Protests weigh on Gulf bourses
(TASI) fell 0.78 percent to 6,333.91
Middle East markets slid on Sunday due to protests in some countries. Kuwait’s index slumped to a seven-month low, Qatar fell to its lowest close since early December and the Oman, Abu Dhabi and Dubai benchmarks made their largest declines in three weeks, the latter falling 3.7 percent. Saudi Arabia slid to a three-week low, Reuters said.
The Tadawul All-Share Index (TASI) fell 0.78 percent to 6,333.91 points on Sunday.
The sector activity for the day was mostly negative with 11 out of 15 closing with losses ranging from 0.10 percent by the Real Estate Development sector to 1.40 percent by the Building & Construction sector.
On the other hand, the gaining sectors ranged from 0.02 percent by the Cement sector to 0.30 percent by the Insurance sector.
The overall market breadth for the day was negative with 25 advancers against 97 decliners giving it an AD ratio of 0.25, the Financial Transaction house (FTH) — licensed by the Capital Market Authority (CMA) — said in its daily market commentary...The liquidity for the day reached SR3.54 billion.
Bahrain protests come as unrest wracks other Middle East and North Africa countries, including Yemen and Libya.
This is in contrast to bullish growth estimates. Qatar’s economy is forecast to expand 12.8 percent in 2011, while the GDP of the five other GCC members are all expected to rise by more than 3.5 percent.
“Financial news is secondary to political news right now,” said a Dubai-based trader who asked not to be identified. “Foreigners are fleeing from anything related to the region.”
Kuwait’s Zain fell 7.3 percent, its biggest drop in eight months after the telecoms operator rejected bids for a quarter-stake in its Saudi unit, putting Etisalat’s $12 billion takeover of Zain in doubt.
Zain Saudi fell 2.6 percent to a three-week low, while bidder Kingdom Holding Company dropped 3.3 percent.
Kuwait’s index fell 2.5 percent to 6,394 points — its lowest finish since July 6 and biggest drop since May 25.
he Dubai index fell 3.7 percent to 1,536 points. The Abu Dhabi index dropped 1.9 percent to 2,633 points. The Qatari index fell 1.6 percent to 8,564 points.
The Omani index fell 1.1 percent to 6,895 points, while the Bahraini measure slipped 0.2 percent to 1,472 points, Reuters said.