05/05/2010
Gulf Market Commentary
Investors while watching stock movement in Dubai Financial Market
Shifting was seen in the Gulf stock markets through up and down movements in yesterday transactions with the dealer's continuous reluctance despite the low stock prices.
Bahrain market has been subjected to a strong correction which made it lose 1.1 percent, Kuwait market also fell by 0.21 percent of , Doha fell by 0.15 percent.Rises were seen very slightly with Dubai, Abu Dhabi and Muscat markets by 0.31 percent.
Dubai market failed to maintain its rise which exceeded 1 percent supported by Emaar share, which recorded its highest level at 3.95 dirhams before being subjected to the sell-off turned the track to a decline by 0.77 percent to 3.89 dirhams and possessed with the Arabtic share of two-thirds of total market trading volume whole amount of 342 million dirhams succeeding to stabilize at 2.49 dirhams.
Vodafone Qatar, which will join Doha's reshuffled index from Thursday, climbed 1.1 percent to a seven-month high, as 7.8 million shares were traded, double the index total. Vodafone is up 18.1 percent since being awarded a fixed-line license on March 30.
Dubai's index ended 0.3 percent higher, having been up as much as 1.7 percent intraday.
“We're still waiting for the Dubai World issue to be resolved -- there are no long-term investors in the market, its all day traders, which is causing high volatility,” said Nasr.
Zain ended flat after hitting a three-week intraday high. It is up since Gabon's government backed the sale of Zain Gabon to Bharti Airtel, part of Zain's $9 billion asset sale to the Indian operator.
Al-Khaleekiah investment share continued its gaining for the second straight session, by 3.4 percent to 0.121 rials after the company announced its transition to profitability in the first quarter ;three shares scored a high rising of 10 percent which ( Safa Food ,Naseej Oman and Oman Chrome.
As for Kuwait shares in which real estate and services shares has led the market declining, which still experiencing weak activity with 38 million dinars from transaction of 171 million shares. Qatar Industries and Qatar National Bank's led first and second heavy stock declines slightly in Qatar's bourse. National Bank's shares fell by 3.6 percent to 54.90 riyals, Al Reaya by 6.7 percent to 12.10 riyals.
