DUBAI: Dubai and Kuwait stock markets fell more than 2 percent each yesterday as concerns about the health of Dubai banks and profit-taking following a rally in Kuwait showed investors were still wary about taking risks.
Four other bourses in the world’s biggest oil-exporting region closed higher, led by Abu Dhabi, where Arkan Building Materials Co. extended a rally into a fourth trading day. The main Abu Dhabi index advanced 0.82 percent to 2,199 points.
Most Gulf markets have fallen further this year as the region suffers the fallout of the global financial crisis.
In Dubai, where the measure slid more than 72 percent last year, investors wondered whether the state could take cue from Abu Dhabi, which said last week it was injecting 16 billion dirhams ($4.36 billion) into five of its banks.
Dubai’s main index ended 2.29 percent lower at 1,440 points.
Emaar Properties fell 3.11 percent, while Deyaar declined 4 percent.
Kuwait’s benchmark fell 2.49 percent to 6,672 points.
In Saudi Arabia, The Tadawul All-Share Index (TASI) closed up 0.51 percent at 4,934.63 points, having risen in four out of the last five trading days.
Saudi Basic Industries Corp. (SABIC) added the most points to the index, rising 1.88 percent.
The Omani index ended up 0.08 percent at 4,788 points, closing higher for the third straight trading day.
The benchmark index in Qatar climbed 0.38 percent at 5,323 points.
Bahrain’s main index ended 0.35 percent lower at 1,601 points.
BMG Index gains
The BMG Saudi Index, which comprises the top 30 active companies in Saudi Arabia based on their market capitalization after removing government ownership, finished yesterday’s trading session on a positive note. The index increased by 0.8 percent or 1.96 points to 241.04 points. The total turnover went down, by 37.2 percent to SR2.4 billion compared to Sunday’s turnover of SR3.8 billion, whereas the total number of shares traded depreciated by 43 percent to 125.7 million shares versus 220.1 million shares in the previous session.
As for the shares’ performance, 21 shares appreciated, whilst three shares depreciated and six stood still.
