01/06/2010
Gulf stock markets records its worst performance in May
Gulf Market Daily Commentary
Most Gulf bourses fell on Monday in subdued trading with markets in the United States and Britain closed for a holiday, while Saudi Arabia bucked the trend, buoyed by firmer oil prices.
Both Abu Dhabi and Dubai fell by above 1 percent. "It's not a major fall," said Ali Khan, managing director and head of brokerage at Arqaam Capital. "Certain stocks have fallen quite a lot but on low volumes.".
Dubai-listed Tabreed was one of the day's biggest fallers, declining 4 percent. The air conditioning firm said it won approval from shareholders to issue bonds worth up to 4.2 billion dirhams ($1.14 billion).
Shareholders also approved canceling up to 970 million shares of 1 dirham each. "Tabreed hasn't performed well in the first quarter. Overall the situation is not very bright," said Vyas Jayabhanu, head of investments, Al-Dhafra Financial.
Kuwait's bourse was the region's biggest decliner, falling 1.7 percent as National Bank of Kuwait lost 3.3 percent and Ahli United Bank 5.2 percent.
Shares of Gulf Finance House closed 2.4 percent lower in Kuwait and fell 6.9 percent on Bahrain's bourse after the lender said it will sell its 50 percent stake in Bahrain Financial Harbor to Emar Bahrain.
After a strong return yesterday Qatar's bourse gained a quick profits on the stock as they had been supportive of the bounce, especially industry and banks shares, among declines in their transactions to 205 million riyals from 8.2 million riyals, including two million from Gulf Holding and Barwa up to 4.6 percent to 15.60 riyals, while the second stood at 29 riyals.
