SAUDI EXCHANGE DECLINES ON PETROCHEMICAL LOSSES: Riyadh's Tadawul Index lost 2.03 percent, closing at 4,632.51 points on lower oil prices (down more than three percent). Market bellwether and petrochemical giant Sabic was among the biggest decliners (off 5.92 percent). 25 shares bucked the trend, among them Sharia-compliant insurance operator SABB Takaful (gaining 6.16 percent). Investors became nervous globally ahead of the G20 summit in London, which will start on April 1st, at which a number of coordinated measures are expected to be taken in order to stimulate world economy. Saudi-Arabia, a member of the G20, will attend the summit as the only Arab country.
KUWAIT MARKET LOSES 0.54 PERCENT: As the other GCC exchanges, the Kuwait market was also negatively affected by losses in Asia and closed 0.54 percent lower at 6,703.3 points. Many financials underperformed the market such as Bahrain-based Gulf Finance House (off 1.03 percent). Declining oil prices (down 3.11 percent), which hit the level of $50 per barrel again, might also a reason for crossover market losses in the GCC today, although Kuwaiti oil minister Sheikh Ahmed Abdullah Al Sabah said that his country feels 'comfortable' with $50 per barrel.
SELL-OUT AT DOHA SECURITIES MARKET (DSM): Negative input from East Asia markets brought the Qatar exchange down. The DSM plummeted 5.66 percent on Qatar Telecom's performance (off 9.55 percent) and bank shares losses. Closing at 4,810 points straight, the general index dipped below the important support line 5,000 points. Four shares advanced, while 33 stocks declined, leaving no share unchanged. Volumes declined by over 20 percent to 13m securities changing hands.
ABU DHABI SHARES LOSE SLIGHTLY IN LACKLUSTRE TRADING: The Abu Dhabi stock market (ADX) closed 0.47 percent lower at 2,533.77 points. Investors dumped real estate and construction shares in particular. Losses at Sharjah Cement and Industrial (off 9 percent) and RAK Cement (down 8 percent) were only topped by Green Crescent Insurance Company (10.14 percent lower). Invest Bank bucked the trend and gained 10 percent.
FINANCIALS, CONSTRUCTION DRAG DUBAI MARKET DOWN: Due to negative input from Asian exchanges, the Dubai Financial Market (DFM) fell nonstop during the first three trading hours, but could eventually stabilize, closing 1.64 percent lower at 1,578.39 points. Mashreq Bank, owned by Dubai's entrepreneur family Al-Ghurair and the only private UAE bank without a government share, posted the biggest loss (down 4.99 percent), followed by insurance firm Aman (off 4.3 percent) and market bellwether Emaar (3.93 percent lower). Drake and ScullI Arabtec also underperformed the general index, declining by almost three percent. Islamic Arab Insurance bucked the trend, gaining nearly 14 percent. Volumes remained with around 506m shares changing hands.
REGIONAL BRITISH BUSINESS GROUPS SIGN GULF MOU: A Memorandum of Understanding has been signed by representatives from the British Business Groups of Dubai and the Northern Emirates, Abu Dhabi, Bahrain, Riyadh, Jeddah and the Eastern Province in Saudi Arabia. The MoU will allow members of British Business Groups from across the Gulf to benefit from membership of each other's groups, according to Mark Beer, Chairman and CEO of the British Business Group, Dubai and the Northern Emirates.
TADAWUL-INDEX DIPS 0.5 PERCENT: Only the last trading hour dragged KSA'a Tadawul index down by 0.5 percent to 4,728.55 points. Saudi Export lost 8.47 percent, followed by Basic Chemical Industries (off 7.40 percent). Lower oil prices (down 3.6 percent) might have triggered a 'wait-and-see'-approach. Saudi-Arabia's role during the G20-summit this week, starting on April 1 in London will also influence the investors' decision, whether to continue to stay bullish or not.
