(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.
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%.
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.
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%.
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%.
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 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.