Gulf markets review - Aug 27
Dubai's bourse slipped on Monday after closing at a one-month high on Sunday as investors booked profits in Emaar Properties.
The Dubai index ended down 0.91% at 4,246.12 points, with Emaar falling 1.36% after making its biggest one-day gain in more than 15 months on Sunday following news it had dropped a land-for-shares deal with the Dubai government.
Abu Dhabi’s index rose 0.22% to 3,436.11 points, paced by Aldar Properties and Etisalat. Etisalat gained 0.86%.
Aldar rallied for a second day, ending up almost 6% after hitting a 12-day high during the session.
Aldar’s stock, the second most-heavily traded, rose 5.99% to its highest close since August 14. The company said on Sunday its share price could double as it develops more of its $50 billion of projects and revenue increases.
Saudi Arabia's main index ticked down after closing higher in seven of the last eight trading days, paced by Saudi Basic Industries (Sabic).
The index was down 0.2% to 8,115.83 points. Sabic slipped 0.38% and Saudi Electricity, the biggest decliner among the 10 biggest stocks, fell 2.13%.
Shares of Allied Cooperative Insurance Group closed at 109.75 Saudi riyals on their first day of trading, a more than tenfold rise above their May initial public offering (IPO) price of 10 riyals.
Shares of National Bank of Kuwait (NBK) made their biggest one-day gain in almost 11 months, lifting the index to a record, on news the lender plans to sell 20% more shares at less than half their market price.
NBK shares jumped 4.63% to 2.26 Kuwaiti dinars, their biggest single-day rise since October 3, 2006. Kuwait's index ended up 0.77% to 12,709.10 points, a record high.
Banking stocks pulled Bahrain's main index lower for a fourth day and Qatar's was down for a second day.
Ahli United Bank fell 1.39%, pulling the index 0.13% lower at 2,524.72 points.
The Doha benchmark declined 0.42% to 7,456.40 points. Qatar National Bank sheds 0.81%.
Selling in banking stocks also weighed on Oman's benchmark, pushing it lower after two days of gains.
Bank Dhofar fell 4.31%, pulling Oman's index 0.29% lower to 6,618.18 points. Investors are selling shares to buy into the IPO of Oman's biggest construction firm. Source
The Dubai index ended down 0.91% at 4,246.12 points, with Emaar falling 1.36% after making its biggest one-day gain in more than 15 months on Sunday following news it had dropped a land-for-shares deal with the Dubai government.
Abu Dhabi’s index rose 0.22% to 3,436.11 points, paced by Aldar Properties and Etisalat. Etisalat gained 0.86%.
Aldar rallied for a second day, ending up almost 6% after hitting a 12-day high during the session.
Aldar’s stock, the second most-heavily traded, rose 5.99% to its highest close since August 14. The company said on Sunday its share price could double as it develops more of its $50 billion of projects and revenue increases.
Saudi Arabia's main index ticked down after closing higher in seven of the last eight trading days, paced by Saudi Basic Industries (Sabic).
The index was down 0.2% to 8,115.83 points. Sabic slipped 0.38% and Saudi Electricity, the biggest decliner among the 10 biggest stocks, fell 2.13%.
Shares of Allied Cooperative Insurance Group closed at 109.75 Saudi riyals on their first day of trading, a more than tenfold rise above their May initial public offering (IPO) price of 10 riyals.
Shares of National Bank of Kuwait (NBK) made their biggest one-day gain in almost 11 months, lifting the index to a record, on news the lender plans to sell 20% more shares at less than half their market price.
NBK shares jumped 4.63% to 2.26 Kuwaiti dinars, their biggest single-day rise since October 3, 2006. Kuwait's index ended up 0.77% to 12,709.10 points, a record high.
Banking stocks pulled Bahrain's main index lower for a fourth day and Qatar's was down for a second day.
Ahli United Bank fell 1.39%, pulling the index 0.13% lower at 2,524.72 points.
The Doha benchmark declined 0.42% to 7,456.40 points. Qatar National Bank sheds 0.81%.
Selling in banking stocks also weighed on Oman's benchmark, pushing it lower after two days of gains.
Bank Dhofar fell 4.31%, pulling Oman's index 0.29% lower to 6,618.18 points. Investors are selling shares to buy into the IPO of Oman's biggest construction firm. Source
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