-
Investment Director - Oil & Gas
Industry: Finance
Location: Bahrain -
Vice President - Credit Control/Collections
Industry: Finance
Location: Dubai, UAE
Banks recover losses to drive markets higher
by Joel Bowman on Monday, 12 May 2008
Banks recovered from Sunday’s losses to drive Gulf markets higher on Monday, although Saudi Arabia market, the worst performer of the Gulf this year, continued to languish.
Qatar, Bahrain, Oman, Kuwait and the UAE's indexes all ended the session higher on strong performances from banks and developers, while investors looking to free up capital for the upcoming listing of Alinma Bank dampened Saudi’s measure.
Saudi’s Tadawul All Shares Index, the largest in the Gulf, languished ahead of Alinma’s listing. The decline was led by shares of Al Rajhi Bank and Saudi Basic Industries Corporation (Sabic), which slipped 2.28% and 1.42% respectively. The benchmark fell 0.83% to close on 9,615.05 points.
Investors are selling shares in existing stock as the market prepares for the upcoming listing of Alinma Bank, Youssef Kassantini, chief executive at Bourse Experts, told newswire Reuters.
“The market level right now is very fair. I think there will be fluctuations between 9,200 and 10,000 points,” he said.
In Dubai the main index added 1%, supported by Emaar Properties which rose 1.72% and Emirates NBD, which ended 1.23% higher. The index finished the day on 5,799.15 points.
In the capital, a massive rally by Abu Dhabi National Energy Company (Taqa) led the benchmark to a firmer close. The stock soared 4% to lift the index 0.41% higher to conclude the session on 5,026.57 points.
Qatar too ended the day in positive territory with banks providing much of the support. Commercial Bank of Qatar and Doha Bank rose 2.34% and 3.78% respectively, while Qatar Islamic Bank also strengthened by 2.49%.
“Most of the investors are trying to go back to the banking sector because of expected good results in the second quarter,” Bashar Issa, investment analyst at Dlala Brokerage and Investment Holding, told Reuters. Doha’s measure finished the day on 11,831.77 points, higher by 1.04%.
Kuwait's main index ended slightly higher, reversing some of the earlier retail-led selling as Commercial Bank of Kuwait gained 2.7%. The benchmark finished on 14,987.10 points, up 0.14% for the day.
The Gulf’s strongest performer for the year, Oman, also ended higher, boosted by banks and telecom Omantel. The Muscat index rose 0.89% to 11,377.60 points as Bank Muscat and Omantel surged 2.64% and 1.92% respectively.
Bahrain's main index rounded out the day’s gainers to finish 0.6% higher on 2,826.52 points.
TOP IN MIDDLE EAST FINANCIAL MARKETS
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST FINANCIAL MARKETS
LATEST MIDDLE EAST BUSINESS NEWS
USER COMMENTS (0 COMMENTS)
CLICK HERE TO POST A COMMENT
RELATED STORIES
Abu Dhabi Securities Exchange (ADX)
Most Viewed Abu Dhabi Securities Exchange (ADX) Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - DIFX eyes derivatives trading launch
2 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News
Alinma Bank
Most Viewed Alinma Bank Articles
- Saudi's Alinma continues surge in day 2 trading
4 Jun '08 | News - Saudi's biggest IPO 74% oversubscribed
20 Apr '08 | News - Sale of the century
19 Apr '08 | Features - Alinma Bank IPO touches $1bn on day two
9 Apr '08 | News - Saudi's Alinma raises $533mn on day one of IPO
8 Apr '08 | News
Bahrain Stock Exchange
Most Viewed Bahrain Stock Exchange Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - Banks, real estate lead Abu Dhabi, Dubai down
3 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News
Doha Securities Market (DSM)
Most Viewed Doha Securities Market (DSM) Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - Doha Securities Market deploys investor portal with TIBCO
2 Jul '08 | News - Wataniya to list shares in Doha
2 Jul '08 | News
Dubai Financial Market (DFM)
Most Viewed Dubai Financial Market (DFM) Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - DIFX eyes derivatives trading launch
2 Jul '08 | News - Drake and Scull waits for $272mn IPO approval
1 Jul '08 | News
Kuwait Stock Exchange
Most Viewed Kuwait Stock Exchange Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - Banks, real estate lead Abu Dhabi, Dubai down
3 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News
Muscat Securities Market
Most Viewed Muscat Securities Market Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News - Geopolitical fears continue to weigh on markets
29 Jun '08 | News
Saudi Basic Industries Corporation (SABIC)
Most Viewed Saudi Basic Industries Corporation (SABIC) Articles
- Samba to lead Mideast's biggest mining IPO
29 Jun '08 | News - SABIC to expand China petrochemical stake
18 Jun '08 | News - Saudi Kayan pens $6bn loan deal
31 May '08 | News - Saudi's Maaden plans $2.5bn July IPO
12 May '08 | News - Saudi bourse not ready for foreigners
7 May '08 | News
Saudi Stock Exchange
Most Viewed Saudi Stock Exchange Articles
- Investors panic after Iran threat
8 Jul '08 | News - Saudi extends gains into second day
7 Jul '08 | News - Saudi gains as banking stocks rally
6 Jul '08 | News - SABIC drags down Saudi index
5 Jul '08 | News - Gulf markets rebound, led by Abu Dhabi, Qatar
30 Jun '08 | News
RELATED LINKS
- Abu Dhabi Securities Exchange (ADX)»
- Bahrain Stock Exchange»
- Doha Securities Market (DSM)»
- Dubai Financial Market (DFM)»
- Kuwait Stock Exchange»
- Muscat Securities Market»
- Saudi Basic Industries Corporation (SABIC)»



