UAE's weekly losses total Dhs37.6bn
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UAE's weekly losses total Dhs37.6bn

UAE's weekly losses total Dhs37.6bn

Gulf financial markets declined sharply today, except Muscat, which closed 0.33% up by the end of the week. UAE shares have lost Dhs37.6bn after its general index fell by 4.6% with an overall decline of 8% since the beginning of the year. The Abu Dhabi market topped Gulf markets' decline, falling 5%, followed by Doha 4.2%, the Dubai Financial Market (DFM) 3.4%, the Kuwait Stock Exchange (KSE) 1.4% and Bahrain 0.14%.

    Gulf markets had mixed results today, with the Abu Dhabi Securities Exchange continuing its upward trend, rising 1.6%, joined by Muscat (up 0.56%), the KSE (up 1.3%) and Bahrain (up 1.4%), while the DFM and Doha fell by 1.15% and 0.61% respectively.

    UAE: 4.6% weekly decline

    According to market's authority, the general index fell by 4.6% with a market value of Dhs781.7bn compared to Dhs819.4bn last week.

    The weekly trading value reached Dhs7.8bn, including Dhs4.9bn for Dubai market compare to Dhs3.8bn for ADX.

    AlDar properties topped the most active list with trading value of Dhs1.5bn, but came third in most declined list down 11.7% after Emirates Driving which fell by 18.4% and Arabtec by 12.2%.

    Dubai: Emaar falls to new record low

    Emaar shares led the decline at Dubai Financial Market after falling by 1.8% to Dhs9.66 which adversely affected the market which witnessed the decline of 22 listed firms compare to four rising firms.

    Abu Dhabi: Keeps its upward trend

    ADX managed to keep its upward trend with trading value up to Dhs1.1bn including two thirds for Methaq and Sorouh which rose up by 4.8%, AlDar 3.6% to Dhs10.20.

    Kuwait: Late but strong rebound

    KSE rebounded up strongly by 1.3% after support from all sectors including banks and services, while trading value improved to reach KD100m.

    AlSafah International regained much of it's losses after rising by 7.8%.
    Network Holding posted losses of KD0.5m compared to profits of KD0.7m while the Investors Group profit fell to KD7.1m from KD9m.

    Muscat: Keeps its upward trend

    Muscat market kept its upward trend with support from Muscat Bank which rose by 3%, while Omantel shares fell by 0.25% despite trading OR2.6m out of total trading of OR12m.

    ONC Holding share rose by 1.5% after the company announced that its H1 profits stabilized at OR7.5m.

    Bahrain: Up after GFH rebound

    Bahrain's market rose strongly by 1.4% after Gulf Finance House rebounded up by 6% and Ithmaar 2.8% after the bank posted 115% increase in H1 profits.

    Al Saif Rel Estate traded 3.9m shares out of total shares of 5.4m worth BD1.6m.

    Doha: Barwa brings the market down

    Doha market fell today after two days of rise after pressure came from banks, services and real estate sectors including Barwa which fell by 4.9% despite 38.4% increase in H1 profits.

    The decline in share value is attributed by analysts to its unconvincing Q2 profits, which pushed small traders to start selling the share.

    Medical Welfare share rose by 1.55% after the company posted 75.8% increase in H1 at QR24.8m from QR14.1m last year.

    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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