19 October 2006
The GCC markets ended mixed yesterday, with Saudi Arabia placing itself at the vanguard of the winners; the other advancers posted marginal gains. The twin-UAE bourse declined as Dubai continued to fall, while Abu Dhabi erased yesterday's gains. The Qatari market also closed below the fence on lackluster trading.
Bahrain
Bahrain kept a low profile with low trading volumes of just less than half million. However, the market index changed gears closing in the green. Trading was limited to the Banking, Investment and Services sectors with all of them managing to nudge above the centreline. Bahrain Cinema and Albaraka Banking both gained nearly 2 per cent. The lone loser was National Bank of Bahrain, down marginally by 0.5 per cent.
Oman
The MSM cruised to a new yearly high at 5616.93. Strong 3Q numbers fuelled investor's confidence as they picked up stocks across the major sectors. The Banking sector did exceptionally well. Oman Hotels and National Development were the notable winners. Contrastingly, Al Ahlia Det lost the most.
Kuwait
With investors churning portfolios at the height of the earnings season, Kuwait's rally continued. The Services sector buoyed the market with a 159-point gain, even as the Industrial sector registered the lone decline. Institute for Private Edu topped the gainers yesterday as well; the share has moved up 16 per cent since October 10. Conversely, both Contracting & Marine Ser and Mashaer Hajj & Umrah Ser retreated 5 per cent.
Saudi Arabia
The Saudi Tadawul climbed 107 points on all-round buying. The Banking and Industrial sectors gained 374 and 215 points, respectively. Jazan Development and Sahara Petro fuelled the upsurge rising around 6 per cent each. On the flip side, Eastern Agri plunged 6 per cent, while profit taking depressed Tihama Ad & PR by 3 per cent.
Qatar
Tuesday's brief but impressive Qatari rally proved to be a flash in the pan as it came to a grinding halt. Selling pressure was concentrated in the Insurance sector. Both Qatar Nav. and Qatar Islamic erased around 5 per cent. However, the Banking sector edged higher, as Doha Insurance and Qatar Islamic Bank rose around 5 per cent each.
Dubai
Dubai oscillated in a narrow range reflecting investor's indecision. The bourse eventually closed at 423.56. All the sectors ended lower led by the Banking sector. Commercial Bank of Dubai shed the most despite disclosing positive 9M profits, easing nearly 3 per cent. Meanwhile, Al Mazaya Holding climbed over 4 per cent.
Abu Dhabi
With a majority of the sectors ending in the red, the Abu Dhabi market ended in negative terrain, mirroring its neighbour. The Insurance and Banking sectors depleted, though the Construction and Telecom sectors posted slight profits. Abu Dhabi National Insurance dipped nearly 9 per cent; National Bank of Abu Dhabi lost 7 per cent. Nevertheless, Umm Al Qaiwain Cement bounced back 4 per cent after losing 8 per cent in the previous session.
The GCC markets ended mixed yesterday, with Saudi Arabia placing itself at the vanguard of the winners; the other advancers posted marginal gains. The twin-UAE bourse declined as Dubai continued to fall, while Abu Dhabi erased yesterday's gains. The Qatari market also closed below the fence on lackluster trading.
Bahrain
Bahrain kept a low profile with low trading volumes of just less than half million. However, the market index changed gears closing in the green. Trading was limited to the Banking, Investment and Services sectors with all of them managing to nudge above the centreline. Bahrain Cinema and Albaraka Banking both gained nearly 2 per cent. The lone loser was National Bank of Bahrain, down marginally by 0.5 per cent.
Oman
The MSM cruised to a new yearly high at 5616.93. Strong 3Q numbers fuelled investor's confidence as they picked up stocks across the major sectors. The Banking sector did exceptionally well. Oman Hotels and National Development were the notable winners. Contrastingly, Al Ahlia Det lost the most.
Kuwait
With investors churning portfolios at the height of the earnings season, Kuwait's rally continued. The Services sector buoyed the market with a 159-point gain, even as the Industrial sector registered the lone decline. Institute for Private Edu topped the gainers yesterday as well; the share has moved up 16 per cent since October 10. Conversely, both Contracting & Marine Ser and Mashaer Hajj & Umrah Ser retreated 5 per cent.
Saudi Arabia
The Saudi Tadawul climbed 107 points on all-round buying. The Banking and Industrial sectors gained 374 and 215 points, respectively. Jazan Development and Sahara Petro fuelled the upsurge rising around 6 per cent each. On the flip side, Eastern Agri plunged 6 per cent, while profit taking depressed Tihama Ad & PR by 3 per cent.
Qatar
Tuesday's brief but impressive Qatari rally proved to be a flash in the pan as it came to a grinding halt. Selling pressure was concentrated in the Insurance sector. Both Qatar Nav. and Qatar Islamic erased around 5 per cent. However, the Banking sector edged higher, as Doha Insurance and Qatar Islamic Bank rose around 5 per cent each.
Dubai
Dubai oscillated in a narrow range reflecting investor's indecision. The bourse eventually closed at 423.56. All the sectors ended lower led by the Banking sector. Commercial Bank of Dubai shed the most despite disclosing positive 9M profits, easing nearly 3 per cent. Meanwhile, Al Mazaya Holding climbed over 4 per cent.
Abu Dhabi
With a majority of the sectors ending in the red, the Abu Dhabi market ended in negative terrain, mirroring its neighbour. The Insurance and Banking sectors depleted, though the Construction and Telecom sectors posted slight profits. Abu Dhabi National Insurance dipped nearly 9 per cent; National Bank of Abu Dhabi lost 7 per cent. Nevertheless, Umm Al Qaiwain Cement bounced back 4 per cent after losing 8 per cent in the previous session.
© Bahrain Tribune 2006
