Dec 26 2011 |
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New DFM 7-year low
By Muzaffar Rizvi DUBAI - Gulf stock markets on Sunday closed mixed, with Dubai hitting a fresh seven-year low in muted trade as foreign investors remained on the sidelines due to the international holiday season.Traders said investors remained cautious on global news flow. They reckon fourth-quarter earnings and dividends will be the main catalysts in the new year.
The Dubai Financial Market 's General Index fell 0.82 per cent to 1,328.07 points, its lowest close since June 2004. The volumes hit two-week low to 34.10 million shares yesterday. Abu Dhabi closed near-flat at 2350.28 points.
"The banking sector is still very high-yield dividend compared to the rest of the region, which keeps the interest of institutional and regional players," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.
Aldar Properties rose 2.4 per cent, up for a second session from last week's record low, when traders dumped the stock on talk that the company would delist its shares. The company's deputy CEO dismissed the speculation as rumours last week.
Doha's benchmark index edged up 0.4 per cent to 8,816.02 points, held down by a strong resistance level of 8,819 points. Its year-to-date gains rose to 1.5 per cent.
Qatar National Bank gained 1.2 per cent, Qatar Islamic Bank rose 1.1 per cent and Masraf Al Rayan climbed 0.7 per cent. Industries Qatar rose 0.5 per cent after its wholly owned subsidiary Qatar Steel said it has secured a $250 million subordinated loan facility from two banks to finance expansion.
Egyptian stocks advanced the most in almost four weeks after weekend protests against the military's rule were peaceful and the bourse said competing political parties will open today's trading session.
The benchmark EGX 30 Index jumped 1.9 per cent, the biggest advance this month, to 3,683.66 points.
Elsewhere, Kuwait ended 0.14 per cent up at 5,802.50 points and Oman rose 0.24 per cent to 5,649.10 points. Saudi Arabia's Tadawul All Share Index fell 0.03 per cent to 6,382.33 points and Bahrain's benchmark dropped to 1,133.21 points.
© Khaleej Times 2011
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