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Gulf market report - 9 April 2007
The Dubai Financial Market General Index (DFMGI) today closed down 0.22% at 3,813.37, a marked difference from the gains experienced in yesterday's market.
Trading was fairly impressive with shares worth a total of AED587m changing hands. However, this was not as impressive as yesterday, when shares worth AED1.12bn were traded.
The fall of the DFMGI was predicted by many financial experts who felt that a slight dip in the performance was inevitable following the surge of the index over the last couple of days.
"We expected it to go down. For two days it had increased by a good amount, so we were not expecting it to continue in this vein," said Awn Almoman, broker and trading manager for Abu Dhabi Financial Services.
It appeared Sunday's exceptional gainers were today's biggest losers. Shares for Emaar fell 0.88% to AED11.30 after opening at AED11.35 at the start of play today. Islamic mortgage provider Amlak also saw its share price down 1.99% to AED2.95.
The top three biggest gainers on the DFM were all local banks: the Commercial Bank of Dubai, National Bank of Dubai and Dubai Islamic Bank.
Conversely, Abu Dhabi closed on a high. Mr Almoman pointed out that it was likely to be less erratic than the DFM as there were no big gaps between the bid and offer share price. He added: "Abu Dhabi commercial banks and also the property sectors have garnered good revenue over the last five days."
On the ADSM, shares in 17 companies rose while 14 declined and 3 remained unchanged. The general index went up 0.30% at 2953.59 while the banks and financial services sector rose 0.31% to 4,284.
Meanwhile, Kuwait's main stock index rose to its highest close in more than five months, led by banking shares. The index climbs 0.89% to 10,438.50 points, its highest since October 31.
Oman's index posted its highest close in nearly a month, paced by Bank Muscat. The index rose 1% to 5,662 points, its highest since March 12. Bank Muscat gained 2.66% and National Bank of Oman 3.02%.
Qatar's index is up 0.25 percent at 6,068.05 points. "There is some retracement from weakness last week," said Dominic Beange, head of investment advisory services at Dlala Brokerage & Investment Holding, quoted by Reuters. "We are starting to see some genuine institutional interest... Industries Qatar gives investors access to the petrochemical sector and it is 70 per cent government-owned."
Saudi Arabia's main stock market index fell in early trading, paced by Al-Rajhi Banking & Investment Corp. The index dropped 0.57% to 7,897.25 points.
Bahrain's index closes higher for the first day in three, paced by Ahli United Bank. The index rises 0.19% to 2,137.73 points. Ahli United climbs 2%.
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