10 May 2007
Better than impressive corporate results and management decisions facilitated positive performances across all the GCC bourses, save Qatar. The Doha market succumbed to profit-taking even as Dubai broke through the 4,000-mark. Meanwhile, Kuwait and Bahrain climbed back onto the green with modest gains.
Bahrain
Buoyed by buying activity in all the traded sectors, Bahrain ended back in the black. The Service sector benefited the most, rising over 1 per cent. There were three gainers - Gulf Fin House up 5 per cent, Banader Hotels and Batelco gaining 2 per cent each. However, Untd Gulf Ind plunged another 10 per cent and Global Invt House collapsed 7 per cent.
Oman
Renewed buying helped Oman add another 1 per cent to its previous close to end at 5,850. Investors continued to pile up shares in the Banking sector, while Services ended as the only decliner. Gulf Hotels (Oman) hit the top soaring 10 per cent. Dhofar Cattlefeed and Dhofar Intl Devt both added over 6 per cent. On the flip side, Untd Power short circuited 4 per cent and AES Barka lost 2 per cent.
Kuwait
Late afternoon buying helped the KSE Index shrug off losses suffered earlier in the day. The market touched an intra-day low of 10,845 before closing up at 10,946. The Services sector scaled 147 points even as the Banking and Industrial sectors ended in the red. Gulf Horizon Holding and RAK White Cement gathered 7 per cent each. Conversely, Securities Group Co. shed 7 per cent, while the Comml Bk of Kuwait's denial of speculation of a takeover by Qatari investors sent the stock plummeting over 6 per cent.
Saudi
Saudi witnessed a highly precarious outing before ending the day on a flat note. The Insurance sector surged 5 per cent, while Agri and Electrical dropped 2 per cent each. Nat Metal Mfg and MedGulf zoomed between 10 per cent and 9 per cent. In contrast Qassim Agri dwindled 6 per cent and Al-Baha Invt erased 5 per cent.
Qatar
The resilient nine-day Qatari rally ran out of steam as investors booked profits, selling en masse. The DSM Index lost nearly 1.5 per cent. The Banking sector was the worst affected falling 155 points with the Comml Bk of Qatar shedding over 3 per cent. Ind Qatar was also down 3 per cent. On the other hand, Untd Devt Co. and Gulf Cement added 3 per cent each.
Dubai
The DFM Index added 94 points or over 2 per cent crossing the 4,000 mark in nearly two months of trading. All but Insurance witnessed purchases, with Utilities rising 4 per cent and Transport and Real Estate adding 3 per cent. Index heavyweight Emaar and its housing finance subsidiary Amlak Fin had the highest turnover. The latter rocketed 15 per cent along with similar up surges in Gulf Fin House and Intl Finl Advisors. Of the 23 traded symbols only three closed in the red. They were: Oman Ins, Emirates Bank, and Arabtec losing 5 per cent, 2 per cent and 1 per cent, respectively.
Abu Dhabi
Abu Dhabi recorded a sixth straight day of gains fuelled by a 2 per cent gain in the Banking and Consumer sectors. Losers were led by the Energy sector. Fujairah Buldg Ind announced an AED 200 million expansion plan. This news propelled the share to its upper limit of 10 per cent, while bottom fishing propped Nat Bk of UAQ up 10 per cent. Contrastingly, Untd Arab Bank and Oman & Emirates Invt lost 10 per cent and 9 per cent, in that order.
Better than impressive corporate results and management decisions facilitated positive performances across all the GCC bourses, save Qatar. The Doha market succumbed to profit-taking even as Dubai broke through the 4,000-mark. Meanwhile, Kuwait and Bahrain climbed back onto the green with modest gains.
Bahrain
Buoyed by buying activity in all the traded sectors, Bahrain ended back in the black. The Service sector benefited the most, rising over 1 per cent. There were three gainers - Gulf Fin House up 5 per cent, Banader Hotels and Batelco gaining 2 per cent each. However, Untd Gulf Ind plunged another 10 per cent and Global Invt House collapsed 7 per cent.
Oman
Renewed buying helped Oman add another 1 per cent to its previous close to end at 5,850. Investors continued to pile up shares in the Banking sector, while Services ended as the only decliner. Gulf Hotels (Oman) hit the top soaring 10 per cent. Dhofar Cattlefeed and Dhofar Intl Devt both added over 6 per cent. On the flip side, Untd Power short circuited 4 per cent and AES Barka lost 2 per cent.
Kuwait
Late afternoon buying helped the KSE Index shrug off losses suffered earlier in the day. The market touched an intra-day low of 10,845 before closing up at 10,946. The Services sector scaled 147 points even as the Banking and Industrial sectors ended in the red. Gulf Horizon Holding and RAK White Cement gathered 7 per cent each. Conversely, Securities Group Co. shed 7 per cent, while the Comml Bk of Kuwait's denial of speculation of a takeover by Qatari investors sent the stock plummeting over 6 per cent.
Saudi
Saudi witnessed a highly precarious outing before ending the day on a flat note. The Insurance sector surged 5 per cent, while Agri and Electrical dropped 2 per cent each. Nat Metal Mfg and MedGulf zoomed between 10 per cent and 9 per cent. In contrast Qassim Agri dwindled 6 per cent and Al-Baha Invt erased 5 per cent.
Qatar
The resilient nine-day Qatari rally ran out of steam as investors booked profits, selling en masse. The DSM Index lost nearly 1.5 per cent. The Banking sector was the worst affected falling 155 points with the Comml Bk of Qatar shedding over 3 per cent. Ind Qatar was also down 3 per cent. On the other hand, Untd Devt Co. and Gulf Cement added 3 per cent each.
Dubai
The DFM Index added 94 points or over 2 per cent crossing the 4,000 mark in nearly two months of trading. All but Insurance witnessed purchases, with Utilities rising 4 per cent and Transport and Real Estate adding 3 per cent. Index heavyweight Emaar and its housing finance subsidiary Amlak Fin had the highest turnover. The latter rocketed 15 per cent along with similar up surges in Gulf Fin House and Intl Finl Advisors. Of the 23 traded symbols only three closed in the red. They were: Oman Ins, Emirates Bank, and Arabtec losing 5 per cent, 2 per cent and 1 per cent, respectively.
Abu Dhabi
Abu Dhabi recorded a sixth straight day of gains fuelled by a 2 per cent gain in the Banking and Consumer sectors. Losers were led by the Energy sector. Fujairah Buldg Ind announced an AED 200 million expansion plan. This news propelled the share to its upper limit of 10 per cent, while bottom fishing propped Nat Bk of UAQ up 10 per cent. Contrastingly, Untd Arab Bank and Oman & Emirates Invt lost 10 per cent and 9 per cent, in that order.
© Bahrain Tribune 2007
