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MENAFN - Bahrain Tribune - 04/08/2008

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(MENAFN - Bahrain Tribune) Yesterday, a majority of GCC markets that resumed trading after a long weekend closed as losers. Investors' wariness about large-caps was clearly visible. While Abu Dhabi and Kuwait were the most rejected, Bahrain dipped marginally. Elsewhere, Oman took the lead on healthy buying in index stocks and Dubai managed a save.

Bahrain

Mild losses in the investment sector washed-off gains in insurance and banking dragging the Bahraini market a mere 4 points below the fence. Arab Bk Corp drooped 2%; both Nass Corp and volume leader Seef Prop dipped 1%. Meanwhile, Arab Ins Grp moved up 4% and Bahrain Maritime & Mercantile Intl edged up 0.48%.

Oman

Strengthened by increased investor confidence, the MSM 30 Index added nearly 1%. However, overall volumes fell to 6.90 million as against 8.26 million on Wednesday. While the banking and industry sectors rose around 1% each, services slipped marginally. Oman Invt & Fin soared 7% and Voltamp Energy gained 3%. Nat Bk of Oman was up 2%. Elsewhere, Al Hassan Engg and Renaissance Ser dropped 2% and 1%, respectively.

Kuwait

Renewed selling in a majority of the sectors saw the KSE Index finish 35 points lower at 14,943. The services sector (down 85 points) was the worst hit as Mubarrad Transport lost 4%. Safwan Trading & Contg deleted 7% on a single trade and Mena RE fell 5%. On a brighter note, the industrial sector witnessed some decent buying. Network Hldg and telecom giant Zain climbed 5% each.

Saudi

Amidst mixed performing sectors and lower volumes the Saudi market skidded further downhill. Even as the retail sector toppled over 2%, energy leaped similarly. Jarrir Mktg lost 4% and Arabia Ins expunged 6%. Anaam Hldg deleted 3%. Nonetheless, Saudi E-city closed 2% higher and Nat Agri Mktg profited 9%.

Qatar

Bears returned to Doha after a two-session break - the DSM 20 Index closed 22 points in the red. The sectors ended mixed with industrial (-83 points) being the chief culprit. Index heavyweight Ind Qat pared over 1% and Zad Hldg closed 3% lower. Al-Ahli Bk also erased 3%. On the positive side, the insurance sector grabbed the podium. Al-Khaleej Ins jumped 5% and Qat General Ins rose 2%. The A/D ratio was 21:13.

Dubai

A healthy gain of nearly 2% in the financial sector single-handedly pushed the DFM Index above the fence. Gulf General Invt spearheaded the pack of advancers scaling 12%. Both Arabtec Hldg and Dubai Islamic Bk moved up 1%. Ironically, all the other traded sectors slid downhill with Telecom piloting the losers. Shuaa Capital dwindled 2% and Takaful Emarat trimmed 2%.

Abu Dhabi

Major weaknesses in the Telecom, Consumer and RE sectors yanked the ADX into negative terrain. Etisalat fell 2%, Intl Fish Farming wiped out 6% and Aldar Prop collapsed 1%. On the positive side, the insurance and health care sectors added between 2% and 1% as Al Buhaira Nat Ins surged 10% to the upper limit and Gulf Medical Projects climbed 2%.

 






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