[2008-04-29]  Saudi leads gains on Gulf markets
Shares in Saudi Arabia, the Gulf’s largest stock market, led four out of seven regional bourses higher yesterday, boosted by banks. The Saudi market closed up 1.4% to 9907.12, led by banks. Heavyweight Samba Financial Group gained 4.1% to 95.25 riyals. Arab National Bank rose 8.9% to 70 riyals. Lenders are attracting attention as their profitability is showing signs of recovery after recording a 13% decline in 2007, said a National Commercial Bank weekly report dated April 27.

Dubai shares slid 1.2% to 5714.80, led by Amlak Finance, down 3.7% to 4.75 dirhams and Emaar Properties, down 2.5% to 11.60 riyals. “There is some profit-taking after recent gains,” said Ayman El Saheb, director of operations, Darahem Financial Brokerage. The market was up almost 7% in the previous nine sessions. “Margin selling ahead of the month’s end also contributed to the fall,” he added.

Deyaar shares were down 1.3% to 2.27 dirhams. The investigation into alleged financial wrongdoing at Deyaar widened yesterday after a third person was detained by Dubai police, a Deyaar official said. The stock is down more than 21% this year till date. Abu Dhabi market was down 0.4% to 4997.62 at close, led by real estate shares. Aldar Properties slipped 3.4% to 11.60 dirhams. Kuwait shares ended up 0.2% to 14486.40, led by Zain, up 3.7% to 1.680 dinars. Agility rose 3.8% to 1.100 dinars.

“The market is among the more attractively priced at current levels in the GCC,” said a Kuwait-based trader. “However, a correction is due after gains on the back of first quarter earnings,” he added. Bahrain shares were up 0.4% to 2843.33 at close, helped by investment firms. The Muscat stock market closed up 1% to 11372.32, led by Omantel, up 6.9% to 1.979 rials.



Source: Copyright © 2001 - 2008, K. Zughaibi & B. Kabbani General Partnership.