UAE shares lose all gains achieved since the start of the year
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UAE shares lose all gains achieved since the start of the year

UAE shares lose all gains achieved since the start of the year

With the decline of Dubai and Abu Dhabi markets today by 0.40% and 0.06% respectively, UAE shares have lost all gains achieved since the beginning of the year, with losses reaching Dhs14bn this week and Dhs25.5bn in two weeks. With only few days left for listed firms to announce second quarter profits for the current year, Gulf Financial Markets ended a second week down, except for Kuwait which managed to close up 0.06%. Over the course of the week the Dubai Financial Market fell by 2.2% followed by Saudi Arabia by 2%, Abu Dhabi by 1.96%, Doha by 1.8%, Bahrain by 1% and Muscat by 1%. Today Bahrain rose by 0.08%, while Doha witnessed sharp fall, losing 1.7%, Muscat by 0.25% and Kuwait by 0.23%.

    UAE: Dhs14bn weekly losses


    UAE markets lost Dhs14bn over the course of the week, as the index slumped by 2.3%.

    The overall losses reached Dhs25.5bn over the last two weeks, falling by 3.8%.

    The value of trading also slumped by 21.6% to Dhs10.6bn, compared to Dhs13.5bn last week.

    After two weeks of falling, DFM overtook Abu Dhabi in value to reach Dhs5.8bn in trades, representing 55.4% of the overall value against Abu Dhabi's Dhs4.7bn.

    Ajman Islamic Bank share topped the list of rising shares for the week, going up by 150% despite its decline for four continuous sessions by the maximum limit of 15%.

    Dubai failed to end the week on a high after Emaar shares remained unchanged at Dhs10.95, and the decline of Emirates-NBD bank by 1.2% put further pressure on the index.

    Shuaa Capital fell sharply by 7.7% to Dhs7.65, as the share was traded today without the cash profits already approved by the general assembly.

    Ajman Islamic Bank fell by 4.2% to Dhs2.50 despite trading Dhs171m out of total trading of Dhs747m.

    Abu Dhabi Securities Exchange failed to retain its upward trend at the beginning of today's session, ending down after heavy pressure from the energy sector especially Dana Gas which fell by 1.5% to Dhs1.91.

    Methaq Insurance fell by 1.1% despite dominating one third of the total trading, which reached Dhs865m, but managed to end the week up 13.6% at Dhs6.01.





    Kuwait: Upward trend continues




    Dubai First shares rose by almost the maximum limit at 9% to reach KD1.200 after the company announced that it intends to raise capital from KD22m to KD100m.

    Arabian Real Estate too continued its trend, rising by 3%.



    Doha gives up its 12.000 points mark




    Doha market witnessed a sharp decline, which forced the index to give up its 12.000 mark - the highest achieved by the market in two years.

    Only four listed companies rose, against 32 which fell.

    The decline was led by Qatar National Bank which fell by 3.6%, Qatar Commercial Bank by 3.2%, Islamic Bank by 2.1% and Al Rayan bank by 1.7% despite trading 4.9 million shares out of total trades of 14.6 million shares.



    Oman: ONIC deal pushes trading



    The transfer of some of ONIC shares ownership to Dubai Investments pushed Muscat's trading value to OR107.8m and 79.7 million shares, including 65.2 million for ONIC valued at OR94.5m.

    Despite this ONIC fell by 7.4% to OR1.417.

    All listed banks rose except Muscat bank which fell by 0.66%. Dhofar bank rose by 2.4% after the managing board decided to raise ther bank's capital by OR70m.

    Oman Al Ahli Bank rose by 1.1% and Suhar bank rose by 0.41%.





    Bahrain: Three shares push the index up



    Bahrain's market rebounded slightly after three shares dominated 95.7% of the trading, which reached 9.5 million.

    These include Al Salam Bank and Ithmaar Bank, which rose by 2.2% and 1.4% respectively, while Khaleeji Commercial Bank fell by 0.65%.













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    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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