Mixed fortunes for Gulf markets

DOWNWARD TREND: UAE markets continued to lose value on Tuesday. (Getty Images)

Dubai's index ended higher for the 10th session in 11, reversing early losses as property and bank stocks gained.

The benchmark rose 1.2 percent to 2,004 points as volumes fell by more than a third from the day before.

"The slowdown in volumes isn't a negative - it shows investors aren't panicking," said Shahid Hameed, Global Investment House head of asset management for the Gulf region.

Deyaar and Gulf Navigation both rose 7.6 percent and Union Properties jumped 8.6 percent.

This trio were three of the five most traded stocks and all ended at around 1 dirham or below, showing investors are targeting the so-called penny stocks.

Emaar Properties ended flat and Dubai Financial Market rose 2.2 percent, completing the volume top five. Dubai Islamic Bank climb 1.1 percent.

"I don't think the markets have significant downside because they're still trying to catch up other emerging markets," said Jithesh Gopi, head of research at SICO investment bank.

Abu Dhabi's index fell for a second day, slipping 1.3 percent to 2,789 points, dragged lower by Aabar Investments, down 2.3 percent, and Emirates Telecommunications Corp (Etisalat), down 1.8 percent.

Saudi Arabia's index ended slightly higher as a late rally recouped early-session losses, with firm oil prices and positive US stock futures bolstering sentiment.

The benchmark climbed 0.1 percent to 5,882 points as volumes fell by 14 percent from the previous session.

Saudi Basic Industries Corp (SABIC) was the driver of the market rally, climbing 1.4 percent, to be the only one of the measure's five largest companies to advance.

Oil rose on Tuesday, snapping a two-day slide, to climb towards $69 a barrel.

Qatar's index ended lower for a second day, tracking losses on global stocks and most regional markets, but Kuwait's benchmark rose for the first session in four.

Qatar's measure fell 0.4 percent to 7,222 points, with Qatar Commercial Bank the biggest loser among the blue chips, dropping 2.3 percent.

Qatar Gas Transport Co (Nakilat) was another to retreat, sliding 1.9 percent as index volumes fell by more than a third.

Kuwait's index recovered early losses to end higher, rising 0.5 percent to 8,228 points.

Kuwait Finance House climbed 1.5 percent after a company executive said the firm had minimal exposure to two Saudi Arabia companies restructuring debts.

Commercial Bank rose 3.9 percent.

Bahrain's benchmark fell for the fourth session in five, sliding 0.6 percent to 1,607 points.

Oman Telecommunications (Omantel) draged Oman's index to a lower close as most stocks retreated.

Omantel slid 1.9 percent after an investment bank cut its fair value on the stock.

Oman's lenders also suffered. Bank Muscat lost 0.5 percent and National Bank of Oman fell 2.4 percent.

Raysut Cement plunged 6.1 percent as losers outnumbered gainers 24 to five. Volumes dropped by nearly half from the day before.

The index slipped 1.4 percent to 5,666 points, its second decline in three sessions.

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READERS' COMMENTS

Deyaar, dumping begins
Posted by Geriant, Dubai, UAE on Tuesday 9 June 2009 at 10:59 UAE time


What did I say about the pumping and dumping of Deyaar?

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