20 October 2008
Snapping a two-day downward rally, most GCC bourses rebounded smartly yesterday, boosted by some strong third-quarter earnings. After plunging 6.5% during the last two trading sessions, Abu Dhabi emerged as the day's biggest gainer on robust buying in key sectors; Qatar and Bahrain also made a respectable come-back. Elsewhere, Saudi shed 4%; worries over global financial crisis will take its toll on earnings of local financial firms, saw Kuwait and Oman lose further ground.
Bahrain
Beating back losses across traded sectors, banking (87 points) single-handedly propelled Bahrain back into the black. Closing at the day's peak of USD0.910, Ahli Untd Bk spearheaded the advancers; Bah Cinema gained 3% and Bah Duty Free Shop Complex moved up 0.5%. Ironically, sellers outpaced buyers in an A/D ratio of 3:7 - both Gulf Fin House and Gulf Hotel Grp receded around 5%.
Oman
The MSM Index slumped to an intraday low of 7,151 (-98 points), before decent buying in banking and services sectors minimised its day's losses to 0.35%. The industry sector shed nearly 2% as Raysut Cem eroded 6%. Untd Ins crumbled 5% after it posted a 27% decline in its 9M profits. Meanwhile, most of the biggies showed some respite - Omantel rose 3%, Oman Intl Bk added 2%, and Galfar inched up 1%.
Kuwait
Rampant selling across sectors smacked-down the Kuwaiti bourse by 310 points - the market closed in the red for the sixth straight-session. The services (-579 points) sector continued to reel under massive sell-offs - Zain (-7%) plummeted 100 fils and Agility dropped 5%. Nonetheless, Al Safat Invt profited 5% and Kuw RE climbed 4%.
Saudi Arabia
With investors deciding to cash in on recent gains, Saudi witnessed an extended profit-booking session, closing 4% lower. All the sectors retreated with Petrochem (-7%) being the hardest hit - market bellwether Sabic spilled 9%, depressed by a 2% fall in its 3Q08 earnings; Arabian Pipes plunged 10%. on a brighter note, 35 symbols closed positively - Trade Union Ins swelled 10%.
Qatar
Recovering partially from past few sessions' despair, Qatar (1.3%) logged in handsome profits on a fresh bout of buying in key sectors. The banking sector ascended 157 points as Masraf Al-Rayan grew 2%; Ind Qat, Qat Nat Cem, and Qtel all garnered 2%. On the other hand, Qat General Ins (-10%), Doha Ins (-9%), and Qat Ins (-9%) all lost out.
Dubai
Day long fluctuations saw Dubai oscillate nearly 170 points - the market (up 0.37%) finally finished on a winning note as most heavyweights gathered decent gains. The Financial (+124 points) sector headed the advancers as Gulf Gen Invt (+9%) capitalised on its 9M profits; Emaar inched up 1% and Ajman Bk climbed 6%. In contrast, Shuaa Capital shed 8% after reporting a first-half loss of AED 371.1 million.
Abu Dhabi
Supported by sturdy gains in banking, telecom, and energy sectors, Abu Dhabi accumulated over 2% to finish above the 3,400 mark. AD Comml Bk (8%), Nat Bk of AD (6%), Taqa (8%), all celebrated; investors thronged Etisalat (4%) after it declared a 19% surge in its third-quarter earnings. However, the Industrial sector languished 5% as AD Ship Buldg fell to the floor of 10%; AD Aviation crashed 8%.
Snapping a two-day downward rally, most GCC bourses rebounded smartly yesterday, boosted by some strong third-quarter earnings. After plunging 6.5% during the last two trading sessions, Abu Dhabi emerged as the day's biggest gainer on robust buying in key sectors; Qatar and Bahrain also made a respectable come-back. Elsewhere, Saudi shed 4%; worries over global financial crisis will take its toll on earnings of local financial firms, saw Kuwait and Oman lose further ground.
Bahrain
Beating back losses across traded sectors, banking (87 points) single-handedly propelled Bahrain back into the black. Closing at the day's peak of USD0.910, Ahli Untd Bk spearheaded the advancers; Bah Cinema gained 3% and Bah Duty Free Shop Complex moved up 0.5%. Ironically, sellers outpaced buyers in an A/D ratio of 3:7 - both Gulf Fin House and Gulf Hotel Grp receded around 5%.
Oman
The MSM Index slumped to an intraday low of 7,151 (-98 points), before decent buying in banking and services sectors minimised its day's losses to 0.35%. The industry sector shed nearly 2% as Raysut Cem eroded 6%. Untd Ins crumbled 5% after it posted a 27% decline in its 9M profits. Meanwhile, most of the biggies showed some respite - Omantel rose 3%, Oman Intl Bk added 2%, and Galfar inched up 1%.
Kuwait
Rampant selling across sectors smacked-down the Kuwaiti bourse by 310 points - the market closed in the red for the sixth straight-session. The services (-579 points) sector continued to reel under massive sell-offs - Zain (-7%) plummeted 100 fils and Agility dropped 5%. Nonetheless, Al Safat Invt profited 5% and Kuw RE climbed 4%.
Saudi Arabia
With investors deciding to cash in on recent gains, Saudi witnessed an extended profit-booking session, closing 4% lower. All the sectors retreated with Petrochem (-7%) being the hardest hit - market bellwether Sabic spilled 9%, depressed by a 2% fall in its 3Q08 earnings; Arabian Pipes plunged 10%. on a brighter note, 35 symbols closed positively - Trade Union Ins swelled 10%.
Qatar
Recovering partially from past few sessions' despair, Qatar (1.3%) logged in handsome profits on a fresh bout of buying in key sectors. The banking sector ascended 157 points as Masraf Al-Rayan grew 2%; Ind Qat, Qat Nat Cem, and Qtel all garnered 2%. On the other hand, Qat General Ins (-10%), Doha Ins (-9%), and Qat Ins (-9%) all lost out.
Dubai
Day long fluctuations saw Dubai oscillate nearly 170 points - the market (up 0.37%) finally finished on a winning note as most heavyweights gathered decent gains. The Financial (+124 points) sector headed the advancers as Gulf Gen Invt (+9%) capitalised on its 9M profits; Emaar inched up 1% and Ajman Bk climbed 6%. In contrast, Shuaa Capital shed 8% after reporting a first-half loss of AED 371.1 million.
Abu Dhabi
Supported by sturdy gains in banking, telecom, and energy sectors, Abu Dhabi accumulated over 2% to finish above the 3,400 mark. AD Comml Bk (8%), Nat Bk of AD (6%), Taqa (8%), all celebrated; investors thronged Etisalat (4%) after it declared a 19% surge in its third-quarter earnings. However, the Industrial sector languished 5% as AD Ship Buldg fell to the floor of 10%; AD Aviation crashed 8%.
Snapping a two-day downward rally, most GCC bourses rebounded smartly yesterday, boosted by some strong third-quarter earnings. After plunging 6.5% during the last two trading sessions, Abu Dhabi emerged as the day's biggest gainer on robust buying in key sectors; Qatar and Bahrain also made a respectable come-back. Elsewhere, Saudi shed 4%; worries over global financial crisis will take its toll on earnings of local financial firms, saw Kuwait and Oman lose further ground.
Bahrain
Beating back losses across traded sectors, banking (87 points) single-handedly propelled Bahrain back into the black. Closing at the day's peak of USD0.910, Ahli Untd Bk spearheaded the advancers; Bah Cinema gained 3% and Bah Duty Free Shop Complex moved up 0.5%. Ironically, sellers outpaced buyers in an A/D ratio of 3:7 - both Gulf Fin House and Gulf Hotel Grp receded around 5%.
Oman
The MSM Index slumped to an intraday low of 7,151 (-98 points), before decent buying in banking and services sectors minimised its day's losses to 0.35%. The industry sector shed nearly 2% as Raysut Cem eroded 6%. Untd Ins crumbled 5% after it posted a 27% decline in its 9M profits. Meanwhile, most of the biggies showed some respite - Omantel rose 3%, Oman Intl Bk added 2%, and Galfar inched up 1%.
Kuwait
Rampant selling across sectors smacked-down the Kuwaiti bourse by 310 points - the market closed in the red for the sixth straight-session. The services (-579 points) sector continued to reel under massive sell-offs - Zain (-7%) plummeted 100 fils and Agility dropped 5%. Nonetheless, Al Safat Invt profited 5% and Kuw RE climbed 4%.
Saudi Arabia
With investors deciding to cash in on recent gains, Saudi witnessed an extended profit-booking session, closing 4% lower. All the sectors retreated with Petrochem (-7%) being the hardest hit - market bellwether Sabic spilled 9%, depressed by a 2% fall in its 3Q08 earnings; Arabian Pipes plunged 10%. on a brighter note, 35 symbols closed positively - Trade Union Ins swelled 10%.
Qatar
Recovering partially from past few sessions' despair, Qatar (1.3%) logged in handsome profits on a fresh bout of buying in key sectors. The banking sector ascended 157 points as Masraf Al-Rayan grew 2%; Ind Qat, Qat Nat Cem, and Qtel all garnered 2%. On the other hand, Qat General Ins (-10%), Doha Ins (-9%), and Qat Ins (-9%) all lost out.
Dubai
Day long fluctuations saw Dubai oscillate nearly 170 points - the market (up 0.37%) finally finished on a winning note as most heavyweights gathered decent gains. The Financial (+124 points) sector headed the advancers as Gulf Gen Invt (+9%) capitalised on its 9M profits; Emaar inched up 1% and Ajman Bk climbed 6%. In contrast, Shuaa Capital shed 8% after reporting a first-half loss of AED 371.1 million.
Abu Dhabi
Supported by sturdy gains in banking, telecom, and energy sectors, Abu Dhabi accumulated over 2% to finish above the 3,400 mark. AD Comml Bk (8%), Nat Bk of AD (6%), Taqa (8%), all celebrated; investors thronged Etisalat (4%) after it declared a 19% surge in its third-quarter earnings. However, the Industrial sector languished 5% as AD Ship Buldg fell to the floor of 10%; AD Aviation crashed 8%.
Snapping a two-day downward rally, most GCC bourses rebounded smartly yesterday, boosted by some strong third-quarter earnings. After plunging 6.5% during the last two trading sessions, Abu Dhabi emerged as the day's biggest gainer on robust buying in key sectors; Qatar and Bahrain also made a respectable come-back. Elsewhere, Saudi shed 4%; worries over global financial crisis will take its toll on earnings of local financial firms, saw Kuwait and Oman lose further ground.
Bahrain
Beating back losses across traded sectors, banking (87 points) single-handedly propelled Bahrain back into the black. Closing at the day's peak of USD0.910, Ahli Untd Bk spearheaded the advancers; Bah Cinema gained 3% and Bah Duty Free Shop Complex moved up 0.5%. Ironically, sellers outpaced buyers in an A/D ratio of 3:7 - both Gulf Fin House and Gulf Hotel Grp receded around 5%.
Oman
The MSM Index slumped to an intraday low of 7,151 (-98 points), before decent buying in banking and services sectors minimised its day's losses to 0.35%. The industry sector shed nearly 2% as Raysut Cem eroded 6%. Untd Ins crumbled 5% after it posted a 27% decline in its 9M profits. Meanwhile, most of the biggies showed some respite - Omantel rose 3%, Oman Intl Bk added 2%, and Galfar inched up 1%.
Kuwait
Rampant selling across sectors smacked-down the Kuwaiti bourse by 310 points - the market closed in the red for the sixth straight-session. The services (-579 points) sector continued to reel under massive sell-offs - Zain (-7%) plummeted 100 fils and Agility dropped 5%. Nonetheless, Al Safat Invt profited 5% and Kuw RE climbed 4%.
Saudi Arabia
With investors deciding to cash in on recent gains, Saudi witnessed an extended profit-booking session, closing 4% lower. All the sectors retreated with Petrochem (-7%) being the hardest hit - market bellwether Sabic spilled 9%, depressed by a 2% fall in its 3Q08 earnings; Arabian Pipes plunged 10%. on a brighter note, 35 symbols closed positively - Trade Union Ins swelled 10%.
Qatar
Recovering partially from past few sessions' despair, Qatar (1.3%) logged in handsome profits on a fresh bout of buying in key sectors. The banking sector ascended 157 points as Masraf Al-Rayan grew 2%; Ind Qat, Qat Nat Cem, and Qtel all garnered 2%. On the other hand, Qat General Ins (-10%), Doha Ins (-9%), and Qat Ins (-9%) all lost out.
Dubai
Day long fluctuations saw Dubai oscillate nearly 170 points - the market (up 0.37%) finally finished on a winning note as most heavyweights gathered decent gains. The Financial (+124 points) sector headed the advancers as Gulf Gen Invt (+9%) capitalised on its 9M profits; Emaar inched up 1% and Ajman Bk climbed 6%. In contrast, Shuaa Capital shed 8% after reporting a first-half loss of AED 371.1 million.
Abu Dhabi
Supported by sturdy gains in banking, telecom, and energy sectors, Abu Dhabi accumulated over 2% to finish above the 3,400 mark. AD Comml Bk (8%), Nat Bk of AD (6%), Taqa (8%), all celebrated; investors thronged Etisalat (4%) after it declared a 19% surge in its third-quarter earnings. However, the Industrial sector languished 5% as AD Ship Buldg fell to the floor of 10%; AD Aviation crashed 8%.
© Bahrain Tribune 2008
