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No Saudi slowdown on Sunday
By: Mike Gallagher


Sunday July 6, 2008


MENA markets bounced all over the place on Sunday as continuing uncertainty left many bourses in negative territory. Cairo was down by a shade over 3 per cent at 836.60 with Cairo Housing and Development Company recording a 40.82 per cent fall to EGP 14.50 as 120 stocks traded down, compared to just 15 in the green and three going nowhere.

Dubai followed up Thursday’s 0.4 per cent fall with an even bigger drop on Sunday. The DFM was off by 1.48 per cent at 5,427.45 with Salam Bank Sudan dropping back by 15 per cent to AED 5.10 in what has to be one of the most actively traded stocks on the market. It has been bouncing all over the place for the past few weeks with more dramatic gains and losses than most stocks. Not one stock traded in the green on Sunday, while all 25 flew south for the summer. Ajman Islamic Bank, again the most traded stock was 3.37 per cent lower at AED 3.15, with no stock, apart from Slam Bank, off by more than 5 per cent.

Down the road in Abu Dhabi, the ADX had a less dramatic day. It was up marginally by 0.14 per cent at 5,087.96, led north by Oman and Emirates Investment Holding Company, which rose by 10 per cent to AED3.85. Stocks were fairly evenly traded, with 20 on the up, 21 going down and one unchanged. Fujairah Building Industries fell by 9.94 per cent to AED 4.26 and Abu Dhabi National Takaful Company was at AED 7.82, down by 9.91 per cent.

In Qatar, the Doha Securities Market (DSM) was 0.78 per cent in the red at 12,066.77, while Kuwait’s 0.46 fall on Thursday was nearly doubled as it closed at 15,267.10, down by 0.71 per cent. Kuwait Re was 7.69 per cent lower. Elsewhere, Bahrain was down by 0.14 per cent and Amman was 0.10 per cent lower.

The best of the day belonged to the Tadawul in Saudi Arabia as shrugged off the summer slowdown to record a 1.03 rise. It was pulled up by a 9.86 per cent rise from Saudi Indian Company for Cooperative Insurance to SR 97.50, while Al Ahlia Insurance’s 9.78 per cent move in the same direction saw it selling for SR101. Saudi British Bank Takaful was at SR 87.50, up by 9.03 per cent, while Arab National Bank closed at SR65.75, a rise of 5.2 per cent. Riyad Bank ended the day at SR 36.25, up by 5.07 per cent.

Muscat kept on Thursday’s 0.88 per cent upward momentum as it closed at 11,705.32, a rise of 0.62 per cent. No one stock lost or gained any more than 6 per cent on Sunday, while Renaissance Services was the most actively traded stock on the MSM-30.

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