Bahrain and Saudi shares slump

Bahrain and Saudi shares slump
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Published September 5th, 2012 - 08:37 GMT via SyndiGate.info

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Dubai
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Abu Dhabi
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Saudi Basic Industries Corp

All-Share Index yesterday closed at 1,070.55 points, marking a decrease of 1.82 points below the previous closing.

This decrease was due to a fall in the shares of commercial banks, services sector and hotels and tourism sector.

Results indicated that 55 transactions with a volume of 1,196,613 shares worth BD198,912 took place.

In other GCC markets, Saudi Arabia's bourse closed lower for a fourth day and other Middle East markets were mixed as investors waited for cues on policy action from European central banks to tackle slowing economic growth.

The Saudi Arabian index lost 0.4 per cent, edging further away from Wednesday's 16-week high.

Petrochemical stocks were the main drag, with Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer, falling 1.7pc. National Industrialisation dipped 0.9pc and Saudi Kayan Petrochemical declined 1.1pc.

The banking sector index slipped 0.2pc.

Egypt's benchmark index rose 1.5pc to its highest close since June 2011 as retail investors moved into the market, optimistic that government efforts to bolster an ailing economy were bearing fruit.

United Arab Emirates bourses ended mixed, with investors finding little reason to increase positions due to a lack of catalysts.

Dubai's benchmark climbed 0.4pc, trading within a 14-point range over the last six sessions.

UAE and Qatar markets are trapped in sideways trading on low volumes. Some investors are holding their positions, waiting for a catalyst to lift stocks, while retail traders are speculating for short-term gains.

In Abu Dhabi, the measure slipped 0.2pc to its lowest close since August 13.

Qatar's index edged 0.09pc higher, up for a third session in the last seven.

Kuwait's bourse declined 0.3pc, easing away from Monday's 11-week high.

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