SHARES LATEST: Shuaa shares fell in early trading on Wednesday. (Getty Images)

Dubai's index ended lower for a third day as 13 stocks fell by more than 3 percent, but Abu Dhabi's measure snapped a two-day losing streak to close higher.

Dubai's benchmark dropped 2.8 percent to 2,079 points, taking its losses to 5.4 percent since Sunday. Volumes slumped to a six-session low.

Emaar Properties fell 3.1 percent, Dubai Financial Market dropped 4.6 percent and Emirates NBD lost 3.1 percent. Shuaa Capital plunged 4.7 percent as a row over a 1.5 billion ($409 million) convertible bond rumbled on.

Abu Dhabi's index rose 0.1 percent to 2,863 points, despite six of its 10 largest stocks declining and only two making gains.

Top trader RAK Properties gave up early gains to fall 2.2 percent, while Aldar Properties dropped 3.5 percent. Abu Dhabi Commercial Bank slid 3.1 percent. Arkan Building Materials climbed 1.2 percent.

Qatar's index suffered its largest one-day decline for 11 weeks, ending lower for a third straight session.

The benchmark plunged 4.5 percent to 6,763 points as all 20 stocks slump in its biggest reverse since March 30.

Barwa Real Estate dived 8.2 percent, Al Khaliji Bank dropped 9.1 percent and Doha Bank fell 5.2 percent. Volumes hit a seven-session high.

Saudi Arabia's index ended lower for the second session in three as investors cashed in recent gains amid worries there may be further writedowns arising from two troubled Saudi family-owned groups.

Saudi-based Ahmad Hamad Algosaibi & Bros Co (AHAB) said on Tuesday it was about to start talks with creditors after a newspaper reported it and Saad Group were seeking to restructure $10 billion in debt. The paper said that there were more than 100 creditors.

Samba Financial Group dropped 1.4 percent, Arab Bank lost 2.3 percent and SABB slid 1.3 percent.

The index fell 1.2 percent to 5,990 points, its biggest decline for seven sessions. Volumes slumped to an eight-session low.

Kuwait's benchmark ended slightly higher after a late rally, climbing 0.2 percent to 8,287 points.

Boubyan Bank climbed 3.9 percent and Global Investment House jumped 7.3 percent. Kuwait Finance House lost 1.5 percent.

Bahrain's index ended higher for a fourth day, climbing 1.7 percent to 1,625 points, despite volumes falling by more than half from the previous session.

Oman's index ended higher for a third day, boosted by bank gains.

Bank Muscat and Oman International Bank each climbed 1 percent, Ahli Bank rose 2.2 percent, and Bank Sohar advanced 1.3 percent.

Index volumes were the highest since at least August last year as 187 million shares change hands, but these are warped by the transfer of 160 million Bank Sohar shares between two of the bank's directors.

Oman's index climbed 0.7 percent to 5,726 points.

"Oman looks positive - oil is holding above $70, which will boost government finances and we are also seeing a rise in private sector spending," said Shailendra Singh, investment manager at Al-Shurooq Securities.

Galfar Engineering fell 0.8 percent in its second straight decline. The stock has fallen 15 percent since hitting a six-month high on April 23.

"Foreign investors have been selling Galfar to buy Arabtec in Dubai and the percentage of foreign share ownership has fallen from 30 percent to 16 percent," said Singh.

"But we expect Galfar to improve as it wins new projects associated with Oman's airport expansions."

Petrochemicals led early losers on Saudi Arabia's index.

Saudi Basic Industries Corp (SABIC) fell 0.7 percent and Rabigh Refining and Petrochemical Co fell 0.6 percent.

Petrochemical stocks have been resurgent over the past couple of months as rising oil prices drive investor expectations of a marked improvement in second quarter results from a quarter-on-quarter perspective.

Oil rose towards $71 a barrel, reversing earlier losses, but some of crude's recent gains may be illusory, analyst say.

"Oil remains steady above $70 but that is more to do with dollar weakness than increased consumption," says Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

Comments (0)

Post a comment

All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason.Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Enter the words above *
Please click post only once - your comment will not be published immediately.