DUBAI: Gulf Arab markets ended lower yesterday, taking cue from a decline in global equities after a US bailout plan failed to restore investor confidence.
“The global markets meltdown has certainly affected our markets,” said Syed Quadry, equity sales vice president at Amwal Investment.
Saudi Arabia was the biggest loser, led by banking stocks and Saudi Basic Industries Corp. Banks also led UAE and Omani markets to a lower close.
Shares of Dubai-based investment bank Shuaa Capital fell to their lowest level in almost 19 months on a report it was being investigated by the authorities in relation to irregularities in dealing with DP World shares.
In Saudi Arabia, the Tadawul All-Share Index (TAS) fell 4.39 percent to 7,133.47 points.
SABIC and Al-Rajhi Bank lost 4.67 percent and 4.76 percent respectively.
The stock market turnover was over SR3.8 billion yesterday.
Dubai’s main index closed 3.97 percent lower at3,890 points. Dubai Islamic Bank slid 7.12 percent and Emirates NBD declined. 4.87 percent.
Abu Dhabi’s benchmark declined 2.29 percent to 3,811 points.
Arkan Building lost 4.89 percent and First Gulf Bank 1.91 percent.
Shuaa fell 11.41 percent to 3.95 dirhams, its lowest level
since March 12, 2007.
Qatar’s benchmark declined 3.69 percent to 9,091 points. Commercial Bank of Qatar fell 5.18 percent.
Kuwait’s benchmark edged 0.68 percent lower to 12,783 points. Kuwait Finance House slid 3.42 percent.
Oman’s main index ended 1.76 percent lower at 8,466 points. Bank Muscat lost 1.81 percent.
Bahrain’s benchmark shed 0.2 percent to 2,491 points. Ahli United Bank edged 0.97 percent lower.
Downtrend
The BMG Saudi Index maintained its downtrend yesterday. The index fell 4.6 percent 384.89 points. The total market turnover, however, more than doubled, rising by 116 percent to SR1.8 billion ($479 million), compared to SR832.6 million ($222 million) registered in Monday’s trading session.
All the sectors depreciated for the third successive trading session, the worst performer of which was the Telecommunications sector, declining by 3.7 percent.
Two shares managed to stand still, whilst 27 depreciated, whilst only the share price of Saudi Chemical Company appreciated by 7.4 percent to SR36.50. The worst performing share was Allied Cooperative Insurance Group, slumping by a strong 10 percent to reach SR34.30 per share.
