- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:25 05:43 12:19 15:46 18:50 20:09
|
(REUTERS) | |
|
Last week bore all the signs of a losing battle as a regional sell-off sent all six markets tumbling.
The tumble came after the United States Federal Reserve cut interest rates sharply and the Organisation for Economic Co-operation and Development (OECD) admitted that America’s economy is now on the brink of recession.
The Fed has lowered rates six times since mid-September as the US economy reeled from the credit crisis triggered by a slump in the housing market. Last week the central bank lowered rates from three per cent to 2.25 per cent.
The OECD has slashed its growth forecast for the US economy and hardly expects it to grow at all in the first six months of 2008. Gold and crude prices also fell.
Oil dipped last week to settle just above the $100 per barrel mark after reaching a record high above $111 on signs of sluggish demand, worries over the US economy and the fortunes of the dollar.
Gold fell sharply as the dollar gained momentum, dipping to $919.1 (Dh3,375) per ounce after peaking at $1,030.8.
KUWAIT
Kuwaiti stocks continued to edge lower for the second consecutive week. On March 17, the Kuwaiti cabinet submitted its resignation to the prime minister. This event, however, according to Global Investment House, is not uncommon in the country, since the parliament has been dissolved four times in recent years.
“It is noticed that in the past, political conflicts have had little or no effect on the Kuwaiti economy and were not disruptive to the market, which managed to recover some of its losses on the last trading session of the week,” said a Global report.
The Global General Index ended at 422.49 points, down 0.5 per cent for the week. Sector-wise, the Global Insurance Index grew by 1.94 per cent. Four of the insurance companies managed to end their weekly trading on a positive note.
Kuwait Insurance Company was the biggest gainer in the sector, adding 7.69 per cent to end at KWD0.56. The Global Industrial Index reported the steepest decline, down 1.29 per cent.
Gulf Rocks Company shed 10.64 per cent, and closed at KWD0.84. The market capitalisation of the Kuwait Stock Exchange stood at $209.44 billion at the end of the week.
QATAR
Profit taking, meanwhile, pushed Qatari stocks to a lower close. The Global Qatari General Index reported the steepest decline among its GCC peers, down by 4.4 per cent to end at 759.27 points, Global consolidated figures show.
All sector indices landed in the red as the industrial index shed 7.18 per cent. Qatar National Cement topped the list of decliners, down 12.69 per cent, ending the week at QAR130.7.
The scrip was traded ex-dividend after the company’s AGM approved the distribution of 70 per cent cash dividend for 2007. Meanwhile, Islamic Financial Securities Company continued its stellar performance, ending the week 45.28 per cent higher at QAR36.90. The scrip managed to gain 207.5 per cent since its listing on the Doha Securities Market less than two weeks ago.
Selling pressure mounted on shares of heavyweight Qatar Gas Transport Company (Nakilat). Investors exchanged 4.8 million of the company’s shares at an aggregate value of $41 million.
Nakilat’s scrip ended the week 3.14 per cent lower at QAR30.8. The volume of shares traded stood at 34.93 million aggregating to $559.06m.Market breadth was negative, with 32 decliners and nine advancers. Market capitalisation of the Qatari market reached $113.61bn at the end of the week.
THE UAE
The UAE markets maintained their bearish trend, with the NBAD Index ending 1.76 per cent lower at 13,421.23 points. The services index ended 2.35 per cent lower. The share prices of Aabar Petroleum Investments Company and Ras Al Khaimah Poultry & Feeding Co shed 8.27 per cent and 7.41 per cent, respectively.
Meanwhile, Union National Bank topped the week’s gainers list, up 22.97 per cent, to end at Dh7.87. Abu Dhabi National Takaful Co followed, up 18.28 per cent, to end at Dh7.83.
Volume and value of shares traded over the week stood at 1.31 billion and $1.93bn respectively. Market capitalisation of the UAE markets stood at $220.984bn at the end of the week.
SAUDI ARABIA
Saudi stocks extended their losing streak for the third consecutive week as the correction deepened. The Tadawul All Share Index ended the week at 9,488.85 points, down 1.76 per cent for the week. Seven out of the eight sector indices ended the week in the red.
The telecom index dropped by 7.3 per cent. Etihad Etisalat and Saudi Telecom reported losses for the week of 11.15 per cent and 6.4 per cent, respectively. Banking stocks were also notable losers with the sector’s index shedding 6.2 per cent.
The share price of Samba Financial Group and Al Rajhi Bank ended the week down by 9.55 per cent and 8.57 per cent, respectively. Meanwhile the share price of Anaam International Holding Company continued to edge lower, posting a 18.86 per cent loss for the week to end at SAR71.
On the positive side, Yanbu National Petrochemical Company topped the week’s gainers list, up 8.53 per cent, to end at SR57.25.
BAHRAIN
The Bahrain Stock Exchange ended lower after holding steady for the previous couple of weeks. The Bahraini Stocks Index dropped by 1.42 per cent, ending the week at 219.07 points.
All sector indices ended the week either flat or on a lower note. The Industrial Index was hit the most, down 5.28 per cent. The share price of Delmon Poultry Company shed 9.83 per cent, at BHD0.266.
The scrip was traded ex-dividend during the week after the company’s AGM approved the distribution of an 18 per cent cash dividend for 2007.
On the positive side, the share price of Investcorp Bank appreciated by 6.47 per cent, ending at $2,799. Volume of shares traded in the exchange during the week stood at 25.12 million shares at an aggregate value of $38.83m.
Market breadth skewed towards declining stocks, with 17 decliners and three advancers. Market capitalisation of the stock exchange stood at $31.23bn at the end of the week.
OMAN
The Omani market retreated as investors cashed in gains from the previous sessions’ rally and backed out of a variety of stocks.
MSM General index, which registered a strong monthly growth of 13 per cent in February, ended the week at 10,540.52 points, recording 1.75 per cent in weekly loss. Services and Insurance index registered the steepest decline, down 2.02 per cent. Industrial index was also a notable decliner, down 1.66 per cent.
Share price of National Biscuit Industries was down by 21.28 per cent, at OMR2.800. Oman Chemical Industries and National Mineral Water lost 11.79 per cent and 8.98 per cent of their prices.
On the positive side, Al-Oula Co topped the week’s gainers list, up 40 per cent, ending at OMR0.679. Volume and value of shares traded in the Muscat Securities Market stood at 95.16 million and $182.07m, respectively.
Out of the 81 stocks traded in the market during the week, 37 declined and only 30 advanced. Market capitalisation stood at $25.81bn at the end of the week.
|
Follow Emirates 24|7 on Google News.
