31/12/2014
World Dropping increased sales
112.2 billion riyals GCC markets losses from oil drop pressure
Stock marketsin the Gulf regionhas seen extensive saleswaveyesterdaywithfallingglobal oilBrent crudeto its lowest levelinfiveand a half yearswhilepressurepolitical uncertaintyin Greeceonglobal equity markets,to inspectthe sixGCC markets(Saudi Arabia,UAE,Qatar,Bahrain,Kuwait,Oman)about $ 30 billion(112.2billion riyals)ofits market valuein yesterday'ssessiononly.
The UAEmarketlostin bothDubai and Abu Dhabiyesterdayabout19.7billion dirhams (5.22billion dollars)fromits market valueafterthe Dubai marketdeclineof 5.4per cent.Huisharesof ArabtecHoldingandEmaar Propertiesbuilding–they are themost actively tradedin themarket-9.1and6.5 per centrespectively.Some stockssuch asDiarReal Estate DevelopmentandDrake & ScullInternationalContractingdroppeddailymaximumof 10per cent.
AlthoughDubaiis much lesson oil revenuesfromits Gulf neighbors, dependingonlythatits marketshareswerethe hardest hitin the regioninthe past few monthsfor several reasons, includinghighliquidity andexposureto foreign investors.Stock exchange datashowed thatindividual investorsaccounted for86 per cent ofsales activitytoday, foreign investorssold moresharesthanthey bought.Thedecline inthe overall indexof the Abu Dhabi2.2 per cent.
Brentprices have fallento $56.74a barrel, its lowestlevel sinceMay2009,was dominated bypersistent worriesofabundantglobal suppliesof concernfromproductiondisruptionsin Libya.AndlandedEuropean stock markets, which oftendrawsthemInvestorsin the GulfdirectionafterGreek Prime MinisterAntonisSamarasfailed toget thesupportrequiredfor the candidatefor the presidency ofGreece;andthereforewill calla general electionmaypose a threat tothe program ofthe euro areafinancial bailoutfor the country.
In Doha,the marketfell1.9 per centyesterdayto12 328pointsto losemarket about9.8billion riyals($ 2.7billion).TheKuwait Stock Exchangeindexfell1.8 per centmarket toloseabout127million Kuwaiti dinars($ 436million)fromits market value,Boubyan Bankgrabbedonmost transactionsrose1.3per cent to0.405dinarsweretraded94.2 millionshares.TheinspirationappliesMahfouz, chief executiveof Commercial Bankof Kuwaitamajor shareholdersinBoubyan Bankfor "Reuters" Thebank hascut its stakeinBoubyanthrough the sale ofsharesin the marketto enhance thecapital adequacy ratio.TheCommercial Bank of Kuwaithasa share of17.7per cent inBoubyan Bankyesterday, according tostock exchange data.TheCommercial Bank of Kuwaitraised1.6 per centshare.InMuscat,the index fell2.7 percent, but themarket valuehas fallen about40million rialsonly($ 104 million).In Bahrain,0.6per cent ofthe indexfell to1416pointsto losemarket50.4million dinars ($ 133 million)fromits market value.TheSaudi marketyesterday,the lowestrate of4.16 percent, toloseabout 80billion riyals ($ 21.3billion)ofits market valueandthe index wasthe presidentof the EgyptianStock Exchange0.5 per cent.GovernmentCairoyesterdayand signedthe firstcontract toimportquantities ofliquefied naturalgas fromAlgeriain the periodfromApril2015toSeptember2015ina move designed toease thechronic shortage ofenergy.
