UAE stock markets ended the week on a negative note marking two consecutive weeks that both markets declined. The Dubai Financial Market (DFM) was the top decliner out of both UAE stock markets. The market posted a loss of 5.11 percent to close at 1,605.22 points. The market was affected by losses witnessed in the Real Estate Sector and the Utilities Sector which ended the week down 8.65 percent and 8.26 percent, respectively. In addition, the Abu Dhabi Securities Exchange (ADX) also ended in the red, down 5.02 percent and closed at 2,641.10 points. The Real Estate Sector was the top decliner in the ADX for the week, posting a 9.72 percent drop and therefore playing a role in the market’s decline. Furthermore dragging down the market was the Consumer Sector, which ended the week down 8.32 percent.
The Kuwait Stock Exchange (KSE) saw another hard week in line with the new dept crises that is hitting the European market which faded hopes of a near economic recovery. However some shearing news came at the end of the week as the biggest Kuwaiti listed company, Zain approved in its AGM held on Thursday, May 27 a distribution of a remarkable 170fils per share for the year ended 2009. The positive news helped lifting the stock price and hence reduced some of this week’s loss.
The BSE ended the week in the red zone backed by bad performance witnessed from the Investment Index and the Services index. Global Bahraini Index and BH All Share Index both ended the week decreasing 2.79 percent and 2.99 percent to reach 117.77 points and 1,453.82 points respectively. Gulf Finance House, Ithmaar Bank and Nass Corporation were all amongst the top decliners for the week shedding 29.55 percent 10.81 percent and 5.88 percent to reach US$0.16, US$0.17 and BD0.22 respectively.
Qatari Shares continued their falls for the fifth straight week, pulling down the Global Qatari General Index by another 6.12 percent to end this week at 532.73 points. The market started the week on a bearish note, and hit an intra-week low of 6,647.18 points, then staged a brief rally in the last two trading sessions as QE Index reached 6,683.02 points by the weekend. Selling pressure was witnessed all across the four sectors of the market, pushing them further down.
The Saudi market tumbled this week, reaching its lowest level over the past 8 months and erasing all its gain cumulated since the begging of the year. The losing streak the market witnessed which started late last week and continued over 5 consecutive sessions, was triggered by Europe’s debt crisis, declining oil prices, as well as the rising tension between North & South Korea, which sent international markets in a deep slump. The Saudi market advanced during Wednesday’s session only, making up for some of the previous day’s losses which amounted to about 7 percent. The market has been heading south since the beginning of the month, as it shed around 15 percent of its value MTD, after reaching its highest level in about 18 months, closing at 6,929.40 points by the end of April. By the end of this week, Tadawul All Share index dipped by 8.42 percent and closed at 5,862.31 points.
Omani market reached its lowest level in 2010 during this week driven by investors panic selling on account of European debt crisis and euro fall, however it managed to regain some of its losses in the last trading session of the week reducing MSM 30 Index’s weekly decline to 2.73 percent. All market sectors ended the week in red led by Industrial Index, which lost 4.15 percent of its value. All major heavy weight stocks were down.
The Egyptian Stock Exchange was massively hit this week driven by random selling pressures witnessed by all investors’ types on account of more than expected size of the European debt crisis and uncertain political situation. Despite EGX 30 Index, reported its biggest daily decline in 2010 on Tuesday, gains reported in the last two sessions of the week helped the index to reduce its weekly losses shedding 1.35 percent.
0 comments:
Post a Comment