UAE shares enter danger zone
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UAE shares enter danger zone

UAE shares enter danger zone

UAE shares have entered the danger zone according to analysts after the DFM broke the 5,000 points mark, falling by 2% yesterday, while ADX broke the 4.400 points mark, falling by 1.8%. This adds a further Dhs13.3bn of losses, with overall losses reaching Dhs56.5bn in three days.

    Other Gulf markets continued to decline including KSE by 0.82%, Bahrain by 0.58%, while Saudi market retained its upward trend which it already started yesterday rising by 1.2%.

    Muscat market regained some of its losses rising by 3.8%, while Doha rose up slightly by 0.10%.

    UAE: Calls for immediate intervention

    Analysts have called on authorities to allow listed firms to buy back 5% to 10% of theirs own shares, including Emaar, which already has approval to buy back 10% of its shares, but has not carried out such a move.

    Emaar witnessed its lowest price yet when the share fell 3% to Dhs9.60.

    Dubai: Emaar at its 2005 price

    Dubai Financial market witnessed a panic yesterday after Emaar shares reached their lowest price at Dhs9.58, pushing traders to demand that Emaar carries out an already approved decision to buy back 10% of its own shares.

    Emaar has lost 67% of its highest price of Dhs29.10 registered in the second half of 2005.

    The decline of Emaar has reflected negatively on other listed shares, including Tamweel which fell sharply by 7% to reach Dhs5.90 after news emerged that the company is facing corruption charges.

    Abu Dhabi breaks the 4.400 points mark

    Abu Dhabi's market continued to register heavy declines after its 8% gains since the beginning of the year.

    ADX broke the 4.400 points mark with pressure from telecoms, real estate and banks after four shares fell the maximum limit of 10%, including Commercial Bank International.

    Saudi Arabia: Rise for the second day

    The Saudi market managed to keep its upward trend with a 3.5% rise in two days with support from all sectors.

    80 companies rose, against 17 which fell, while trading value remained low at SR3.8bn.

    Banks continued to rise, except Riyadh Bank which fell by 0.80%. Arab National Bank rose by 4.3%, Samba by 1.1% and Al Rajhi by 0.63%.

    The petrochemical sector rose too, led by Safco which jumped 5.9%. Sabic rose by less than 0.25%.

    Mobily and Zain closed unchanged today while STC rose up by 2%.

    Kuwait: National Industries profit down

    Kuwait stock market continued to decline following H1 profit announcements from various companies, including National Industries profits which fell by 24% while its shares fell by 5.2%.

    Al Safah International posted KD343.8m losses, which reflected sharply on its shares.

    All sectors declined sharply yesterday except insurance sector. Zain fell by 1.2% and Kuwait Projects by 3.2%, while Agility rose up by 1.7% after a series of declines.

    Muscat: Rebound up

    After 20% losses, Muscat regained some of its value with support coming from its leading shares.
    Six shares dominated 64.8% of the total trading which reached OR10.9m, including Omantel which rose up by 3.4% with OR3.7m trading.

    Doha: Slight increase

    Doha Market rose up slightly after support from Qatar Industries which jumped 0.95% despite 130% increase in profits.

    Other leading shares continued to fall, including Doha Bank by 0.54%, Islamic Bank 0.14% and Qtel by 0.71%.

    Bahrain: Two shares lead the decline

    Bahrain's market also continued to fall with pressure from Gulf Finance House which fell heavily by 7% and Ithmaar, which lost 1.4%.

    On the other hand Al Baraka Banking Group share rose by 3.8% after 62% increase in H1 profits, while NAS share rose by 2.2% and Al Salam 0.78%

    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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