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MENAFN - Bahrain Tribune - 01/01/2008

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(MENAFN - Bahrain Tribune) On the last trading day 2007, the GCC bourses headed in different directions - four went south and three north.

Qatar led the losers shedding over 1%, while the twin UAE bourses continued in negative terrain with investors cashing in on gains just before the start of a new season.

Elsewhere, Oman, this year's star performer, topped the winners' list with 62% yearly gains. Bahrain also closed at a new-yearly high.

Bahrain

Spurred by healthy buying in three of the five traded sectors, the BASI hit a new 52-week high yet again. The market settled at this year's peak of 2,755.

High volumes of over 10 million were traded as against the 50-day average of 6 million. The investment sector was the most benefited, even as service lost out. Bahrain Commercial Facilities hit the ceiling at 10%. United General Invt Corp and Albaraka Bank Group climbed 6% each. On the flip side, Banader Hotels plunged 9% and Batelco slipped 2%.

Oman

Healthy gains across-the-board inspired the MSM Index to close above the 9K level once again, with volumes extending support. The industry, banking and services sectors all added around 1%.

Market bellwether Bank Muscat rose 4%, while Oman Cement and Renaissance Service gained between 4% and 2%. Conversely, Oman Chem Ind nose-dived 21% on thin trades and Al-Jazerah Ser plummeted 10%.

Kuwait

Last minute buying in a majority of the sectors shouldered the Kuwaiti market 51 points above the unchanged line. While Real Estate was the lone casualty, the banking sector hogged the limelight scaling 212 points as Al Ahli Bank of Kuwait surged 8%.

First Dubai RE Devt mounted 10% and Kuwait National Cinema swelled 9% on a single trade. On the other hand, Kuwait Foundry and Combined Group Contg erased 6% each.

Saudi

Save for a slight gain in Cement, losses in all the sectors dragged the TASI below the fence. The Electrical sector (-3%) was the worst hit as Saudi E-city short-circuited similarly. ME Specialised Cables surrendered 8%.

On the positive side, Arabian Cem and Tabuk Cem climbed between 5% and 3%. Decliners outnumbered advancers in a ratio of 82:21.

Qatar

As investors quit stocks indiscriminately, the DSM Index ended its two-session rally closing over 1% lower. The services and banking sectors bore the brunt of the punishment dwindling 149 and 115 points, respectively.

Qatar National Bank trimmed 2% and Gulf Warehousing dunked 7%. On a brighter note, Aamal Hldg zoomed 10% and Doha Ins soared 8%.

Dubai

Amidst profit-booking, the Dubai market closed 69 points lower at 5,932. A majority of sectors languished with telecom and realty shedding between 3% and 1%. Index heavyweight Emaar collapsed 3%, while du also pared similarly. Grand RE fell 15%.

Utilities was the only significant gainer as Tabreed gained 2%. Logistics major Agility rose 15% on a single trade.

Abu Dhabi

Taking a cue from Dubai, the ADSM Index also finished nearly 1% below the fence. The sectors ended mixed with Energy (-2%) losing the most, even as Health Care surged 6%. Etisalat dropped 2%, while Untd Arab Bk tumbled 10%. Despite the bearishness, Al Ain Al Ahlia Ins mounted 9% and Julphar swelled 8%.

 






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