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MENAFN - Bahrain Tribune - 15/10/2008

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(MENAFN - Bahrain Tribune) Yesterday, the GCC bourses staged a strong rally on investor confidence amidst strong 9M numbers. The twin UAE indices stole the show after the state announced to pump another 19 billion into the local banks. Qatar finished above the 8,300 mark recording its biggest jump this year; Saudi, Oman and Bahrain followed suit. However, losses in key stocks kept Kuwait below the centreline.
Bahrain

Across-the-board buying propped-up Bahrain 2% over the fence - the market closed at 2,371. The banking sector led yesterday's rally as Al Salam Bank (10%) hit its upper circuit and National Bank of Bahrain (7%) closed at the day's peak of BD0.750; Seef Properties and Gulf Finance House soared 10% and 9%, respectively. Conversely, Bahrain Mari & Mer Intl fell to the floor of 10%; Nass Corp also crumbled 10%.

Oman

Minimising its yearly losses to 15%, Oman continued to move steadily on the recovery path - the MSM Index gained over 8% as volumes extended support. All the sectors pocketed around 8%. Volume and turnover leader Bank Muscat soared nearly 10%; Omantel scaled 8%, taking its four-day gains to 25%. Oman Cables and ONIC Holding also jumped 10% each. In contrast, Salalah Mills and Muscat National Holding dropped marginally.

Kuwait

After opening on a strong note (55 points or 0.5%), selling woes in the services and banking sectors weighed upon Kuwait, as the KSE Index closed 31 points lower. National Bank of Kuwait fell 3%, Zain dropped 5%, and Hits Telecom Holding descended 9%. Meanwhile, the industrial sector extended gains - Mena Holding ascended 8%. Mabanee surged 9%. Saudi Paced by healthy buying across sectors, the TASI gathered another 7% to finish at 6,829. The banking (1,290 points) sector continued to be on the top-slot with Al Rajhi Bank and Alinma Bank profiting 8% and 9%, respectively; Qassim Agri hit its upper limit of 10%. Conversely, Yanbu Cem eroded 4% and Malath Insurance lost 3%.

Qatar

Boosted by the Qatar Investment Authority's decision to buy 10-20% capital of banks listed on the exchange and healthy quarterly financials, the DSM rallied strongly for the second straight session. Industries Qatar zoomed 10%, after reporting a two-fold jump in profits to QR7.2 billion; Doha Bank and Qatar Islamic Bank shot-up 10% each. The A/D ratio was impressive at 42:0.

Dubai

Leading yesterday's gains across the region, Dubai surged nearly 11% on sharp increase in the prices of Emaar (15%) and Dubai Islamic Bank (15%). Save for a hitch in materials, all the sectors touched new heights with Real Estate strengthening 893 points. Most biggies celebrated - Amlak Finance, Shuaa Capital, DFM Co all profited 15%. Despite the delight, International Finance Advisors plunged 10% on a single trade; National Cement lost 3%.

Abu Dhabi

Taking its two-session gains to 15%, the ADX Index added over 7% on all round buying binges. The banking sector led the advancers - AD Commercial Bank touched its ceiling of 10%. Both Aldar Properties and AD Islamic Bank climbed 10%. However, Al Dhafra Insurance and AD National Insurance slumped 10% each.

 






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