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MENAFN - Bahrain Tribune - 28/08/2008

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(MENAFN - Bahrain Tribune) It was another unpleasant day for the markets in the GCC with a majority of them finishing as croppers.

Oman spearheaded the losers deleting nearly 3% on the back of massive selling in heavyweights; Bahrain and Abu Dhabi lost out marginally.

Elsewhere, value-picking helped Dubai to close on a happy note and Qatar landed on the green after losing 7% in the last five sessions.

The Bahraini market finished as a loser for the second straight day.

Trading was limited to three sectors, and all the three ended with marginal losses - investment bore the brunt of the selling pressure.

Ithmaar Bank and Gulf Finance House slipped around 1% each, while Nass Corp trimmed 2%. On a brighter note, General Trading & Food Proc, up 2% led the risers and Tameerk climbed nearly 1%.

After a slight breather yesterday, renewed selling activity tugged the MSM 30 Index nearly 3% below the fence.

All the sectors shed significant percentages with industry and services deleting 3% each. Blue-chip stocks were hammered badly - Omantel and Bank Muscat lost between 4% and 3%. National Aluminum erased 8%.

On a chaotic day, when 39 of the 50 traded stocks ended as losers, lone crusader Bank Sohar (0.41%) managed to inch up marginally.

After a positive opening, selling pressures from the investment and services sectors weighed upon the Kuwaiti bourse, which edged down slightly.

Global Invtestment House dipped 2% and the Transport & Warehousing Group declined 7% on just two trades. On the other hand, the industrial sector improved 38 points as Kuwait Building Material & Manufacturing soared 7%.

The Saudi market closed nearly 1% below the unchanged line as investors booked profits in most sectors. The petrochem and transport sectors spilled over 2% each. Sabic lost over 2%; Budget Saudi declined 4%.

Alinma Bank withdrew 3%. Meanwhile, the retail sector rose 1% as Fawaz Abdulaziz AlHokair jumped 5%. SABB Takaful went up by 2%.

A fresh wave of buying swept the Qatari market just over the centreline. The sectors ended mixed with banking (132 points) benefiting the most.

Both Doha Bank and Commercial Bank of Qatar added 2%. Qatar Islamic Bank moved up 1%. On the flip side, the industrial sector retreated 32 points. United Devt lost nearly 1% and Qat E-city & Water failed 8%.

The market breadth was a close photo-finish with 17 advancers versus 16 decliners.

Dubai swung radically from yesterday's performance (-2.38%), making up nearly all its losses partially on healthy upsurges in all the traded sectors - the DFM Index climbed 2%, as volumes extended support.

The RE sector led the winners scaling a massive 418 points as market bellwether Emaar recorded one of its sharpest rises in recent times, zooming 6%; Union Properties jumped 3% and Tamweel ascended 5%. Conversely, Al Firdous, deleting 5%, topped the losers' list of four stocks.

Abu Dhabi
Weighed down by losses in the key sectors, the ADX closed in negative terrain. The telecom sector lost the most as Etisalat pared 1%. Oman & Emirates Investment Holding and AD Aviation crashed between 6% and 5%.

On a brighter note, the Health Care sector closed 4% higher as Gulf Medical Projects advanced 7%. AD Nat Ins hit its ceiling at 10%.
Contributed by TAIB


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