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Gulf stocks mixed on bargain hunting |
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1/23/2009 10:24:13 AM |
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Gulf Arab bourses were mixed yesterday as investors either looked for bargains after recent falls or sold on fears fourth-quarter results in the oil-exporting region would continue to disappoint.
Qatar’s main benchmark, which tumbled 8.26 percent on Wednesday, snapped a nine-day losing streak as local investors picked off bargains.
“Qatar has seen the highest correction we have seen since the beginning of the year, so this is a technical rebound,” said Samer Al-Jaouni, general manager of Middle East Financial Brokerage Co. The index has shed more than 30 percent since January 11.
“Local speculators are coming into the market and making a quick trade to make quick profit,” Jaouni adds.
In Oman, blue chip stocks surged as retail investors speculated in anticipation of a government stock market stabilisation fund. Citing an unidentified Commerce Ministry official, Al-Zaman newspaper reported yesterday the fund would enter the market next week. Rashid Salim al-Masroori, chairman of the Investment Stability Fund, said on January 15 that Oman was pushing ahead with plans to shore up its bourse through a OR150m ($389.6m) market fund in partnership with the private sector.
United Arab Markets seesawed as uncertainty reigned over fourth-quarter earnings and the impact of the global economic downturn on the world’s fifth-largest oil exporter. “Markets have dropped heavily and we are seeing some buying from retail investors who are trying to speculate a little,” Haissam Arabi CEO and Fund Manager of Gulfmena Alternative Investments, a regional hedge fund company under formation.
“That doesn’t change the that fact we still have pressure and uncertainty and earnings are still not out.”
Abu Dhabi Commercial Bank and Aldar Properties dragged the market more than 1 percent down, while Emaar Properties helped lift Dubai’s benchmark 0.73 percent. Kuwait ended lower for a sixth straight session, while Bahrain also fell.
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Source:Thepeninsulaqatar.com |
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