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Tue, 06 Jan 2009 | 12:56 GMT

Investment, banking sectors put up decent show

Bahrain Tribune
 
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21 August 2008
Renewed selling binges in key stocks tugged a majority of the GCC bourses below the unchanged line yesterday. Clouded by intense sell-offs across sectors, Dubai surrendered over 1%, while Qatar and  Bahrain saw substantial percentages being wiped-out. Nonetheless, Oman and Saudi continued their up-ticks logging in handsome gains. 

Bahrain
Entering the fourth day of dismal show, the Bahraini market erased 0.35%  to finish at 2,711. Hurt by significant losses in Al Salam Bk (-5%) and Ahli  Untd Bk (-2%), the Banking sector skidded 34 points; Arab Ins Grp lost 1%. Only the investment sector put a decent show as Albaraka Bk Grp scaled up 2%; Bahrain Mari. and Mer. Intl edged up 1%. 

Oman
Capitalising on decent upsurges in the banking sector, Oman remained afloat for the seventh day in a row. Overall volumes improved to 18.53 million as against 17.30 million recorded in the previous session. Market biggies - Bk Muscat (up 3%), Bk Sohar (1%), and Nat Bk of Oman (0.5%) all rejoiced. Ironically, sellers outnumbered buyers in an A/D ratio of 11:25. Meanwhile, Oman Cem's 2% decline kept the Industry sector dejected; Al Maha Petro leaked 3%.     

Kuwait
With the Industrial and Services equities dictating terms, Kuwait shrugged off losses in other traded sectors, to close 20 points above the unchanged  line. Kuwait Buldg Materials skyrocketed 15% and Mena Hldg climbed 80  fils to close at KWD 1.780; logistics giant Agility improved 2%. On the other hand, the Investment sector led the laggards as Tamdeen Invt and  Burgan Grp Hldg plunged between 6% and 4%.

Saudi Arabia
Paced by healthy buying in the petrochem, Hotels, and Indl Invt sectors, Saudi moved another half-a-percent up; it was the TASI's eighth straight day in the green. PetroRabigh (5%), Saudi Arabia Fertilisers (3%), and Yanbu Nat Petrochem (+3%) were the top gainers. However, the energy sector faded on a 2% drop in Saudi E-city; Anaam Hldg descended 6%.

Qatar
The Qatari market reversed gains of the last two days, ending marginally lower on weakness in the Industrial and Services sectors. Blue chips Ind Qat and Untd Devt dropped 1% each; Al-Ahli Bk dropped 3%. Meanwhile, the insurance sector closed unchanged with a positive tinge. Al Khaleej Ins rose 1% and Qat Cinema was up 3%. The A/D ratio stood at 15:22. 

Dubai
Triggered by across-the-board sell-offs, the DFM Index waned 1%. An over 1% loss in market behemoth Emaar and a 6% loss in Union Prop tugged the RE sector 2% lower. Amlak Fin also pared 3%. On the other  hand, five stocks managed to escape the onslaught - Salam Intl that shot up 15% leading the advancers, while Kuw Fin & Invt soared 8%.

Abu Dhabi
Rampant selling pressure in a majority of the sectors dragged down the  Abu Dhabi market 19 points below the fence. Yesterday's top gainer, the  industrial sector, lost over 3% as AD Aviation tumbled 10% to the lower  limit. AD Nat Takaful also plunged 10%. On a brighter note, the Banking sector was the lone survivor - Nat Bk of UAQ and First Gulf Bk gained 3% and 2%, in that order.

© Bahrain Tribune 2008

 
 
 
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