Five Gulf bourses close lower

All Gulf bourses but one ended Sunday lower as negative sentiment was exacerbated by lower trading volumes due to Ramadan.

Saudi Arabia's benchmark extended losses into a fifth session lower as Saudi Basic Industries Corp (SABIC) weighed.

The kingdom's index ended 1.71 percent down at 7,907 points, ending down for the fifth consecutive trading day. The benchmark fell more than 5 percent on Saturday as investors sold on news of new bourse structures.

SABIC ended 2.04 percent lower at 108 riyals a share, their lowest levels since October 2007. Banque Saudi Fransi ended 6.02 percent lower.

The kingdom's benchmark, which fell more than 5 percent on Saturday as investors sold on news of new bourse structures, is down 1.15 percent at 7,932 points.

“We broke through the 8,000-point level. The next strong support level is 7,800, and below that 7,500,” said Marwan Shurrab, senior trader at Shuaa Capital.

UAE markets closed lower, led by real estate companies as investors sold on fears over the sector's health in the coming months.

Emaar Properties ended 7.98 percent down to 8.07 dirhams, having touched a session low of 7.88 dirhams, its lowest level in nearly 3-1/2 years. Union Properties slid 6.93 percent.

The Dubai benchmark closed 4.64 percent lower at 4,472 points.

“Concerns in the real estate sector are mostly to do with recent regulation limiting secondary sales in order to dampen speculation,” said Rami Sidani, head of MENA investment at Schroeders Investment Management.

“I think these moves are exacerbated by Ramadan and through declines in global stock markets,” he said.

In Abu Dhabi, the main index closed 3.74 percent down at 4,150 points.

Aldar Properties and Sorouh Real Estate ended 8.77 percent and 8.48 percent lower respectively.

Shares of Mobile Telecommunications Co (ZAIN) weighed on Kuwait's index, pushing the benchmark to its biggest one-day loss since November 2006 as negative sentiment swayed across the Gulf Arab region.

Zain closed 4.71 percent and Kuwait Projects Co ended 7.02 percent lower. The index declined 3.01 percent to 13,541.7 points.

Qatar's main index closed lower as foreign institutions sold and on rumours of a slowdown in the country's real estate sector.

Bahrain's index also ended down. The Doha benchmark closed 2.89 percent down at 9,743 points.

Commercial Bank Qatar declined 5.41 percent, while Qatar Islamic Bank lost 4.1 percent.

In Bahrain, the index closed 1.01 percent lower at 2,601 points, led by Ithmaar Bank, down 8.96 percent. Bahrain Islamic Bank ended 4.18 percent lower.

Oman's main index bucked the negative trend, buoyed by Oman Cables Co, after a meeting between the regulator, Oman’s Ministry of Commerce and local pension funds raised sentiment.

“There is no need to panic,” Yahya Al-Jabri, executive president of the Capital Market Authority told Reuters. “The market is doing its own correction and there should not be any external interference,” Jabri said declining to comment on the meeting.

Oman Cables Co ended 5.56 percent up, while Oman Oil Co gained 4.75 percent. The Muscat benchmark closed 1.92 percent higher at 9,002 points, snapping three days of losses. On Thursday, the index erased all its gains of 2008.

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