telecom sector also fell, including Saudi Telecom shares which fell by 0.80%, Mobily by 0.45% and Zain by 0.97% despite the positive rating for STC and Mobily.
Muscat: Bank Muscat and Omantel lead the decline
Muscat bank and Omantel led the decline today after analysts fear that the market will no longer able to stay above the 11.500 points mark after falling to 11.550.
Muscat Bank share fell by 1.3% and Omantel by 0.74%.
These two shares are the most influential as far as market value is concerned.
The newly listed Fulltamp share fell strongly by 4.6% despite trading 3.4 million shares out of total trades of 18 million shares.
Kuwait: New record
The Kuwait Stock Exchange continued strongly, registering new record high unaffected by the other Gulf markets.
Dubai First shares rose strongly by 5.5% after the management board decided to raise the capital of the company from KD22m to KD100m through the entry of strategic investors.
It was noticed that Arabian Real Estate and Al Masalekh which saw strong rise before started to fall today, by 5.5% and 5.4% respectively.
Bahrain rebounded today following six declining sessions after three shares dominated 89% of the total trading, which reached 12.4 million shares.
The three shares are Gulf Commercial Bank which rose by 2.6%, Al Salam Bank and Ithmaar bank.