(MENAFN - Bahrain Tribune) Yesterday was another unfavourable day for the GCC bourses.
All the markets finished the day's proceedings with substantial losses as investors continued to liquidate blue-chips from their portfolios to minimize losses.
Oman lost another 3% taking its yearly gains to 4.1%, while Saudi, Qatar, Bahrain, and Kuwait were also hurt badly.
The Bahraini market (down 1.33%), recorded one of the steepest falls in the recent times. Trading was limited to three sectors with all of them closing below the fence - Investment (-2%) was the worst hit. Tameerk erased 8%, while Gulf Finance House and Arab Bank Corp. retreated 6% and 4%, in that order. Khaleeji Commercial Bank pared 3%. Of the 52 listed stocks, 19 were traded of which 13 declined, while there was no advancer.
Failing to capitalise on Friday's gains, the Omani index nuked 3% on the account of all-around selling pressure. Led by industry (down 3%), all the sectors declined.
Bellwethers came in line of fire - Bank Muscat and Oman Cables dwindled 5% each. Omantel slipped 1%. The market breadth turned negative with 37 losers versus 3 gainers - Dhofar Beverages (4%), Dhofar Cattlefeed (2%) and Oman International Bank (0.14%).
Mayhem prevailed in Kuwait, as the KSE Index plunged another 185 points, finishing at 14,028. All the traded sectors ended deep in the dumps with investment retreating 258 points.
Global Investment House lost over 3%; Kuwait Bahrain International Exchange and Burgan Group Holding erased 7% each.
On a brighter note, Contg & Marine Service surged 8% on just four trades and Al-Abraj Holding climbed 6%.
Save energy, heavy selling pressure across sectors saw the Saudi market close 2% lower. The petrochem and banking sectors lost between 3% and 1%. Riyad Bank dropped 2% and market leader Sabic spilled 3%.
Yanbu Cem faded 5%. Elsewhere, Saudi E-city charged up 2% leading the advancers, while Basic Chem edged up nearly 2 per cent.
Infected by the regional downtrend, the DSM Index also closed in the negative zone, amidst low volumes.
The industrial sector (-307 points) was the most rejected, while banking (-238 points) stood next. Index heavyweight Ind Qatar and United Devt fell around 3% each. Ezdan RE crumbled 8%.
On the other hand, only four stocks managed a positive finish - Dlala Holding and Aamal Holding added between 5% and 4%.
Amidst mixed performing sectors, the Dubai market sank deeper into the red. While the financial sector (-56 points) lost the most, Materials gathered 17 points.
Both Shuaa Capital and Emirates NBD slipped 2%. Al Mazaya Holding plunged 12% on two trades. Nonetheless, Arab Ins Grp profited 14% and Nat Cem improved 5%.
Losses in the key sectors pulled the Abu Dhabi market below the unchanged line.
The banking sector withdrew 1% as First Gulf Bank and Union National Bank deleted 4% and 3%, respectively.
Fujairah Cem tumbled 10%. Nevertheless, the energy sector added 1% as Aabar Invtestment expanded by 5%. RAK Properties gained 3%.