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MENAFN - Bahrain Tribune - 05/09/2008

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(MENAFN - Bahrain Tribune) As investors continued to liquidate their positions amidst weakening regional sentiments all the markets open for trading in the GCC ended with substantial losses yesterday.

Oman was the biggest loser for the third day in a row - the market has shed 9% this week; Qatar, the twin UAE bourses, and Kuwait also closed deep in the dumps. Meanwhile, Saudi was closed for its week-end.

Bahrain
Yesterday, the Bahrain All Share Index lost another 10 points closing at 2,628. Overall volumes stood at 2.90 million as against 1.51 million on Wednesday.

Save banking, all the traded sectors ended in the red on heavy sell-offs with insurance shedding 25 points.

Bahrain National Holding and Gulf Finance House dwindled 4% each. Nass Corp plunged 9% to BD 0.402. Meanwhile, Bahrain ME Bank surged 9% and Ahli United Bank was up nearly 1%.

Oman
Bears continued to rule Oman, with the market losing another 4% to finish below the 9K level.

All sectors witnessed panic selling - while services and industry waned around 5% each, banking withdrew 4%. Index heavyweights Omantel and Bank Muscat lost between 4% and 2%.

ONIC Holding plunged 10% and Oman United Insurance erased over 9%. The market breadth was largely negative with 42 decliners versus 2 advancers -construction materials rose 1% and computer stationery inched up marginally.

Kuwait
Renewed selling across sectors pulled the KSE Index 121 points below the unchanged line - the market closed below the 14K level at 13,962.

Wednesday's top gainer, the industrial sector tumbled 152 points as Mena Holding Group lost 2%. Injazzat RE Devt and Heavy Engg & Ship crashed 6% and 5%, in that order.

On the positive side, National Petro Service and Hayat Commercial ascended between 7% and 6%.

Qatar
In line with the regional downtrend, Doha deleted over 2%. Without exception all the sectors closed as losers - banking (-347 points) suffered the most; industrial (-301 points) stood next.

Qatar National Bank declined 3% and Doha Bank withdrew 4%. Market leader Industries Qatar fell 3%. Nevertheless, Ezdan RE (3%) and Qatar RE (0.50%) beat the negative pressure. Of the 40 stocks traded, 36 declined; 2 advanced, while 2 remained unchanged.

Dubai
At the end of a capricious trading session, the DFM Index closed in the negative zone. The market recorded a turnover of Dh740.16 million with over 149 million shares changing hands.

None of the traded sectors closed in the green with RE crumbling over 3%. Emaar tumbled over 3% and Arabtec Holding slipped 1%.

Arab Insurance Group plummeted 13% on two trades. However, four stocks managed to face the sun - Ekttitab Hldg surged 15% and Al Firdous ascended 5%.

Abu Dhabi
Perturbed investors continued to sell stocks in a majority of the sectors taking Abu Dhabi 1% below the fence.

While the RE and Banking sectors pared between 2% and 1%, Consumer shed nearly 4%. Intl Fish Farming declined 6%, National Bank of UAQ and Aldar Prop dwindled 5% and 2%, in that order.
Contributed by TAIB

 






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