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MENAFN - Bahrain Tribune - 23/09/2008

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(MENAFN - Bahrain Tribune) The GCC bourses witnessed a mixed performance yesterday skewing towards the negative. After a healthy recovery yesterday, Dubai lost 3% amidst profit-booking in the large-caps; Saudi also fell 1%, while Bahrain ended with mild losses. Elsewhere, Qatar, Oman, and Abu Dhabi continued to move higher on the back of sturdy gains in key sectors.

Bahrain

Unable to capitalise on Sunday's gains, the Bahraini market edged down marginally. While the banking (-23 points) and service (-2 points) sectors finished as losers, investment added a mere 5 points. Al Salam Bank and Bahrain Islamic Bank lost 2% each. Seef Properties also dropped 2%. In contrast, only two stocks managed a positive finish - Ithmaar Bank (2%) and Gulf Finance House (0.32%).

Oman

Sustained buying across sectors pulled the MSM 30 Index 2% above the fence, with volumes extending support. The banking sector (4%) led the upward move as National Bank of Oman soared 8%. Al Anwar Holding mounted 10% and Oman National Dairy shot-up 18% on thin trades. On the flip side, 7 stocks languished - Taageer Finance erased 8% and United Power fell 2%.

Kuwait

Although the Kuwaiti market managed to recover from an early morning slump, last minute selling tugged it 8 points lower. The sectors ended mixed with banking retreating 260 points. Boubyan Bank and Burgan Bank declined 4% and 1%, respectively. Telecom giant Zain lost 6%. On the other hand, the food and industrial sector continued to move north - Danah Al Safat Foodstuff and Mena Holding added 3% each.

Saudi

Across-the-board selling pushed the Saudi market deeper into the dumps. The hotels and building sectors lost between 4% and 2%. Riyad Bank slipped 1% and Red Sea Housing tumbled 6%. Tabuk Cem faded 5%. On a brighter note, 22 stocks closed in the green - Filing & Packing Materials Manufacturing profited 9% and Alujain Corp leaped 6%.

Qatar

Improving investors' confidence in a majority of the sectors yanked the DSM 20 Index 2% higher. While the banking sector surged 289 points, insurance ended in the red. Commercial Bank of Qatar and Al-Ahli Bank climbed between 6% and 5%. Index heavyweight Industries Qatar rose 3%. However, both Qatar Insurance and Zad Holding fell 2%.

Dubai

Blue-chips selling dragged Dubai nearly 3% lower after the previous sessions' meteoric 10% rise. Investors rejected stocks in a majority of the sectors with utilities losing over 4%. Tabreed lost 4%, even as market bigwigs Emaar and Dubai Islamic Bank plunged 3% and 4%, respectively. Nonetheless, bucking the trend was the materials sector, which was the only gainer. Nat Cem gained 1% and Kuwait Finance & Invtestment scaled7% on a single trade. The A/D ratio was 7:20.
Abu Dhabi

Capitalising on its upsurge on Sunday, ADX added a further 65 points. The RE sector rose a massive 7% as Aldar Prop and Sorouh RE profited around 8% each. Sharjah Ins hit its ceiling at 10%. Conversely, the consumer and health care sectors inched down marginally as AD National Hotels and Gulf Medical Projects pared 1% each.

 






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