01 May 2007
A majority of the Gulf bourses ended above the centreline yesterday. However, the markets continued to tread cautiously moving on a flat note, in the wake of the earnings season. The Saudi and the twin UAE markets were back in the black, while Oman and Bahrain closed slightly lower.
Bahrain
Bahrain ended the fifth straight day in the dumps, with all the three traded sectors ending in the red. Investment led the retreat yet again. Ithmaar Bank reported a record increase of a whopping 251 per cent in profits in quarterly earnings, yet the stock ended at the top of the losers' heap, falling 3 per cent. Albaraka Banking Group also shed similarly. Conversely, value buying propped Global Invt House up 7 per cent. Bah Comm Facilities added 3 per cent.
Oman
Renewed selling in the Banking and Industry sectors tugged the Omani market lower by 22 points. Nonetheless, the Services sector moved up. Muscat Nat Holding that had erased 10 per cent in its previous outing, rose nearly 10 per cent on Monday. Fin Corp and Nat Detergent added 8 per cent and 7 per cent, respectively. On the flip side, Majan Glass cracked over 3 per cent, while Const Mat Ind and ONIC Holding shed around 3 per cent each.
Kuwait
The KSE index recovered 66 points to close fractionally above the fence, as all but one sector ended positively. Food led the gainers, while Services descended 106 points. Al-Madina for Fin & Invt and Kuwait Food gathered over 4 per cent each. Mobile Telecom climbed over 2 per cent. Contrastingly, both Ajial Real Estate Entertainment and Arab Ins Group lost over 7 per cent on thin trades.
Saudi
After yesterday's 1 per cent fall the Saudi bourse added 51 points climbing back onto the green, helped by investors lapping up shares across all the sectors. The Agri sector was the biggest beneficiary of this turnaround, gaining 4 per cent. Nat Agri Mktg and Ahmed H. Fitaihi both closed at the ceiling levels up at 10 per cent. Of the 86 symbols traded, only 5 ended in the red. Samba Finl and Alujain Corp were down 1 per cent each.
Qatar
With investor confidence restored in Qatar, the Doha index added 28 points as all the sectors closed profitably. The Insurance sector scaled 89 points. Barwa Real Estate announced its entry into Europe after acquiring 7 hotels in Switzerland and Belgium. The share topped the volumes and gainers' charts rising over 2 per cent. Woqod and Qat Ins added around 2 per cent each. Losers were led by Dlala Brokerage's 2 per cent fall. Medical Care Group also depressed 2 per cent.
Dubai
Dubai overcame mid-day jitters and a 5 per cent loss in the Materials sector to end a five-day losing streak; it closed up at 3,821. The Dubai Fin Mkt Co. surged 7 per cent on a turnover of AED 142.33 million. Tamweel and A. Scandinavian Ins rose 5 per cent each. Negatively, Nat Cement and Gulf General Invt dipped 5 per cent and 3 per cent, in that order.
Abu Dhabi
The ADSM index inched marginally higher, propelled by an over 5 per cent gain in the Construction sector. Fujairah Buldg, UAQ Cement and RAK Ceramics added between 10 per cent and 9 per cent. However, the Industrial and Health Care sectors pared 1 per cent each. Palestine Telecom spearheaded the decliners collapsing 9 per cent, while Emirates Driving retreated 5 per cent.
A majority of the Gulf bourses ended above the centreline yesterday. However, the markets continued to tread cautiously moving on a flat note, in the wake of the earnings season. The Saudi and the twin UAE markets were back in the black, while Oman and Bahrain closed slightly lower.
Bahrain
Bahrain ended the fifth straight day in the dumps, with all the three traded sectors ending in the red. Investment led the retreat yet again. Ithmaar Bank reported a record increase of a whopping 251 per cent in profits in quarterly earnings, yet the stock ended at the top of the losers' heap, falling 3 per cent. Albaraka Banking Group also shed similarly. Conversely, value buying propped Global Invt House up 7 per cent. Bah Comm Facilities added 3 per cent.
Oman
Renewed selling in the Banking and Industry sectors tugged the Omani market lower by 22 points. Nonetheless, the Services sector moved up. Muscat Nat Holding that had erased 10 per cent in its previous outing, rose nearly 10 per cent on Monday. Fin Corp and Nat Detergent added 8 per cent and 7 per cent, respectively. On the flip side, Majan Glass cracked over 3 per cent, while Const Mat Ind and ONIC Holding shed around 3 per cent each.
Kuwait
The KSE index recovered 66 points to close fractionally above the fence, as all but one sector ended positively. Food led the gainers, while Services descended 106 points. Al-Madina for Fin & Invt and Kuwait Food gathered over 4 per cent each. Mobile Telecom climbed over 2 per cent. Contrastingly, both Ajial Real Estate Entertainment and Arab Ins Group lost over 7 per cent on thin trades.
Saudi
After yesterday's 1 per cent fall the Saudi bourse added 51 points climbing back onto the green, helped by investors lapping up shares across all the sectors. The Agri sector was the biggest beneficiary of this turnaround, gaining 4 per cent. Nat Agri Mktg and Ahmed H. Fitaihi both closed at the ceiling levels up at 10 per cent. Of the 86 symbols traded, only 5 ended in the red. Samba Finl and Alujain Corp were down 1 per cent each.
Qatar
With investor confidence restored in Qatar, the Doha index added 28 points as all the sectors closed profitably. The Insurance sector scaled 89 points. Barwa Real Estate announced its entry into Europe after acquiring 7 hotels in Switzerland and Belgium. The share topped the volumes and gainers' charts rising over 2 per cent. Woqod and Qat Ins added around 2 per cent each. Losers were led by Dlala Brokerage's 2 per cent fall. Medical Care Group also depressed 2 per cent.
Dubai
Dubai overcame mid-day jitters and a 5 per cent loss in the Materials sector to end a five-day losing streak; it closed up at 3,821. The Dubai Fin Mkt Co. surged 7 per cent on a turnover of AED 142.33 million. Tamweel and A. Scandinavian Ins rose 5 per cent each. Negatively, Nat Cement and Gulf General Invt dipped 5 per cent and 3 per cent, in that order.
Abu Dhabi
The ADSM index inched marginally higher, propelled by an over 5 per cent gain in the Construction sector. Fujairah Buldg, UAQ Cement and RAK Ceramics added between 10 per cent and 9 per cent. However, the Industrial and Health Care sectors pared 1 per cent each. Palestine Telecom spearheaded the decliners collapsing 9 per cent, while Emirates Driving retreated 5 per cent.
© Bahrain Tribune 2007
