(MENAFN- Bahrain Tribune) The GCC bourses ended lower yesterday as gloomy economic data fuelled fresh fears of a prolonged US recession. Tumbling below the 2,800-level, Dubai plunged 4.2% as property giant Emaar dived 7%.
Despite the Kuwaiti government announcing new plans to help investment firms that are struggling to pay their debt, that has been estimated at $20 billion, the investment sector dragged the broader market index nearly 1% lower. Meanwhile, Saudi was closed for the weekend.
Bahrain
Slight weaknesses in most sectors tugged the Bahrain All Share Index 0.33% below the fence. The investment sector erased 10 points as Gulf Finance House and Esterad Investment receded 5% and 3%, in that order. Al Salam Bank closed at the day's lowest price of BD0.144; the stock has lost 15% this week. Only the service sector landed in the green with Nass Corp. (+8%) flipping yesterday's dismal show and General Trading & Food Processing scaling 3%. Bahrain Family Leisure ascended 8%.
Oman
A fresh bout of selling across sectors put pressure on the Omani market as the MSM Index dwindled nearly 2%. Hurt by massive blows in Raysut Cem (-4%) and Al Jazeera Steel (-4%), the industry remained the most depressed. Banking giant Bank Muscat wilted 3% and volume leader Al Anwar Holding lost 2%. Nonetheless, 10 entities put up a good show - Al Batinah Hotels skyrocketed 50% on just a single trade. Oman Flour Mills and Majan College garnered 10% and 9%, respectively.
Kuwait
Slipping 111 points to 9,674.80 points, the KSE Index closed in the negative terrain on profit-taking in most sectors. The investment (-175 points) bore the brunt as Global Investment House failed 5%. Danah Al Safat Foodstuff withered 2% after posting a net loss of KD2.67 million in the third quarter. Meanwhile, the services sector maintained its winning tempo with Hits Telecom jumping 8%. The telco which recently acquired 30% of China's Sinotel for $60 million, has scaled 96% since October 26. National Bank of Kuwait soared 7%.
Qatar
Across the board sell-offs snatched away 71 points from Qatar's account, after the market had gained nearly 4% in last two sessions. The insurance sector plummeted 268 points as Doha Insurance and Qatar Islamic Insurance waned between 5% and 4%. Gulf Holding tripped 9%. Positively, 10 stocks advanced - Qatar RE strengthened 6% and United Developmentt firmed 5%.
Dubai
Heavy selling pressure in pivotals Emaar (-7%), Dubai Islamic Bank (-2%), and Dubai Investment (-6%), pulled the Dubai (-4%) market sharply lower yesterday. Save for a 4% rise in materials, all the sectors languished. DFM Company plunged 9%, Arabtec collapsed 7%, and Tamweel deleted 7%. On a cheerful note, National Cement garnered 4% and Shuaa Capital moved up 3%.
Abu Dhabi
Abu Dhabi shed 3% after the massacre resumed pulling down all sectors.
The energy sector surrendered 6% with Aabar Investment (-6%), Dana Gas (-5%), and Taqa (-7%) slashing substantial percentages. Of the 36 traded symbols, two stocks travelled north. UAQ Cem added 2% and Union National Bank edged up 0.2%. Standing at 106 million, overall volumes were comparatively lower than yesterday.
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