20 June 2007
Local factors drove the GCC markets yesterday as investors took time off to asses their positions ahead of the release of semi-annual numbers. Oman and Kuwait dipped lower, even as Qatar continued to languish in the red for the fifth consecutive day. Meanwhile, Saudi gained over 2 per cent and both the UAE markets ended in the green.
Bahrain
Supported by modest gains in the Investment and Banking sectors, the Bahraini index retained its place in the sun, adding nearly 1 per cent and closing at 2,382. Arab Banking Corp. ascended 5 per cent and Gulf Fin House improved 3 per cent. However, slight losses depressed the Services sector. Esterad Invt and Nass Corp. dipped between 2 per cent and 1 per cent.
Oman
Oman succumbed to selling pressures for the second straight day as investors sold indiscriminately across sectors; the market fell around 1 per cent. The Industry sector led the downhill drive, slipping nearly 1 per cent. Both Muscat Gases and Oman Refreshment deleted 4 per cent each. On the other hand, Finl Ser and Al Sharqia Invt climbed 2 per cent each.
Kuwait
The six-session rally in Kuwait was halted today as investors pocketed gains; the market ended in negative terrain losing 37 points. The Investment and Banking sectors descended 1 per cent each, even as Food gained over 1 per cent. Untd Projects and Intl Invt Projects shed between 5 per cent and 4 per cent, while Al-Mal Invt scaled 6 per cent and Ajial Real Estate Entertainment jumped 5 per cent.
Saudi
The Tadawul Index scaled 168 points or over 2 per cent on all-around buying enthusiasm. Save for Electrical, all the sectors ended on a high. Agri harvested over 7 per cent and Services soared 4 per cent. A host of stocks ran close to the ceiling at 10 per cent, with Eastern Agri and Saudi IAIC Ins at the vanguard. Of the 90 traded shares, only Saudi Electricity short circuited 2 per cent.
Qatar
Trading in Qatar remained desultory amidst mixed performing sectors, as the market ended just a shade below the fence. While Industrial and Banking moved further south, Services and Insurance ticked higher. Qat Cinema and Qat Flour Mills lost 5 per cent and 3 per cent, respectively on thin volumes. Interestingly advancers outpaced decliners 19:13. After losing 5 per cent and 4 per cent respectively, in the previous session, Gulf Warehousing and Gulf Cement gained around 5 per cent and 3 per cent today.
Dubai
On a tumultuous rollercoaster ride, Dubai swung 50 points in intra-day trading to end the day up 18 points. Buying in blue chips lent support to the DFM Index with Emaar and Dubai Islamic Bank hopping 1 per cent each. All the traded sectors closed positively led by 1 per cent gain in Financial. Dubai Islamic Ins soared 7 per cent. Meanwhile, Global Invt House and Nat Bk of Dubai crumbled 6 per cent and 2 per cent, respectively.
Abu Dhabi
Healthy buying in the Industrial (+3 per cent), Health Care (+2 per cent) and Banking (+1 per cent) sectors stemmed a two-day decline of the ADSM Index. Emirates Food Stuff and Fin House gathered between 7 per cent and 6 per cent. However, losses beat down the Consumer, Construction and Insurance sectors. Both, Untd Arab Bank and Nat Corp for Tourism plummeted 10 per cent.
Local factors drove the GCC markets yesterday as investors took time off to asses their positions ahead of the release of semi-annual numbers. Oman and Kuwait dipped lower, even as Qatar continued to languish in the red for the fifth consecutive day. Meanwhile, Saudi gained over 2 per cent and both the UAE markets ended in the green.
Bahrain
Supported by modest gains in the Investment and Banking sectors, the Bahraini index retained its place in the sun, adding nearly 1 per cent and closing at 2,382. Arab Banking Corp. ascended 5 per cent and Gulf Fin House improved 3 per cent. However, slight losses depressed the Services sector. Esterad Invt and Nass Corp. dipped between 2 per cent and 1 per cent.
Oman
Oman succumbed to selling pressures for the second straight day as investors sold indiscriminately across sectors; the market fell around 1 per cent. The Industry sector led the downhill drive, slipping nearly 1 per cent. Both Muscat Gases and Oman Refreshment deleted 4 per cent each. On the other hand, Finl Ser and Al Sharqia Invt climbed 2 per cent each.
Kuwait
The six-session rally in Kuwait was halted today as investors pocketed gains; the market ended in negative terrain losing 37 points. The Investment and Banking sectors descended 1 per cent each, even as Food gained over 1 per cent. Untd Projects and Intl Invt Projects shed between 5 per cent and 4 per cent, while Al-Mal Invt scaled 6 per cent and Ajial Real Estate Entertainment jumped 5 per cent.
Saudi
The Tadawul Index scaled 168 points or over 2 per cent on all-around buying enthusiasm. Save for Electrical, all the sectors ended on a high. Agri harvested over 7 per cent and Services soared 4 per cent. A host of stocks ran close to the ceiling at 10 per cent, with Eastern Agri and Saudi IAIC Ins at the vanguard. Of the 90 traded shares, only Saudi Electricity short circuited 2 per cent.
Qatar
Trading in Qatar remained desultory amidst mixed performing sectors, as the market ended just a shade below the fence. While Industrial and Banking moved further south, Services and Insurance ticked higher. Qat Cinema and Qat Flour Mills lost 5 per cent and 3 per cent, respectively on thin volumes. Interestingly advancers outpaced decliners 19:13. After losing 5 per cent and 4 per cent respectively, in the previous session, Gulf Warehousing and Gulf Cement gained around 5 per cent and 3 per cent today.
Dubai
On a tumultuous rollercoaster ride, Dubai swung 50 points in intra-day trading to end the day up 18 points. Buying in blue chips lent support to the DFM Index with Emaar and Dubai Islamic Bank hopping 1 per cent each. All the traded sectors closed positively led by 1 per cent gain in Financial. Dubai Islamic Ins soared 7 per cent. Meanwhile, Global Invt House and Nat Bk of Dubai crumbled 6 per cent and 2 per cent, respectively.
Abu Dhabi
Healthy buying in the Industrial (+3 per cent), Health Care (+2 per cent) and Banking (+1 per cent) sectors stemmed a two-day decline of the ADSM Index. Emirates Food Stuff and Fin House gathered between 7 per cent and 6 per cent. However, losses beat down the Consumer, Construction and Insurance sectors. Both, Untd Arab Bank and Nat Corp for Tourism plummeted 10 per cent.
© Bahrain Tribune 2007
