13 March 2007
A majority of the GCC bourses were down in the dumps yesterday, with the Saudi and UAE markets plumbing the depths of abysmal falls. The other stock markets closed lower on a hesitant note, except Kuwait, which advanced smartly on a firm footing.
Bahrain
Bahrain wilted under selling pressure, with all the sectors without exception witnessing sell-offs. Insurance was the biggest loser retreating 10 points. While Untd Gulf Ind hit its floor limit of 10 per cent at its day's low of BHD 0.09, the Bahraini Saudi Bank pared 3 per cent. Contrastingly, Tameerk and Ithmaar Bank gained 3 per cent and 1 per cent, respectively.
Oman
A mid-afternoon collapse saw Oman fall marginally, after all the sectors sank into the red. The Banking sector was the worst affected; of the 44 shares traded, 19 closed negatively and 9 moved up. Profit booking in Nat Bk of Oman and TransGulf Holding totally erased earlier gains, as both got a thorough drubbing of 3 per cent. Meanwhile, bottom fishing in Nat Pharma propped up the share 6 per cent; Global Invt also rose 1 per cent.
Kuwait
Investors in Kuwait maintained the market's three-day up climb with renewed confidence, as the KSE Index hovered just below the 10,000 level. The Services sector was the biggest benefactor of this consolidation scaling 142 points. Mushrif Trading and Al-Abraj Holding enhanced 8 per cent to their tag prices. The Insurance sector was the only casualty. Ajial Real Estate and Kuw Bah Intl Exchange surrendered 5 per cent each.
Saudi
Investors sold en masse across all sectors, towing the Tadawul Index below the centreline on a decline of nearly 2 per cent. The Agri and Electrical sectors in particular suffered from the sell-offs today, with Tabuk Agri crashing 10 per cent. Advanced Polypropylene shed over 9 per cent. Nevertheless, Tourism Enterprise and Red Sea Housing zoomed 10 per cent each.
Qatar
The Qatari bourse remained in the doldrums, ending the seventh successive day in negative territory amidst retreating volumes. Ind Qat headed the loser's list two days running, shedding 2 per cent. It was given company by Qat Intl Islamic Bank that dropped a similar percentage. On a dull outing, only the Services sector managed to stay afloat, gaining 23 points. Qat E-City won back 4 per cent, after losing a comparable figure in the last session.
Dubai
The DFM plunged to its lowest since December 5, 2006, falling 2 per cent, led by index heavyweight Emaar's 5 per cent decline on dividend disappointment. As expected, the Real Estate sector cracked over 4 per cent. Arab Ins Group sank around 10 per cent. Nonetheless, the index saw some recovery as the day progressed, thanks to a 5 per cent upsurge in the Materials sector. PWC Logistics zoomed 8 per cent and Nat Cement added 5 per cent.
Abu Dhabi
Widespread selling in a majority of the key sectors brought down the Abu Dhabi market by over 1 per cent, fuelled by a 3 per cent fall in the Energy sector. RAK White Cement crumbled 9 per cent, while Union Nat Bank lost 6 per cent. On the other hand, Insurance, Industrial and Health Care sectors were left out of the onslaught. Oman & Emirates Investment Holding Co. rose 7 per cent on dividend news and Abu Dhabi Nat Takaful climbed 6 per cent.
A majority of the GCC bourses were down in the dumps yesterday, with the Saudi and UAE markets plumbing the depths of abysmal falls. The other stock markets closed lower on a hesitant note, except Kuwait, which advanced smartly on a firm footing.
Bahrain
Bahrain wilted under selling pressure, with all the sectors without exception witnessing sell-offs. Insurance was the biggest loser retreating 10 points. While Untd Gulf Ind hit its floor limit of 10 per cent at its day's low of BHD 0.09, the Bahraini Saudi Bank pared 3 per cent. Contrastingly, Tameerk and Ithmaar Bank gained 3 per cent and 1 per cent, respectively.
Oman
A mid-afternoon collapse saw Oman fall marginally, after all the sectors sank into the red. The Banking sector was the worst affected; of the 44 shares traded, 19 closed negatively and 9 moved up. Profit booking in Nat Bk of Oman and TransGulf Holding totally erased earlier gains, as both got a thorough drubbing of 3 per cent. Meanwhile, bottom fishing in Nat Pharma propped up the share 6 per cent; Global Invt also rose 1 per cent.
Kuwait
Investors in Kuwait maintained the market's three-day up climb with renewed confidence, as the KSE Index hovered just below the 10,000 level. The Services sector was the biggest benefactor of this consolidation scaling 142 points. Mushrif Trading and Al-Abraj Holding enhanced 8 per cent to their tag prices. The Insurance sector was the only casualty. Ajial Real Estate and Kuw Bah Intl Exchange surrendered 5 per cent each.
Saudi
Investors sold en masse across all sectors, towing the Tadawul Index below the centreline on a decline of nearly 2 per cent. The Agri and Electrical sectors in particular suffered from the sell-offs today, with Tabuk Agri crashing 10 per cent. Advanced Polypropylene shed over 9 per cent. Nevertheless, Tourism Enterprise and Red Sea Housing zoomed 10 per cent each.
Qatar
The Qatari bourse remained in the doldrums, ending the seventh successive day in negative territory amidst retreating volumes. Ind Qat headed the loser's list two days running, shedding 2 per cent. It was given company by Qat Intl Islamic Bank that dropped a similar percentage. On a dull outing, only the Services sector managed to stay afloat, gaining 23 points. Qat E-City won back 4 per cent, after losing a comparable figure in the last session.
Dubai
The DFM plunged to its lowest since December 5, 2006, falling 2 per cent, led by index heavyweight Emaar's 5 per cent decline on dividend disappointment. As expected, the Real Estate sector cracked over 4 per cent. Arab Ins Group sank around 10 per cent. Nonetheless, the index saw some recovery as the day progressed, thanks to a 5 per cent upsurge in the Materials sector. PWC Logistics zoomed 8 per cent and Nat Cement added 5 per cent.
Abu Dhabi
Widespread selling in a majority of the key sectors brought down the Abu Dhabi market by over 1 per cent, fuelled by a 3 per cent fall in the Energy sector. RAK White Cement crumbled 9 per cent, while Union Nat Bank lost 6 per cent. On the other hand, Insurance, Industrial and Health Care sectors were left out of the onslaught. Oman & Emirates Investment Holding Co. rose 7 per cent on dividend news and Abu Dhabi Nat Takaful climbed 6 per cent.
© Bahrain Tribune 2007
