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MENAFN - Bahrain Tribune - 06/10/2008

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(MENAFN - Bahrain Tribune) Investors booking recent profits and minimising holdings ahead of the earnings releases saw the GCC markets close down with heavy losses. Qatar recorded the biggest loss sliding 7%. The twin UAE bourses also suffered similarly with Dubai falling 7% and Abu Dhabi losing 5%. Meanwhile, the Saudi market was closed for its extended Eid festivities.

Bahrain

Uncertainties over market movements over the coming days considering the earnings season led to lackluster trading session in Bahrain. While the banking and investment sectors ended in the red, services moved up propped by Batelco. The Batelco was the only gainer today, rising 2%. The market recorded a volume of 437, 715 shares vs. the 50-day average of 2.7 million. Through 53 transactions, 14 stocks were traded of the 52 listed, 1 closed up, while five ended down. Eight of them finished unchanged. Bah ME Bank and Tameerk shed 7% and 6%, respectively.

Oman

En masse selling pushed the MSM 30 Index down 237 points or nearly 3% lower to 8,256. The Industry (-3%) sector lost the most even as banking and services dropped over 2% each. Both Galfar Engg and Omantel shed around 3%. Volume and turnover leader Bank Muscat dipped 2%. Nonetheless, there were five gainers out of the 42 traded. Nat Aluminum rose 5% and Ominvest added 2%.

Kuwait

Kuwait succumbed to broad-based selling plunging 460 points or nearly 4% to 12, 279. The services sector reported the biggest loss as the sub-index fell 738 points. This was followed by a 592 point loss in investment and 549 point slide in banking. Biggies Zain and Burgan Grp sank 7% each. On the other side, Villa Moda Lifestyle grew 6% and Nat Mobile Tel was up 3%. According to some economic experts, the KSE Index that had fallen 11%, in September, will take at least two months to bounce back.

Qatar

After rising over 4% last week, Qataris resorted to profit booking, taking the market lower 7%. The decline was led by weakness in regional bourses coupled with selling across sectors. The banking sector tanked 884 points even as Industrial dropped 773. Market heavyweights Nakilat and Ind Qat lost 8% each after 2.3 million and 1.2 million shares were exchanged, respectively. Of the 43 listed shares, 38 were traded with 37 of them ending in the red. One share, Aamal, closed unchanged.

Dubai

Bluechips Emaar (-12%) and Arabtec (-14%) suffered heavy losses pulling down the broader market DFM General Index 7% to 3, 844. The real estate (-11%), utilities (-9%) and financial (-7%) sectors led the all-round decline. The other big decliners included Almadina, Ektitab and Al Mazaya Hldg, all plunged around 15%. The only silver lining in an otherwise weak market came in the form of Gulf Fin House that was up 2%.

Abu Dhabi

Abu Dhabi fell over 4%, taking a cue from the regional bearishness, to close at 3,770, weighed down by heavy losses in the real estate (-9%) and energy (-6%) sectors. Sorouh RE and Aldar Prop sank 10% each. Dana Gas drowned 4%. Nonetheless, the Industrial sector jumped 2%. Interestingly, Intl Fish Farming, which had tanked 10% in its last outing, gained nearly 7% today.

 






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