Sentiment remained mixed across the GCC markets today with three out of seven bourses ending in the red. The Saudi bourse closed down 0.6% paced by Al Rajhi Bank and STC. Kuwait bourse rose 0.4% today on expectations of strong fourth quarter results and dividends. The market however saw some profit booking during the day after its gains during the last two sessions. Zain reversed early losses, ending 0.5% higher at KD 3.96. A global brokerage firm upgraded the mobile operator to "neutral" from "underweight" on the back of stock price weakness and multiple expansion across the sector. NBK ended up 0.9% after a local newspaper reported that NBK's board proposed cash dividend payout for 2007 up to 70% and a bonus share distribution up to 15%. Dubai eased up 0.2% helped by Emirates NBD and Dubai Islamic Bank. Qatar market continued a rally closing up 3.5% at a 23 month high as investors geared up for better earnings. Oman index ended in the green by 0.7% helped by selected value buying in banking shares. Bank Muscat rose after it said that it was expanding into Pakistan. Abu Dhabi index fell 0.4% led by market leader Etisalat which closed down 1.5% on profit booking. Etisalat said it raised its stake in Sudan's Canar Telecommunications to 82%. In Bahrain, banking stocks saw a weak session dragging the index to a lower close by 0.4%.
- Saudi Telecom Co obtained a $450 mn loan from the country's Al Rajhi Banking and Investment Corp to help finance its purchase of a stake in Malaysian mobile-phone firm. (Reuters)
- Saudi Electricity Co has completed the construction of an electrical power station in Riyadh at a total cost of SR 108 mn ($28.8 mn). (Zawya)
- UAE's Aldar Properties said it agreed with Belgium's Besix construction company to form a management contractor. (Reuters)
- UAE's RAK Properties plans to sell Islamic bonds worth $2 bn in the first half of this year to finance real estate projects of over $10 bn. (Zawya)
- Arabtec Engineering Services, a unit of UAE's Arabtec Holding, said it was awarded AED 54.5 mn contract by the Dubai municipality. (Zawya)
- Kuwait's Tamdeen Real Estate Co said it expects to make a profit of KD 36 mn ($131.75 mn) on the sale of a property for KD 55 mn. (Zawya)
- UAE's DP World, which manages a container terminal in Mozambique in south-eastern Africa, said it has bought a 48.5% stake in a firm that controls the Port of Maputo. (Gulf News)
- Bahrain will decide whether to open its telecoms market to a third mobile phone operator by the end of February. (Reuters)
Bahrain: Banking stocks led losses in Bahrain bourse which dropped 0.4% today. Al Baraka Banking Group was the top decliner falling 3.4% followed by Bahrain Nat Holding, Ithmaar Bank, GFH and BBK. AUB and Batelco traded on a flat note ending unchanged. The activity was relatively lower led by AUB with volumes of 0.7 mn shares followed by Bahrain Nat Holding and Ithmaar Bank. BMMI extended a wining streak for a third consecutive day rising 1.2%.
Kuwait: Kuwait bourse ended in the green by 0.4% after trading sideways during the day. Zain closed up 0.5%, banks like NBK and CBK traded in the positive territory rising 0.9% and 1.3% respectively. Agility furthered strong performance jumping 2.8%. Global Inv House was amongst the top gainers in the market surging 7.1%. Al Safwa Group soared 4.7% after a heavy buying activity with 43.7 mn shares. Local news reports said that the company's full-year net profit is expected to more than double to KD25 mn from KD12 mn a year earlier
Oman: Selected value buying in banking stocks like Bank Muscat, NBO and OIB helped Oman index to recover some of the sharp losses it registered yesterday. The index closed up 0.7% at 9,695.8 points. Nat Securities surged 9.9% being the top gainer in the market followed by Al Hassan Eng and Nat Mineral Water Co with gains of more than 7%. United Finance Co continued to lead the activity with volumes of 6.2 mn shares and gained 1.7%.
Qatar: Qatar market continued a rally jumping 3.5% today led by blue chip stocks. Aamal Holding Co remained the top gainer since Dec 12 surging 10% followed by Qatari German Co, Industries Qatar, QTel and Qatar Electricity & Water. The session ended with a sole loser; Medicare Group falling 1.4%.Qatar Gas which closed higher by 3.8% was the most active scrip with volumes of 3.7 mn shares.
Saudi Arabia: Losses in STC and banking stocks put pressure on the Saudi index which ended in the red by 0.6% today. SABIC bucked the negative trend closing slightly up 0.2%. Agricultural shares led the losses in the market hit by selling pressure, Hilal Agr Dev Co was the top loser falling 6.5%. The activity was relatively lower led by Saudi Kayan with volumes of 41.2 mn shares however dropped 2.7%.
UAE: Dubai bourse managed to end in the green rising 0.2% helped by minor gains in Emirates NBD and Dubai Islamic Bank. Emaar, DFM Co, Du and Amlak continued losses falling 0.3%, 0.2%, 2.3% and 1.4% respectively. The activity was relatively higher led by Air Arabia and Deyaar both seeing heavy buying activity on their shares with volumes exceeding 300 mn shares. Both stock ended in the green by
2.4% and 1% respectively.
- Major losses in Etisalat dragged Abu Dhabi market to a lower close by 0.4%. Oasis Cap led the trades with 246.2mn shares and gained 2.5% followed by Rak Prop with 126.8mn shares.
© SICO 2008
