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Gulf market report - 9 May 2007
Dubai's stock index closed above 4,000 points for the first time in almost two months as investors piled into Amlak Finance encouraged by a near five-fold increase in profit at rival Tamweel.
The index rose 2.37 % to 4,076.34 points, its second-biggest one-day gain in more than a month. Amlak, the worst performing stock in Dubai until Tuesday's close, surged 14.8 %.
"People were encouraged by the profit at Tamweel," said Motaz Ibrahim, a broker at Dubai-based Al Mal Capital. "If Tamweel could do it then maybe so can Amlak, if it can get things together."
Dubai's index is still the second-worst performer in the Gulf this year, down 3.52 % to Tuesday's close.
In Abu Dhabi, banking stocks, including Abu Dhabi Commercial(ADCB) and First Gulf, powered a 0.85 % rise in the main stock index to 3,195.57 points.
The index closed up for a sixth trading day in a row extending a month-long rally. "The economy is doing well. The banking sector is benefiting," Mal's Ibrahim said.
ADBC climbed 3.44 % and FGB surged 7.6 pct. Shares of Sorouh Real Estate rose for a fourth day closing up 3.88 %.
Abu Dhabi is the second-best performer in the Gulf this year, up 5.63 % to Tuesday's close.
QATAR BREAKS TREND
Qatar's main stock index closed lower for the first time in 10 trading days, back below 7,000 points through which it broke on Tuesday for first time in four months.
Industries Qatar and Qatar Commercial Bank led the fall. The index declined 1.24 % to 6,929.67 points.
"The market has risen very quickly," said Rami Sidani, an asset manager at Dubai-based Shuaa Capital. "We will probably see some profit-taking in the next few sessions."
Industries Qatar dropped 2.63 % and Commercial Bank 3.49 %.
The market has rallied 17.4 % since it closed at a 2007 low on April 4. It was still down 1.63 % this year to Tuesday's close.
Kuwait's index closed up for the seventh time in nine trading days, extending a rally that began in February.
Burgan Bank and Ahli United Bank paced.
The higher close contrasted with a plunge in shares of Commercial Bank of Kuwait which denied a newspaper report that Qatari investors were looking to buy as much as 60 % of the lender.
Shares of CBK surged 24 % in the four days to Sunday's close on talk and a report in al-Qabas newspaper that Qatar National Bank was in talks to take over the lender.
CBK shares fell 6.49 %, or the maximum 100 fils allowed.
The index rose 0.53 % to 10,945.90 points. Burgan Bank climbed 3.03 % and Ahli United 1.69 %. Kuwait's index is the best performer in the Gulf this year, up 8.15 % to Tuesday's close.
Oman's main stock index closed up for the fifth time in seven trading days, paced by Oman Telecommunications Co. (Omantel) and Bank Dhofar.
The index climbed 0.62 % to 5,850.15 points. Omantel rose 1.26 % and Bank Dhofar surged 5.12 %.
Oman's index is the third-best performer in the Gulf this year, up 4.16 % to Tuesday's close.
Saudi Arabia's main stock index ended the week closing up, paced by Saudi Basic Industries Corp. and Saudi Telecom Co.
The index was up 0.07 % at 7,394.50 points. SABIC climbed 0.61 % and Saudi Telecom 0.45 %.
Saudi Arabia's index is the worst performer in the Gulf this year, down 6.85 % to Tuesday's close.
Bahrain's main stock index closed up paced by Bahrain Telecommunications Co. (Batelco) and Gulf Finance House.
The index was up 0.45 % at 2,160.55 points. Batelco rose 1.84 % and GFH 4.48 %.
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