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MENAFN - Bahrain Tribune - 31/05/2006

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Even though gainers outnumbered losers among the GCC markets, the momentum of the recent past was interrupted yesterday. The Saudi market led the advancers, rising a little over 1 per cent in its forenoon session, trailed by the Kuwaiti, Abu Dhabi and Bahraini bourse - none of which ascended more than 1 per cent. Heightened selling dunked the Dubai market by nearly 2 per cent; while the Qatari and Omani markets also sank below the centreline.
Strength in the Banking sector lifted the Bahraini market marginally, even as the Insurance and Investment sectors displayed marked weakness. Bahrain Saudi Bank and Nass Corp added 4 per cent and 3 per cent, respectively. Meanwhile, Bahrain Commercial Facilities slipped 5 per cent on selling pressure.
The Omani market ended in the red once again, depressed by fragility in the Banking and Services sectors. While Oman Aviation hit the 10 per cent lower limit, Oman Chromite lost another 6 per cent on sustained selling. On the brighter side, Alliance Housing Bank was locked at the 10 per cent upper limit.
Buoyed by upsurges in the Services, Investment and Industrial sectors, the Kuwaiti market marginally extended profits. Contracting & Marine Services and Jeezan Real Estate surged 9 per cent each, while Kuwait-Lebanese Real Estate added another 7 per cent on top of Monday's 8 per cent. However, Coast Investment & Development and Palms Agro shed 5 per cent each.
Largely aided by buying across key sectors, the Saudi bourse closed its forenoon session at the forefront of the winners in the region. Taiba Investment jumped more than 9 per cent, followed by a 7 per cent rise in both National Agri Marketing and Yanbu Cement.
The Qatari market lost ground after leading the gainers in the last three sessions. Weakness was seen in the Industrial, Insurance and Services sectors. National Cement, National Leasing and Medical Care lost 4 per cent each. On the positive side, Doha Bank and Qatar Navigation added between 4 per cent and 5 per cent each.
Further selling across major sectors pushed the Dubai market into the red, closing as the biggest loser in the region. The market breadth was extremely weak, with losers outnumbering gainers 3:1, and volumes down 65 per cent compared to Monday's levels. Public Warehousing slumped 15 per cent and Dubai Insurance shed more than 6 per cent. Meanwhile, Al Mazaya Holding added a little over 2 per cent.
Abu Dhabi
Despite weakness in the Industries, Banking and Insurance sectors, the Abu Dhabi market ended in positive territory, thanks to vigour in the Services sector. Interestingly, losers outnumbered gainers 2:1. International Fish Farming and Union Cement rose 8 per cent and 4 per cent, respectively. Elsewhere, Abu Dhabi Aviation and Emirates Driving dwindled 5 per cent and 4 per cent respectively.


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