Volumes in UAE's capital fell to their lowest in over two
years as investors remain cautious of global uncertainty with thin local
fundamentals exacerbating the situation.
"Uncertainty is prevailing over, and hesitance on
both sides (buying and selling) is peaking," said Talal Touqan, head of
equity research in Al-Ramz Securities. "Psychologically, such periods
usually precede a sudden burst of high volatility."
The index slipped 0.09 percent to 2,442 points — its
lowest close since April 2009.
Etisalat was the main drag, slipping 0.1 percent.
National Bank of Umm Al-Quwain and Union National Bank fell 2.2 and 0.3 percent
respectively.
Dubai's index ended 0.2 percent lower at 1,364 points, a
point away from Wednesday's seven-month low.
"Support levels and acceptable valuations ratios are
not protecting the prices. Traders are losing faith," Touqan added.
In Qatar, the index climbed 0.8 percent to 8,433 points,
trimming its 2011 losses to 2.9 percent.
United Development jumped 10 percent after reporting a
75.4 percent-rise in nine-month net profit of 1.8 billion riyals, according to
a bourse statement.
Its earnings per share jumped from 2.8 riyals to 11.3
riyals in the same period.
"The new evaluation of the company's assets caused
the earnings per share to jump, (from 2.8 riyals to 11.3 riyals for the nine-month
period)," said Eyad Al-Saqqa, account manager at Dlala Holding in
Doha.
Other developers may see a similar re-evaluation,
especially Barwa Real Estate, which had bought land at cost price from the
government, he added. Barwa gained 1.4 percent.
Banks also rose, a reflection of strong quarterly
earnings, analysts said. Qatar National Bank gained 2.2 percent and Commercial
Bank of Qatar climbed 0.6 percent.
"(Qatar's) earnings have been excellent so far which
has in turn reflected on the market," said Houssam Saafan, training
department manager at The Group brokerage. "Banks is still the best
sector. It has great fundamentals and Q3 results were outstanding. We might be
looking at a better Q4 and an overall good year."
In Kuwait, a late rally lifted the index 0.2 percent to 5,896
points.
Developer Mabanee Co. gained 3.5 percent and First
Investment soared 9.3 percent.
"Small-cap stocks with good fundamentals are now
getting popular for short term and long-term investment," said Fahad Al-Sheraian,
general manager at Union Securities Brokerage Company.
Meanwhile, Saudi Arabia's index rose in a late-day rally
as investors pick up domestic-driven stocks. The Tadawul All-Share Index (TASI)
climbed 0.5 percent to 6,136.4 points, trading in a tight-range since early
August with a ceiling of 6,120 points and a floor of 6,044 points.
Al-Ahli Takaful and Saudi Fisheries jumped 7.5 and 9.8
percent each.
"Leading stocks are not getting as much liquidity as
before," said Tarek Al-Madi, an independent Riyadh-based financial
analyst, with small-cap stocks' third-quarter earnings attracting traders.
EU leaders piled pressure on Italy on Sunday to speed up
economic reforms to avoid a Greece-style meltdown as they began a crucial
two-leg summit called to rescue the euro zone from a deepening sovereign debt
crisis.
The Omani index climbed 0.2 percent to 5,540 points.
The Bahraini measure edged up 0.04 percent to 1,145
points.
