(MENAFN - Bahrain Tribune) Yesterday, the markets in the GCC closed in different directions.
Reprieve returned to Qatar amidst few positive half-yearly releases - the market added over 2%; the twin UAE bourses also closed in the black backed by buying in large-caps. Elsewhere, Kuwait led the decliners pounded by sell-offs across sectors.
With the scarcity of market moving news, Bahrain closed in the red for a second-straight day, weighed down by losses in the investment and hotels sectors.
Banader Hotels shed 6% and the Bahrain Saudi Bank lost 3%. Gulf Finance House dropped 2%. Meanwhile, the insurance sector rose over 1% as Arab Insurance Group moved up 3%. Nass Corp also added 3%.
Mild gains in the banking and industry sectors ensured the Omani market's place above the surface, with volumes extending support.
Market leader Bank Muscat rose 1% and Nat Aluminuim soared 8%. Al Jazeera Steel strengthened 4%. On the flip side, the services sector was the lone decliner as Oman Oil Marketing slipped 2%. Oman Chem plunged 10%. Interestingly, advance-decline ratio was negative at 22:23.
After taking a breather over the last two sessions, the Kuwaiti market returned to the negative zone on broad-based selling activity.
The services sector was the worst hit with telecom giant Zain dwindling 4%. First Dubai for RE collapsed 8% and Network Hldg deleted 5%. On a brighter note, United Projects Group and the Transport & Warehousing Grp gained 5% each.
With investors selling shares in the key sectors, the Saudi market took a U-turn towards south. The petrochem sector tripped over 1% as market bellwether Sabic spilled 1%. Basic Chem and Nama Chem declined between 6% and 4%. Nevertheless, the Buldg sector closed 2% higher.
Zamil Ind and Nat Gypsum swelled 9% and 6%, in that order.
Snapping its seven-day down-hill drive, the DSM 20 Index recorded one its steepest rise in the recent times. The market closed 2% up, on higher volumes. All the sectors registered handsome gains with Banking (up 353 points) stealing the show. Both Al Khaliji Comml Bank and Masraf Al Rayan rose 2%.
Islamic Securities mounted 9%. Conversely, Zad Hldg plunged 9%. The market breadth was largely positive with 37 risers and 3 losers.
Powered by a robust blue-chip rally amidst increased participation, the DFM Index added 28 points to its previous close. The market grossed a turnover of AED 1.09 billion after 285 million shares changed hands. The sectors ended in a mixed bag with RE (200 points) leading the pack of advancers.
Heavyweights Emaar and Dubai Invt were up 1% and 2%, respectively. Dubai Islamic Bank also added 1%. However, the Materials sector lost 5% as Nat Cem eroded, similarly. Shuaa Capital fell 4%.
A resilient Dubai also rejuvenated trading in Abu Dhabi - the market added nearly 1% closing at 4,952. The Health Care sector, up 5% benefited the most. Gulf Medical Projects surged 10% and Nat Corp. for Tourism & Hotels also profited 10%. In contrast, the Industrial sector lost, with AD Aviation declining 3%. Oman & Emirates Invt Hldg erased 8%.