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MENAFN - Bahrain Tribune - 05/06/2008

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(MENAFN - Bahrain Tribune) Without exception all the GCC markets displayed a buoyant performance yesterday as investors gathered blue-chips. While Saudi led the winners' chart, Oman, Kuwait and Bahrain swept to record highs. Meanwhile, Abu Dhabi closed at a new 52-week high.

Bahrain

The BSE Index slightly improved its position in the green managing to close at an all-time high of 2,892. The Investment sector (up 9 points) single handedly compensated losses in Banking, Insurance and Service.

Tameerk and Ithmaar Bk jumped 6% and 3%, respectively. Esterad Invt was up 1%. On the flip side, the Bah Saudi Bk lost 5% and telecom giant Batelco inched down 0.24%.

Oman

Fuelled by strong buying activity across sectors, the Omani market rally entered the sixth straight day. All the sectors logged-in handsome gains with Banking (2%) stealing the show. Muscat Fin and Bk Dhofar surged 8% and 5%, in that order. Oman Chromite led the advancers zooming 9%. The market breadth was impressive with 40 shares traveling north and just 3 shares going south - Oman Nat Engg was down 1%.

Kuwait

Amidst mixed performing sectors, Kuwait continued its see-saw performance (up 1 day; down the next) - the market shot-up 42 points finishing a new peak of 15,154. The Investment sector (104 points) led the pack of advancers, on a 10% surge in Tamdeen Invt. Gulf Horizon Hldg also profited 10%. However, the Services sector lost out as Kuw Slaughter House plunged 8% and Zain slipped 1%.

Saudi

Recharged investor confidence prompted the TASI to close the week with a handsome gain of 2%. All the sectors closed higher with Petrochem (3%) benefiting the most. Market behemoth Sabic mounted 3% and Yanbu Nat Petro Chem shone 4%. Elsewhere, Malath Ins lost 4% and Arab Nat Bk trimmed 1%. The market recorded more advancers than decliners in a ratio of 15:1.

Qatar

Across-the-board buying deals shouldered the DSM Index 38 points above the fence. The market grossed a turnover of nearly QAR 2 billion with over 35 million shares changing hands. The Industrial stocks were the most sought after - Qat German Medical Devices scaled 7% and Untd Devt moved up 1%. On the other hand, Aamal Hldg (down 3%) led the losers; Doha Bk slipped 0.24%.

Dubai

After witnessing a slight correction yesterday, the Dubai market returned to the black on renewed buying in most of the frontliners. A 2% rise in Tabreed helped the Utilities sector to close on top of the podium. Dubai Invt added 3% and Tamweel rose 1%. Market bellwether Dubai Islamic Bk also edged higher. In contrast, the Materials sector was the lone decliner as Nat Cem (-0.48%) dropped marginally.

Abu Dhabi

Steadily marching on the purple patch for the fifth straight session, Abu Dhabi locked the day's account at a yearly peak of 5,137. The Energy sector attracted investors the most - Taqa expanded 2%; Fujairah Cem swelled 10% and AD Ship Buldg firmed 7%. On a negative note, the Health Care sector suffered 3% on a 5% decline in Gulf Medical Projects. AD Nat Takaful dwindled 8%.

 






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