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Kuwait plummets 377 pts, Bahrain ends lower  Join our daily free Newsletter

MENAFN - Bahrain Tribune - 21/10/2008

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(MENAFN - Bahrain Tribune) Yesterday, most of the GCC bourses closed on a positive note even as volatility continued to plague the region. While a couple of positive earnings provided impetus to the Qatari rally, in the UAE the banking and real estate sectors helped the markets remain buoyant for the second straight day. Oman and Saudi recovered partially on accumulations in key sectors. Elsewhere, Kuwait lost over 3% taking its losses in the last seven days to nearly 9%. Bahrain also ended lower.


Bahrain's reprieve proved short-lived as sell-offs across sectors took a toll on the market as broader market index closed half-a-per cent lower. While, the banking (-21 points) sector was hit by profit-booking, service (-38 points) extended losses. While, BBK dipped 6%, Banader Hotels and Bahrain Tourism failed between 6% and 5%. Of the 16 traded 5 stocks closed in the green - Esterad Investment ascended 6% and Bahrain Islamic Bank gained 2%.


Oman reinstated itself on the positive turf on renewed buying across sectors with the MSM Index adding over 1%. The services sector gathered 0.48% as telecom giant Omantel and Al Maha Petro garnered 2% and 4%, respectively; Bank Muscat also edged up 2%. Contrary to this, Oman International Bank and ONIC Holding tripped 2% each; Oman National Engg & Invtestment fell nearly 10%.


Falling back to levels last seen in May 2007 levels, Kuwait plummeted 377 points to close below the 11,000 mark. None of the sectors were spared with services (-817 points) being the worst hit. Most of the heavyweights came in line of fire - both Zain (-8%) and Wataniya (-5%) dived 100 fils; National Bank of Kuwait withdrew over 3%. Positively, OSOUL Investment and Network Holding climbed 4% and 3%, in that order.


Barring minor losses in cement and banking, fresh bout of buying across sectors propelled Saudi back into the black. The transport sector profited the most as National Shipping zoomed 10%. Zamil Industrial Investment surged 7% after reporting a 27% ascent in nine-month earnings and Walaa Insurance escalated 10%. In contrast, Saudi Fertiliser shed 7%; Eastern Province Cem and Saudi Cem eroded 3% each.


Renewed attraction to blue-chips helped Qatar remained upbeat for the second day in a row. The services sector emerged triumphant as investors thronged Nakilat (4%) as it posted a 78.3% jump in nine-moth profits and Qatat Navigation rose 1% after reporting a 41.2% surge in nine-month earnings; Industries Qatar added 1%. However, losses were restricted to the banking sector as Al-Ahli Bank receded 4% and Commercial Bank of Qatar slipped 2%.


Emaar's 6% gains drove the Dubai market 3% higher. Led by Telecom (6%), all the traded sectors closed with healthy gains. Salam International Investment and Kuwait Finance & Investment soared 15% each. On the flip side, only Emirates NBD (-1%) closed in the red.

Abu Dhabi

Paced by handsome gains in Banking (4%), Energy (4%), and Real Estate (2%) sectors, Abu Dhabi firmed its place in the green. First Gulf Bk (10%), Union Nat Bk (9%), and Bk of Sharjah (9%) topped the gainers' chart. Conversely, the Industrial sector remained depressed.


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