24 July 2007
Three out of six traded bourses in the GCC closed on an affirmative note yesterday. Investors lapped up shares in Qatar taking it up nearly 1 per cent, as some second quarter (Q2) corporate results met expectations. Saudi stood next, while Kuwait ticked higher. Elsewhere, bears tightened their grip on the twin UAE bourses as nervous investors remained anxious about pending releases; Bahrain ended the day with a negative tinge. Meanwhile, Oman was closed on the occasion of Renaissance Day.
Bahrain
Weighed down by losses in the hotels, investment and service sectors, the Bahraini bourse ended flat with a negative bias. Bahrain Car Parking tumbled 7 per cent and Utd Gulf Bank pared 1 per cent, despite reporting a 130 per cent surge in 2Q net profits. On the other hand, the banking and insurance sectors trekked north. Esterad Invt added 2 per cent, while Gen Trdg & Food was up 1 per cent.
Kuwait
Buying support in the latter part of the day helped the Kuwaiti market to recover from mid-day sell-offs and close a shade above the fence, regaining its place in the green. Sector-wise, there were an equal number of advancers and decliners. Services sector was the frontrunner with a gain of 105 points, and banking was the worst hit, down 76 points. Hasibat Holding surged 8 per cent and Kuwait Process Plant Const ascended 7 per cent. On the flip side, Jeezan Real Estate dived 9 per cent, while IFA Hotels shed 8 per cent.
Saudi
Broad-based buying helped the TASI to re-enter the race, by adding 45 points to close at 7,437, after a brief sojourn in the red in the previous session. The electrical and insurance sectors posted respectable gains of around 2 per cent each. Debutante Saudi Fransi Ins sky-rocketed 998 per cent, while both Sanad Ins and Malath Ins surged 10 per cent. Conversely, SABB Takaful declined 5 per cent and Al-Jouff Agri Devt lost 4 per cent. Meanwhile, out of the 97 symbols traded today, 65 moved north, 16 travelled south, and 16 remained unchanged.
Qatar
Fuelled by healthy gains in the industrial (+153 points) and banking sectors (+112 points), the Qatari index closed gaining nearly 1 per cent. Services was the lone loser. After reporting net profits of QAR 2.5 billion in 1H07, index heavyweight, Industries Qatar gained 3 per cent. Riding similarly on the back of first-half net profits, Masraf Al-Rayan Bank scaled 5 per cent. On the negative side, Q-Tel and Qat Tech Insp trimmed between 2 per cent and 1 per cent.
Dubai
Unable to overcome a strong wave of late selling, the Dubai Financial Market Index remained submerged in the red for the sixth straight day. Most of the sectors ended as losers, with utilities and investment easing around 1 per cent each. Arab Ins Group wiped out 6%, while both Amlak Fin and DFM Co. deleted 3%. On the brighter side, Insurance and Telecom were the only survivors, with Islamic Arab Ins adding 1%, and both du and Dubai Islamic Ins ticking higher. The advance-decline ratio stood at 4:11.
Abu Dhabi
As investors exited stocks in a majority of the sectors, the Abu Dhabi market closed nearly 1% down. The Energy and Real Estate sectors suffered the most, shedding around 2% each. UAQ Cem plunged 9%, while AD Ship Buldg and Al Ain Al Ahlia Ins plummeted 8% and 6%, respectively.
Three out of six traded bourses in the GCC closed on an affirmative note yesterday. Investors lapped up shares in Qatar taking it up nearly 1 per cent, as some second quarter (Q2) corporate results met expectations. Saudi stood next, while Kuwait ticked higher. Elsewhere, bears tightened their grip on the twin UAE bourses as nervous investors remained anxious about pending releases; Bahrain ended the day with a negative tinge. Meanwhile, Oman was closed on the occasion of Renaissance Day.
Bahrain
Weighed down by losses in the hotels, investment and service sectors, the Bahraini bourse ended flat with a negative bias. Bahrain Car Parking tumbled 7 per cent and Utd Gulf Bank pared 1 per cent, despite reporting a 130 per cent surge in 2Q net profits. On the other hand, the banking and insurance sectors trekked north. Esterad Invt added 2 per cent, while Gen Trdg & Food was up 1 per cent.
Kuwait
Buying support in the latter part of the day helped the Kuwaiti market to recover from mid-day sell-offs and close a shade above the fence, regaining its place in the green. Sector-wise, there were an equal number of advancers and decliners. Services sector was the frontrunner with a gain of 105 points, and banking was the worst hit, down 76 points. Hasibat Holding surged 8 per cent and Kuwait Process Plant Const ascended 7 per cent. On the flip side, Jeezan Real Estate dived 9 per cent, while IFA Hotels shed 8 per cent.
Saudi
Broad-based buying helped the TASI to re-enter the race, by adding 45 points to close at 7,437, after a brief sojourn in the red in the previous session. The electrical and insurance sectors posted respectable gains of around 2 per cent each. Debutante Saudi Fransi Ins sky-rocketed 998 per cent, while both Sanad Ins and Malath Ins surged 10 per cent. Conversely, SABB Takaful declined 5 per cent and Al-Jouff Agri Devt lost 4 per cent. Meanwhile, out of the 97 symbols traded today, 65 moved north, 16 travelled south, and 16 remained unchanged.
Qatar
Fuelled by healthy gains in the industrial (+153 points) and banking sectors (+112 points), the Qatari index closed gaining nearly 1 per cent. Services was the lone loser. After reporting net profits of QAR 2.5 billion in 1H07, index heavyweight, Industries Qatar gained 3 per cent. Riding similarly on the back of first-half net profits, Masraf Al-Rayan Bank scaled 5 per cent. On the negative side, Q-Tel and Qat Tech Insp trimmed between 2 per cent and 1 per cent.
Dubai
Unable to overcome a strong wave of late selling, the Dubai Financial Market Index remained submerged in the red for the sixth straight day. Most of the sectors ended as losers, with utilities and investment easing around 1 per cent each. Arab Ins Group wiped out 6%, while both Amlak Fin and DFM Co. deleted 3%. On the brighter side, Insurance and Telecom were the only survivors, with Islamic Arab Ins adding 1%, and both du and Dubai Islamic Ins ticking higher. The advance-decline ratio stood at 4:11.
Abu Dhabi
As investors exited stocks in a majority of the sectors, the Abu Dhabi market closed nearly 1% down. The Energy and Real Estate sectors suffered the most, shedding around 2% each. UAQ Cem plunged 9%, while AD Ship Buldg and Al Ain Al Ahlia Ins plummeted 8% and 6%, respectively.
© Bahrain Tribune 2007
