07 March 2007
Most of the GCC markets closed little changed from previous closures yesterday. Dubai provided for the most significant movement collapsing 1 per cent as it prepared for self listing - its 50th. While the political climate in Kuwait stabilised, the market ended just flat, similar to that of Saudi. Bahrain was the lone market to buck the overall dullness, closing fractionally up.
Bahrain
Gains in the Investment sector helped Bahrain nudge higher, beating back losses in Service and Banking. Interestingly, both the Bahraini Saudi Bank and Untd Gulf Bank gained around 4 per cent. Meanwhile, Al Salam Bank, the most traded share with a volume of 0.6 million topped the losers' chart, deleting 3 per cent. Esterad Invt dropped over 1 per cent.
Oman
As Omanis turned net sellers and all the sectors coasted into the red, the broader MSM Index dipped marginally. The market breadth was largely negative as the advance-decline ratio stood at 0.39. Al Ahlia Detergent lost its sheen giving away 11 per cent , while yesterday's top performer Sohar Bank pared 3 per cent. The share was the most actively traded with a volume of 2.4 million. Contrastingly, Nat Aluminium rose over 2 per cent and Global Invt added 1 per cent.
Kuwait
After lurking in negative terrain for a greater part of the day, the KSE Index recovered some of its losses, however it ended down flat. Sectors closed mixed - Services lost 60 points, while Investment gained 54. Transport & Warehousing and Portland Cement crumbled around 8 per cent each. Elsewhere, news of Kipco's sale of its stake in United Projects propped the share up over 6 per cent. Ajial Real Estate Entertainment jumped 7 per cent.
Saudi
A highly volatile Tadawul ended flat, with the sectors providing a mixed bag of performances. While Banking led the losers, Electrical surged a massive 9 per cent. Profit taking tugged down Filing & Packing Materials which descended 7 per cent ; Saudi Arabia Refineries slipped 5 per cent. Nevertheless, Nat Agri Devt and Saudi Real Estate zoomed nearly 10 per cent each.
Qatar
Qatar closed below the fence for the third consecutive day stifled by substantial losses in the Banking and Services sectors. Qtel's 25 per cent acquisition of Singapore-based Asia Mobile Holdings was not welcomed by investors and the stock dropped about 3 per cent. Profit booking sank Q-Ship by 2 per cent. Nonetheless, the Insurance and Industrial sectors gained good ground. Both, Nat Leasing and Qat Flour Mills ascended 3 per cent.
Dubai
With investors booking smart gains, the DFM's brief sojourn in the green was interrupted. All the sectoral indices took a beating with Transport being the worst casualty. Islamic Arab Ins ruled the volume and losers' charts sinking 8 per cent on a turnover of 85 million. Amlak's Egyptian venture failed to entice investors, collapsing over 5 per cent. Conversely, Comm Bk of Dubai and Nat Bk of Dubai comprised the gainers' list.
Abu Dhabi
Broad based selling dragged the Abu Dhabi market below the centreline, closing at its lowest mark for the day. The Consumer sector suffered the most, while profits were seen in Construction and Banking. Untd Ins cropped 9 per cent and Abu Dhabi Nat Takaful shed 5 per cent. On a brighter note, Al Dhafra Ins and Gulf Cement firmed around 5 per cent each.
Most of the GCC markets closed little changed from previous closures yesterday. Dubai provided for the most significant movement collapsing 1 per cent as it prepared for self listing - its 50th. While the political climate in Kuwait stabilised, the market ended just flat, similar to that of Saudi. Bahrain was the lone market to buck the overall dullness, closing fractionally up.
Bahrain
Gains in the Investment sector helped Bahrain nudge higher, beating back losses in Service and Banking. Interestingly, both the Bahraini Saudi Bank and Untd Gulf Bank gained around 4 per cent. Meanwhile, Al Salam Bank, the most traded share with a volume of 0.6 million topped the losers' chart, deleting 3 per cent. Esterad Invt dropped over 1 per cent.
Oman
As Omanis turned net sellers and all the sectors coasted into the red, the broader MSM Index dipped marginally. The market breadth was largely negative as the advance-decline ratio stood at 0.39. Al Ahlia Detergent lost its sheen giving away 11 per cent , while yesterday's top performer Sohar Bank pared 3 per cent. The share was the most actively traded with a volume of 2.4 million. Contrastingly, Nat Aluminium rose over 2 per cent and Global Invt added 1 per cent.
Kuwait
After lurking in negative terrain for a greater part of the day, the KSE Index recovered some of its losses, however it ended down flat. Sectors closed mixed - Services lost 60 points, while Investment gained 54. Transport & Warehousing and Portland Cement crumbled around 8 per cent each. Elsewhere, news of Kipco's sale of its stake in United Projects propped the share up over 6 per cent. Ajial Real Estate Entertainment jumped 7 per cent.
Saudi
A highly volatile Tadawul ended flat, with the sectors providing a mixed bag of performances. While Banking led the losers, Electrical surged a massive 9 per cent. Profit taking tugged down Filing & Packing Materials which descended 7 per cent ; Saudi Arabia Refineries slipped 5 per cent. Nevertheless, Nat Agri Devt and Saudi Real Estate zoomed nearly 10 per cent each.
Qatar
Qatar closed below the fence for the third consecutive day stifled by substantial losses in the Banking and Services sectors. Qtel's 25 per cent acquisition of Singapore-based Asia Mobile Holdings was not welcomed by investors and the stock dropped about 3 per cent. Profit booking sank Q-Ship by 2 per cent. Nonetheless, the Insurance and Industrial sectors gained good ground. Both, Nat Leasing and Qat Flour Mills ascended 3 per cent.
Dubai
With investors booking smart gains, the DFM's brief sojourn in the green was interrupted. All the sectoral indices took a beating with Transport being the worst casualty. Islamic Arab Ins ruled the volume and losers' charts sinking 8 per cent on a turnover of 85 million. Amlak's Egyptian venture failed to entice investors, collapsing over 5 per cent. Conversely, Comm Bk of Dubai and Nat Bk of Dubai comprised the gainers' list.
Abu Dhabi
Broad based selling dragged the Abu Dhabi market below the centreline, closing at its lowest mark for the day. The Consumer sector suffered the most, while profits were seen in Construction and Banking. Untd Ins cropped 9 per cent and Abu Dhabi Nat Takaful shed 5 per cent. On a brighter note, Al Dhafra Ins and Gulf Cement firmed around 5 per cent each.
© Bahrain Tribune 2007
