Font Size

- Aa +

Mon 30 Jul 2007 02:00 PM

Font Size

- Aa +

Gulf markets review - July 30

Abu Dhabi's main index posts its biggest one-day decline this year; Kuwait's main index closes at record high.

Gulf markets review - July 30

Dubai's main index closed lower for a second day as foreigners sold shares. The index, which fell 1.89% on Sunday on foreign selling, finishes down 0.56% to 4,226.77 points.

Emaar Properties fell 0.93%, having earlier dropped almost 2.8%.

"What happened yesterday was a reaction to the global markets last week," said Hashem Montasser, managing director and head of regional asset management at EFG-Hermes.

"The markets are still trading at very good valuations so I expect the markets will show some recovery."

Abu Dhabi's main index posted its biggest one-day decline this year, paced by Etisalat and Aldar Properties.

The index fell 2.76% to 3,430.03 points, with Etisalat dropping 5.16% and Aldar 4.49%.

"We're seeing massive liquidation by foreigners. The stocks that used to be held by foreigners are getting hammered," said Rami Sidani, senior associate of asset management at Shuaa Capital.

Saudi Arabia's main index closed more than 1% lower, paced by Saudi Basic Industries (SABIC), which led declines among the 17 largest stocks.

The index fell 1.15% to 7,506.45 points, with SABIC losing 1.38%. Shares of Kingdom Holding fell 4.08 % to 11.75 riyals on their second day of trading, 14.6% above the firm's initial public offering price of 10.25 riyals.

"The Kingdom IPO shares are sucking liquidity from the market and the index is trading in a range between 7,400 and 7,600 points," said Marwan Shurrab, a senior trader at Shuaa Capital.

Kuwait's main index closed at a record high. The index rose 0.47% to 12,527 points, led by Agility, which rose 3.13%.

Qatar's index ended up 0.32% to 7,594.22 points as Qatar National Bank added 2.48%.

Bahrain's index, which jumped 2.19% on Sunday, also rose 0.44% to 2,569.20 points. Ahli United Bank, which surged on Sunday on details of a Qatar takeover offer, rose 1.25%.

Oman's index edged down 0.03% to 6,423.95 points.