UAE portfolios save Emaar
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UAE portfolios save Emaar

UAE portfolios save Emaar

Dubai Financial Market managed to rebound up 2% after sharp decline yesterday and last week, Doha also rebounded up 0.44%, despite having more losses yesterday. Traders in Muscat were caught by surprise after the market fell sharply by 2.8% after witnessing a good performance over the last five sessions. ADX failed to perform and fell by 0.13%, Bahrain went down by 0.15% and Kuwait by 0.03%. The Saudi market ended its week up 5.1% after profit gaining which had already pushed the index down 0.91% after a strong performance last week.

    Dubai: Strong rebound

    UAE shares regained Dhs5bn out of total loses of Dhs20bn last week after support from Emaar.

    The rebound was also attributed to UAE investment funds indicating the return of trust to the market according to Mohammed Ali Yaseen from Shuaa Capital.

    Foreign sales continued unabated. They reached Dhs497.3m today, representing 45.45% of the total trading which jumped to over Dhs1bn.

    During the trading session, Emaar continued to fall, before local portfolios intervened pushing it above Dhs9 and giving confidence to other investors.

    Emaar shares jumped 5.6% to Dhs9.51, the highest since the beginning of the year reflecting the strong intervention by local portfolios.

    Abu Dhabi: Downward plunge

    ADX index failed to rise today after pressure from the real estate sector including Aldar and Sorouh which fell by 0.21% and 0.28% respectively.

    International Commercial Bank registered a strong rise of 7.7% to Dhs3.66 after Qatar National Bank announced that it will acquire 23.7% of the bank's shares, encouraging traders to start buying.

    Saudi: Market up 5.1% in one week

    The Saudi market concluded its week up with an aggregate rise of 5%, despite a profit gaining wave pushing the index down.

    The index came under pressure from the petrochemical sector but managed to stay above 9.000 points, while Sabic fell by 2%, Petrorabigh by 2.25% and Yansab by 4%.

    The decline also included Samba 2.6%, SABB 0.28%, STC 1.85%, Mobily 1.5% and Zain 1%.

    Many analysts believe that today's decline is natural after strong rises throughout the week.

    Kuwait: Leading shares fail to support index

    Kuwait stock exchange fell amid low trading value of KD88m, affected apparently by Kuwait Telecom and Zain IPOs, which absorbed much of the market's liquidity.

    Leading shares including Zain, Agility, Global, Projects, and Kuwait's Commercial bank closed unchanged, while NBK and KFH fell by 1.1% and 0.72% respectively.

    Doha: Weak rebound

    Doha's market rebounded very slightly by less than 0.50% despite registering heavy losses over the last three sessions by more than 4%.

    The decline is attributed by analysts to weak liquidity and the decline of Qatar Industries, which fell by 0.20%.

    The major support came from banks including Doha Bank and Qatar Commercial, QIB and Al Khaliji which rose by 1.6%, 1.6%, 1.2% and 0.72% respectively.

    Muscat: Sharp losses witnessed

    Muscat market posted its heaviest losses after its strong gains last week.

    The decline was led by Omantel, Muscat bank and Gulfar, which were behind the previous rise.

    The three major shares registered record losses despite dominating 50% of the total trading, which reached OR10m.
    Omantel fell by 3.7% and traded OR2.5m, Muscat 3% and Gulfar 3.3%.

    Bahrain: Decline continues

    The decline in Bahrain was led by the banking, services and investment sectors amid weak trading value and volume.
    Ithmaar bank fell by 1.4% and GFH by 0.60% while Al Saif continued its upward trend moving 0.51% after Global entered as partner in the company.

    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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