GCC markets fall as insecurity rises

by Joel Bowman Monday, 24 March 2008

The Dubai Financial Exchange (DFM) and the Abu Dhabi Securities Market (ADSM) led a bearish day of trading on Monday with every major GCC index closing down. The DFM, the hardest hit bourse in the region, recorded its biggest one day drop in over a month.

Related Stories

Dubai Islamic Bank led sentiment on the DFM, its stock plunging 4.6% and helping to push the index down 2.6%, its biggest drop since February 10.
"There is instability in global markets and foreign investors are reacting negatively. This is hitting emerging markets in the Gulf and Egypt,” Sherif Abdelkhalek, dealing room manager at Al-Futtaim HC Securities told newswire Reuters.

Abu Dhabi fared better - but only just. Sorouh Real Estate and telecom provider, Etisalat led the pack, closing down 0.85% and 5.53% respectively. Overall the index fell 1.56%.

The Gulf’s largest market, Saudi’s Tadawul, slumped for the eighth time in nine trading sessions. Arab National Bank and Samba Financial Group stocks took the biggest beating, closing down 1.53% and 6% respectively. The index closed at 9,370.84 points, 0.16% down on the day. The Tadawal has fallen more than 16% since the start of the year.

Industries Qatar and Qatar National Bank weighed on Doha’s market, falling 2.32% and 1.43% respectively, helping drag the benchmark down 1.33% to close on 9,672.76 points. Monday’s loss marks the third consecutive day in the red for the gas-rich state.

Kuwait’s index fell for a second straight day after posting a record high last Wednesday on news of the parliament’s dissolution. National Industries Holding Group led the way, shedding 1.1% to drag the main index lower by 0.37%.

Oman also extended losses posted from Sunday’s session, closing 0.13% down on the day.

Rounding out the region’s key indices, Bahrain joined the losing markets after posting the only gain on Sunday. Ahli United Bank tumbled 0.78% at the end of Monday's trading. The index closed on 2,793.50 points, 0.13% down on the day.



Search Property (2941 listed)



Enter a Development, City, Real Estate Agent or Developer name
Property Type
Added to Site
Price Range
to
Bedrooms
Area (in sqft)
to
to

Quick Links(Residental)