GCC MARKET WEEKLY UPDATE March 19 2010
GCC markets exhibited mixed trends during the week. Qatar markets gained the most with a strong market breadth. Bahraini markets ended the week higher by 2%. The TASI, which also had positive market breadth, rose 3%.
UAE: UAE markets witnessed a mixed performance during the week. The DFM, up 3%, continued the previous week’s uptrend buoyed by news that a possible debt repayment proposal was being worked out by Dubai World. The ADSM, on the other hand, fell marginally by 0.1%. The DFM witnessed positive activity in the real estate and financial services segments. The top gainers for the week included Arab Insurance Group (16%), Union Properties Co. (13%) and Deyaar Development Co. (9%). The Consumer segment (4.3%) was the top gainer in the Abu Dhabi market; International Fish Farming Co. (23%), Ras Al Khaimah Poultry & Feeding Co. (20%) and Emirates FoodStuff & Mineral Water Co. (12%) were the top performers.
Saudi Arabia: TASI exhibited a positive trend during the week; most sectors ended in the green. The building and construction index, up 3%, gained the most led by Mohammad Al Mojil Group Co. (9.6%). The petrochemicals segment, which has witnessed a positive trend during the year due to recovery in crude, retained its momentum to end the week 1.7% higher.
Kuwait: Kuwaiti markets ended the week marginally lower (-0.59%) due to weak performance of most sectors. The Insurance segment (down 7%) was the major loser. First Takaful Insurance Co. (-35%), NAFAIS Holding Co. (-17.7%) and Future Kid Entertainment and Real Estate Co. (-15.9%) were the top losers of the week. Tamdeen Investment Co. (25%), The Kuwait Co. For Process Plant Cons. & Contracting (21.5%) and Hayat Communications Co. (20%) were the top gainers for the week.
Oman: The Omani markets were also marginally down during the week (-0.24%) led by decline in the Banking & Investment sector (-0.8%) and Industrial segment (-0.6%). The losses were led by National Aluminium Products Co. (-14.6%), Sweets of Oman Co. (-10.3%) and Oman Chromite Co. (-9.9%). Notable gainers included Oman National Engineering & Investment Co. (4.5%), Majan Glass Co. (2.6%) and Bank Muscat (2.2%). Bank Muscat’s gains were driven by news of the bank boosting its links among overseas operations.
Qatar: The DSM displayed a strong performance, gaining 7.3% in the week; the index breached the 7000 level. The rally was led by positive news flow, including lower inflation data and gain in the crude prices. The index gains were led by the Banking & Financial sector (8.1%) and Industrial segments (7.8%). The top performers during the week were Al Meera Consumer Goods Co. (16.5%), Qatar National Bank (11.7%) and Zad Holding Co. (8.8%).
Bahrain: The Bahrain Stock Exchange advanced by 2% during the week driven by 5.3% gains in the Commercial Banks segment. Banking heavyweight, Al Ahli United Bank (10.2%), was the top gainer during the week.
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