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Global slump pulls Gulf markets down |
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10.23.2009 |
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DUBAI: Markets in Abu Dhabi and Qatar led a broad retreat on most Gulf markets yesterday as tumbling global markets and a decline in oil prices triggered a regional sell-off.
“It’s again very obvious how high the correlation between local and global markets is,” said Samer Al Jaouni, general manager of Middle East Financial Brokerage Co.
Abu Dhabi’s main index posted a 1.2 percent decline to 3,120 points, despite minor gains in some bank stocks, including First Gulf Bank which reported a 9.4 percent rise in Q3 profit on Wednesday.
“There were at least some positive announcements from financial companies coming out of Abu Dhabi,” Jaouni said.
Abu Dhabi Commercial Bank weighed heavily on the index, falling 3.2 percent.
Dubai’s benchmark fell 0.6 percent to 2,244 points after a late rally helped it recover from an intra-day low of 2,206.
“Our markets are seeing more volatility, with Dubai up 3 percent one day and then down the next and this volatility has increased as more quarterly results are announced,” said Mohammed Yasin, Shuaa Securities chief executive.
“The overall trend is sideways,” he added.
Emaar Properties was the only stock to gain in Dubai, up 0.2 percent. After market close, the real estate company said third-quarter net profit rose 53 percent.
“Emaar is now using a completed project method for accounting, which is having a positive effect on its statement and we should probably see that in the fourth quarter too,” said Robert McKinnon, managing director at Al Mal Capital.
Banks in Oman and Qatar led their markets lower.
Bank Muscat fell 1.8 percent, while Bank Dhofar and Bank Sohar dropped 1.3 and 0.4 percent respectively. Qatar Commercial Bank fell 2.2 percent.
Still the market outlook for next week remained mildly positive, as the Omani government continues spending on infrastructure projects and oil prices remain robust, said Sayed Quadry, vice-president of business development at Amwal Investment in Muscat.
“People are cautious but optimistic,” he said.
The Saudi market is closed on Thursdays.
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Source:www.thepeninsulaqatar.com |
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