Correction was seen in the region as all GCC markets ended in the red today after a week of gains spurred by a surge in oil prices, which saw crude push close to $100 a barrel. Dubai bourse closed slightly down by 0.1% today after it suffered its sharpest single-day decline on Wednesday.
Emaar Properties and Dubai Islamic Bank led the losses in the market. Abu Dhabi bourse fell sharply 2.4% today paced by losses in banking and energy stocks. Kuwait bourse plunged by 1.3% led by losses in blue chip stocks. Qatar Gas Transport Co saw a steep fall today putting pressure on Qatar index to end in the red by 0.7%. Investors were selling the stock that has risen four times (up 160.6% for the year) as fast as the main index this year. Omantel and Oman International Bank pulled Oman index down by 0.2% for the second day. Investors booked quick profits in Omantel after smart gains registered earlier on news that Pakistan's Worldcall Telecom accepted Omantel's offer to buy a 60% stake in it. Bahrain index closed on a flat note and the Saudi market was closed.
- Bahrain's Ahli United Bank said that it has received the regulator's approval to raise its capital through a $300 million rights issue. (Zawya)
- Kuwait Gulf Bank was the lead arranger for a $5.4 bn syndicated loan for the US unit of SABIC. Sabic Innovative Plastics Holding unit used the loan to partly finance the $11.6 bn purchase of General Electric's plastics division.(Zawya)
- Commercial Bank of Kuwait said it received a six-month extension from the Central Bank of Kuwait to buy back up to 10% of its shares.(Zawya)
- thmaar Bank will invest in Morocco's Regional Air Lines which will be managed by Air Arabia. Air Arabia would also invest in the airline and plans to make Morocco's capital Rabat into a hub for flights to Southern Europe. (Reuters)
- The Dubai Banking Group signed an agreement with Shuaa Capital to offer Shuaa AED 1.67 bn in finance, which will eventually be converted into 32% equity.(Gulf News)
- Sorouh Real Estate have awarded a AED 465 mn contract to Al Geemi and Partners to construct the roads and utilities infrastructure at Shams Abu Dhabi.(Gulf News)
- Kuwait's Securities Group will sell its entire stake in Gulf Glass Manufacturing Co. to Al Themar International Holding for a total of KD 13.61 mn ($49.23 mn).(Zawya)
Bahrain: Bahrain market continued to trade on a flat note for a second day. GFH jumped 3.7% leading the gainers chart followed by Al Salam Bank by 1.8%. BBK posted major losses of 3% being the top loser followed by Seef Properties and Ithmaar Bank by 2.8% and 1.8% respectively. Ithmaar Bank remained the top mover however lower volumes of 1.5 mn shares. Batelco extended a losing streak falling 0.5%.
Kuwait: Kuwait market dropped 1.3% today weighed down by losses in large caps. Zain, NIG, Agility and Investment Dar paced losses in the market. Agility tumbled after it said its 3Q profits fell 14%. Hilal Cement Co was today's biggest loser falling 8.6%. The activity was slightly lower led by Al Safwa Group with volumes of 15.3 mn shares traded however lost 2.4%.
Oman: Oman index closed down 0.2% today led by losses in Omantel and OIB. Oman Fisheries Co led the losers chart falling 6.6% followed by Gulf Inv Serv by 5%. Cement stocks; Raysut Cement and Oman Cement pared losses adding 0.3% and 0.1% respectively. Ominvest posted strong gains leading the gainers in the market by 4.9%. Galfar Group led the activity with volumes of 3.4 mn shares but lost.
Qatar: A steep fall in Qatar Gas dragged Qatar index to a lower close by 0.7% today on profit booking. Qatar Gas led the losers chart plunging 7% and the volumes traded with 8.5 mn shares changing hands. Industries Qatar bucked the negative trend rising 0.1% while QNB and QTel dropped 1% and 0.9% respectively adding to the weakness.
UAE: Emaar and Dubai Islamic Bank led losses in Dubai bourse which closed lower by 0.1% today. Dubai Ins Co topped the losers chart falling 5% followed by DIB by 2.8%. Tamweel bucked the trend, surging 7.5% after it beat analysts' expectations by nearly tripling 3Q profit and said it had already topped its 2007 earnings target. Deyaar led the trades with 356.1 mn shares.
Abu Dhabi market registered major losses of 2.4% led by banks and energy shares. Etisalat also traded in the red adding to the weakness by 0.2%. Oasis Int Lsing and Arkan dominated the activity with 140.6mn and 109mn shares respectively.
© SICO 2007
