Market Commentary Market Snapshot
Change Index OM BH KW SE QA DU AD Close 5632.42 1589.54 8095.60 5490.02 6579.43 1745.07 2574.07 Daily -1.11% -1.46% -0.55% -1.98% -1.21% -6.13% -2.04% WTD -1.1% -1.5% -0.5% -2.1% -1.2% -6.1% -2.0% MTD 2.4% -2.0% -0.7% -6.8% -5.7% -7.1% -3.9% YTD 3.5% -11.9% 4.0% 14.3% -4.5% 6.6% 7.7%
June 28, 2009
Markets across the GCC continued to bleed on Sunday on account of continuing woes in the real estate sector. The decline was led by Dubai (6%) after property giant Emaar announced plans of merger with statecontrolled competitors. Kuwait and Saudi declined 1% and 2%, respectively. Oman, Bahrain and Qatar all closed around 1% lower. Bahrain Bahrain maintained its loss-making streak for the fifth day and ended 1% lower. The Commercial Bank sector dipped 4% as banking giant Ahli Untd Bk shed 9% and Nat Bk of Bah lost 2%. Esterad Invt and Bah Flour Mills fell 5% and 3%, respectively. The Investment sector, on the other hand, closed marginally higher with Ithmaar Bk gaining 2% and Untd Gulf Bk rising 1%. Oman Declines across sectors pulled the MSM down over 1%. Sectoral decliners were led by Industry (-2%) with Oman Cable Ind dropping 5%. The Services & Insurance sector lost nearly 2% as Oman Untd Ins dipped 4%. On a positive note, Al Omaniya Fin Services jumped 5% while Al Hassan Engg and ONIC Hldg gained 2% and 1%, in that order. Kuwait Day-long selling in key sectors dragged the Kuwaiti bourse down 0.6%. The Services sector lost 74.7 points on account of losses in Zain (-2%) and Wataniya (-2%). Micro-cap Future Kid Entertainment & RE shed another 7% taking its cumulative losses to 23% since June 11. Both Sanam RE and Al-Safat dropped 8%. Only the Food sector managed a positive finish as Americana rose 3%. Al Masaken Intl RE Devt and AlMaidan Dental Clinic gained 10% and 9%, respectively. Saudi The TASI lost 2% to close below the 5,500 mark continuing its downward slide that has seen it ending 8 out of the last 10 sessions in the red. Save for the Agriculture & Food Industries, all the sectors closed lower with Petrochemical Industries shedding over 3%. Petro Rabigh slumped 6%, Yanbu Nat Petro decreased 5% and Al Rajhi Bk lost 2%. On the positive side, Nat Agri Mktg scaled up 9% and SABB Takaful added 10%. Qatar Across the board selling towed Qatar down 1% to 6,579.43. The Banking & Financial sector shed 143.19 points after index heavyweights Comml Bk of Qat and Qat Nat Bk fell 3% each. Al-Khaleej Ins lost 3% and Qat Ins lost 2%. On the gainers' side, Mannai Corp scaled up 5% and Islamic Finl Sec added 2%.

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