Emaar Properties climbs 1.9 percent, Arabtec adds 2.2
percent and Dubai Financial Market gains 3.8 percent. The latter derives the
majority of its revenues from market trading commissions, so with volumes now
on the rise, the stock is expected to outperform.
“A lot of people who took positions over the past few days
seem happy to hold, so day traders may be changing their time scale, which
would be good for the market,” says Matthew Wakeman, EFG-Hermes managing
director for cash and equity-linked trading.
UAE markets have been so volatile since the financial crisis
struck in late 2008 that most medium to long-term investors have fled, leaving
trading in the control of short-term speculators.
The Tadawul All-Share Index consisted of
only 3 trading sessions on account of Eid holidays. However, the week had a
positive closing and witnessed 2 positive trading sessions on Saturday and
Monday. On a week to date basis, TASI made a consolidated gain of 2.39 percent.
The liquidity for the week came in at SR 5.65 billion (for 3 days) as compared
to SR6.1 billion of last week, the Financial Transaction House said.
On a week-to-week basis, the sector
activity was positively biased with all 15 sectors closing with gains ranging
from 0.02 percent by the Retail sector to 5.67 percent by Industrial Investment
sector.
The top gainers for the week were Gulf General Cooperative
Insurance Co. with a gain of 12.18 percent to close at SR40.50 and Trade Union
Cooperative Insurance Co. with a gain of 10.90 percent to close for the week at
SR23.40. The top losers for the week on the other hand were Gulf Union
Cooperative Insurance Co. with a loss of -4.85 percent to close at SR19.65 and
Abdullah Al-Othaim Markets Co. losing -2.42 percent to close at SR70.75.
Industries Qatar is among losers as Doha’s index ends lower
for a second day, but stocks remain cheap compared to international markets and
little further downside is expected, an analyst says.
Industries Qatar falls 0.8 percent, declining for a second
day since Sunday’s 16-week high. Masraf Al-Rayan drops 2.6 percent and Barwa
Real Estate loses 0.6 percent.
The index falls 0.2 percent to 7,423 points.
Kuwait’s benchmark rises 0.4 percent to 6,753 points, a
14-week high. Zain is the main
support, rising 1.6 percent.
Local Institutions buy into select bank stocks, helping
Oman’s index end slightly higher, while retail investors are largely absent as
they preserve cash to subscribe to the initial public offering of telecoms
operator Nawras.
National Bank of Oman climbs 0.9 percent, but Bank Sohar
falls by the same margin.
Oman’s index climbs 0.2 percent to 6,292 points, its fifth
straight gain.
— WIth input from agencies
