UAE shares lose 50% of Sunday's gains
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UAE shares lose 50% of Sunday's gains

UAE shares lose 50% of Sunday's gains

UAE shares carried on falling for the second consecutive session and lost almost 50% of the gains achieved on Sunday. UAE markets have lost Dhs20bn today after DFM fell by 3.5% and ADX lost 2.8%. Other Gulf markets also witnessed a decline except for Doha which rose slightly by 0.08%, while Kuwait fell by 2%, Bahrain 1.4%, Muscat 1.2%, while Saudi's Tadawul remained closed because of the National Day vacation.

    Dubai: Decline led by UAE portfolios

    Today's decline at the DFM was led by local portfolios, while foreign funds returned to buying with orders worth Dhs184.5m compared to sales of Dhs138.5m. Trading totalled Dhs1bn.

    Emaar failed in a bid to stay above Dhs8 after falling by 3% to Dhs7.50.
    Other leading shares also fell, with only two shares rising; Takaful and Mazaya.

    Union Properties fell by 6.3%, Dubai Investments 5.3%, Tamweel 4.7%, DFM 4.3%, Shuaa 4.2% and DIB 4%.

    Abu Dhabi: First Gulf bank retreats despite recommendation

    Abu Dhabi joined Dubai and fell following a profit gaining operation focused mainly on real estate, banks and energy.

    Aldar fell by 5.4% below Dhs8, Sorouh 7.4% and Etisalat by 2% despite the announcement that it has acquired a stake in Indian Telecom worth Dhs900m.

    First Gulf Bank fell by 6.5% despite a recommendation from Global setting its price at Dhs24.10. The bank has also announced that it has no direct dealings with Lehman Brothers which would damage its profits in any way.

    Kuwait's KFH falls by maximum limit

    Kuwait stock exchange failed to stay above the 13.000 mark, after falling for the second day amid weak trading of less than KD100m compared to KD200m on Sunday.

    The pressure came from all listed shares, except insurance which rose slightly, while Kuwait Finance House fell by the maximum limit, Agility lost 3.5% despite winning a KD3.2m contract from the Kuwait Oil Company and Zain fell by 3.6%.

    Doha: The Gulf's only winner

    Doha managed to rise slightly following support from Industries Qatar and QNB which rose by 1.5% and 0.10% respectively.

    Commercial Bank fell by 3.9%, Al Rayan 2.5%, QIB 0.56% and QIB 0.54%.
    Barwa real estate rose by 1.1% after the company announced that it will increase its capital through its partnership with Kempenski Hotels and set up a chain of hotels in the Middle East under the name Shatha.

    Muscat: Muscat Bank says no impact following Lehman bankruptcy

    The Muscat market witnessed a profit gaining wave after two sessions with pressure coming mainly from three leading shares; Gulfar, Muscat bank and Omantel which fell by 4%, 3% and 0.30% respectively.

    The three shares dominated 45% of the total trading which reached OR10m and 17.5m shares.

    Muscat bank announced that it hasn't been affected by the collapse of Lehman Brothers and the sale of Merrill Lynch. It did announce that it was expecting that its annual profits would fall by 20%.

    On the other hand, Al Anwar Holding rose by 7.9%.

    Bahrain: Bahrain National Bank increases capital

    Bahrain stock market failed to stay above 2.500 benchmark after extensive selling on leading shares, except Al Salam Bank which rose by 0.50%.

    The decline was led by GFH which fell by 7.7%, Ithmaar 3.2% and Bahrain National Bank by 2.8% despite an announcement that it has increased its capital by issuing 129.6 million shares priced at 645 fils.
    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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