Beirut SE (One month)
Present yr excessive: 1,200.49 Present yr low: 705.56
Through the buildup in direction of finish of yr revelry, pleasure in Lebanon was largely reserved for avenue life and hospitality companies. The Dubai World shock had an affect on the Beirut Inventory Trade however solely by a dent of two.5%, minor compared with Gulf markets. General, the BSE was in tune with creating market traits within the Nov 18 to Dec 17 evaluate interval and the MSCI Lebanon index closed at 1,106.70 factors on Dec 17, 3% decrease from the beginning of the interval. Buying and selling volumes on the BSE contracted in December and the index moved sideways with a minimal downward bias within the second and third weeks of the month as traders weren’t seen to make main strikes. Shares of Lebanon’s main banks ended the evaluate interval in constructive territory. The 2 share lessons of actual property firm Solidere closed close to $24.50 on Dec 17, down about 5% from Nov 18 however up greater than 45% compared with the beginning of 2009.
Amman SE (One month)
Present yr excessive: 2,569.53 Present yr low: 2,968.77
The overall index of the Amman Inventory Trade closed at 2,598.23 factors on December 17, representing a achieve of merely half a % from Nov 18. Sector indices confirmed insurance coverage and industrial ending the evaluate interval higher than the overall index; the insurance coverage sub-index climbed from Dec 8 and closed the Dec 17 session greater than 9 proportion factors above the overall index. The commercial index had a low level on Dec 1 however closed the Dec 17 session 3.3% increased over the beginning of the evaluate interval. Within the banking sector, the Dubai World expertise stirred up considerations which affected Arab Financial institution with a 6.4% share value drop on Dec 2 however reassurances over the financial institution’s restricted publicity to Dubai’s financing issues helped the ASE’s market cap chief. Arab Financial institution ended the evaluate interval 0.4% decrease. Market volatility on the ASE was reasonable at 13%.
Abu Dhabi SM (One month)
Present yr excessive: 3,239.74 Present yr low: 2,136.64
The Abu Dhabi Securities Trade had no place to cover and initially nowhere to go however down after the Dubai World bombshell. From Nov 25 to Dec 9, the ADX normal index misplaced 15% earlier than restoration of some optimism lifted the index to an in depth of two,774.27 factors on Dec 17, moderating the drop to five.95% compared with Nov 18. The insurance coverage index was the one ADX sub-index to barely budge throughout your complete interval and even obtain a modest achieve. All different sectors had been dragged decrease; actual property and building suffered essentially the most and ended the interval 11.3% and 17% down. Losers, representing all sectors, outnumbered gainers by a large margin. Volatility exceeded 56%. Nationwide Financial institution of Fujairah was the best-performing inventory, up 19.6% whereas Arkan Constructing Supplies dropped essentially the most, down 27.5%.
Dubai FM (One month)
Present yr excessive: 2,373.37 Present yr low: 1,433.14
The graph of the Dubai Monetary Market’s normal index for the Nov 18 to Dec 17 interval appears like a gorge from the fantasy film Van Helsing, with a lower so steep and deep that V-shaped is an insufficient descriptor. The operative quantity for the interval is 75% volatility and regardless of large rebounds of key shares after Dec 9, solely a handful of listed firms really handed by means of the horrific interval with out exuding pointless ache. By Dec 17, the sector index losses had moderated to the mid teenagers and the DFM index closed 12.48% down compared with Nov 18. Dec 17 sickbay of shares greater than 15% decrease than a month earlier included Arabtec Holding and Emirates NBD. Emaar Properties was a case research in partial share value restoration underneath direct affect of Dubai World whereas Air Arabia was an instance for a scrip with intense commerce volumes and volatility outdoors of the properties and builders loop.
Kuwait SE (One month)
Present yr excessive: 8,438.80 Present yr low: 6,391.50
The Kuwait Inventory Trade’s benchmark normal index had one in every of its higher phases for 2009 within the 30-day interval from November 18, closing the interval at 7104.30 on Dec 17 with a achieve that was half a proportion level shy of 6%. The meals, investments, and providers sub-indices had been the seen outperformers compared with the overall index whereas the commercial index, which confirmed the strongest dip south of all sectors in early December, regained its footing to shut the interval with a black zero. Volatility was notable however not extreme, at 16.8%. The overwhelming majority of shares ended the interval increased. Amongst them, market cap chief Zain appreciated 15.2% to flee from a seasonal low however logistics agency Agility, which has been underneath stress since early November, moved decrease by 16% within the evaluate interval. August 2009-listed Thuraya Actual Property dropped 25.6% and monetary providers firm Nationwide Worldwide Holding dived 30.5%.
Saudi Arabia SE (One month)
Present yr excessive: 6,568.47 Present yr low: 4,130.01
Market inactivity on the Saudi Inventory Trade as a result of non secular observances of Eid al-Adha within the first a part of the evaluate interval was adopted by downward pressures in early December. These pressures, nonetheless, appeared to abate considerably because the TASI’s shut at 6,153.85 factors on Dec 17 was 2.61% down compared with Nov 18. Sector indices for essentially the most half didn’t stray removed from the overall development and all sectors ended the interval in unfavourable territory, with the spillover from the Dubai market named as broad affect issue. The 2 sectors that underperformed the market had been inns and tourism in addition to insurance coverage. The latter dropped sharply between Dec 6 and 13 in a slide that was not a lot seen as linked to the Dubai World financing drawback because it was attributed to a mixture of revenue taking and response to native insurers’ publicity to prices from the Nov 25 flood in Jeddah that triggered intensive damages to properties.
Muscat SM (One month)
Present yr excessive: 6,762.94 Present yr low: 4,223.63
In an total downward sloping trajectory, the Muscat Securities Market’s response to the Dubai World panic occurred as a drop of about 330 factors and speedy restoration of 320 factors between Dec 7 and 14. Outdoors of this interruption, the development was a 2.27% drop over 17 buying and selling days between Nov 18 and Dec 20, when the MSM index closed at 6,243.49 factors. Volatility was clocked at 22.9%, in response to Zawya. The banking sector index underperformed the opposite sectors each throughout the intra-month trough and for the entire evaluate interval, closing 6.5% decrease on Dec 20 compared with Nov 18. In particular person shares, poultry was on the aspect of seasonal lows whereas confectionary appeared impressed, no less than on paper as Sohar Poultry Firm was reported by Zawya to be the interval’s worst loser (minus 77%) and Oman Sweets Firm, the strongest gainer (plus 120%). Each shares look like very hardly ever traded.
Bahrain SE (One month)
Present yr excessive: 1,851.30 Present yr low: 1,413.81
The Bahrain Inventory Trade, considerably predictably because it was the GCC alternate with the weakest index efficiency in 2009, confirmed much less revenue taking and panic signs than its neighbors throughout the evaluate interval and closed at 1,447.57 factors on Dec 15, a 3rd of a % up compared with Nov 18. Banking shares had been the clear losers, down 6.1%, whereas the funding sector superior 7.3% and was the very best performer on the BSE within the brief evaluate interval, one thing of a market irony provided that this sector was the most important loser on the Bahraini alternate for the yr up to now. On the backside of efficiency charts for the evaluate interval, Gulf Finance Home gave up 16.2%, different share value losers had been Al Salam Financial institution, Nass Company, Ahli United Financial institution, and Nationwide Financial institution of Bahrain, dropping from 10.3% to six.1%.Al Baraka Banking Group topped the gainers for the interval with a 64.7% climb, recovery-style after value weakening in October and November.
Doha SM (One month)
Present yr excessive: 7,624.45 Present yr low: 4,230.19
The Qatar Trade skilled blunt pressure affect of the Dubai World disaster instantly after the Eid al-Adha holidays. The overall index, which took an 8.3% hit on Dec 1, recouped losses by Dec 7 however then noticed additional fluctuations to shut the evaluate interval with a marginal achieve of 0.6%. All sector indices stayed vary certain with the overall index however a slide on the finish of the evaluate interval relegated the insurance coverage sector to the position of underperformer and solely sector to shut Dec 16 in unfavourable territory compared with Nov 17. Insurance coverage equally was the weakest sector on the DSM for the year-to-date interval, recording a ten.7% drop from the beginning of January. Volatility reached virtually 40% within the evaluate interval and dropping shares outnumbered gainers however the internet beneficial properties and losses had been much less pronounced than on neighboring bourses. Ezdan Actual Property was the highest gainer at 8.6% whereas the most important losses had been recorded by Qatar Normal Insurance coverage and Reinsurance.
Tunis SE (One month)
Present yr excessive: 4,244.46 Present yr low: 2,887.25
The Tunisian Inventory Trade dipped decrease in early December however in any other case appeared unperturbed by the troubles that shook traders within the Gulf area. Closing at 4,215.37 factors on Dec 16, the Tunindex added 2.7% from its shut on Nov 18 and this achieve took the market’s improve past 46% from the beginning of 2009. Market heavyweights Poulina Group Holding and Banque de Tunisie edged up by 2% and 4%, respectively, within the evaluate interval. Cement producer Ciments de Bizerte, a current market entrant, dropped 9.9% on the low finish of the efficiency charts. Finest gainer for the interval was SIAME, a producer {of electrical} gear. Its share value superior 71.5%.
Casablanca SE (One month)
Present yr excessive: 12,224.21 Present yr low: 9,405.86
The Casablanca Inventory Trade stumbled visibly within the first week of December. The overall index dropped 330 factors between Nov 19 and Dec 4, dipping beneath the ten,000 factors line for the primary time since late January. The market, nonetheless, rebounded from this seasonal low by presumed Dubai contagion and closed at 10,386.67 factors on Dec 17, representing a marginal achieve of 0.5% from the beginning of the evaluate interval. Measured in opposition to the beginning of 2009, the Moroccan alternate is down 5%. Market cap chief Maroc Telecom recorded a minimal share value drop within the evaluate interval (down 0.2%) whereas largest financial institution and second strongest scrip, Attijariwafa Financial institution, misplaced 5.6%. The quantity three and 4 by market cap, lender Banque Marocaine du Commerce Exterieur and actual property agency CGI, contrasted this by being among the many high gainers, advancing 18% and 13.6%, respectively.
Egypt CASE (One month)
Present yr excessive: 7,249.55 Present yr low: 3,389.31
The Egyptian Inventory Trade’s EGX 30 index added 3.3% within the 30-day evaluate interval and closed at 6,477.86 factors on Dec 17. The affect of the Dubai World disaster on the EGX was sharp and lower a 500-point gash into the index graph between Nov 25 and Dec 3, leading to 45% volatility within the evaluate interval. Nonetheless, the Egyptian alternate diverged from most different regional markets by gaining in each the evaluate interval and for the year-to-date, the place the Egyptian bourse’s achieve exceeded 40% and was second solely to the Tunisian alternate. This confirmed within the ultimate weeks of 2009 that the EGX was the area’s solely giant inventory market to carry out higher than the MSCI world index‘s 30% year-to-date achieve though capturing up not fairly as excessive because the Rising Markets Index with its 72% rise to Dec 15. Notable gainers on the EGX within the evaluate interval had been telecoms scrip Mobinil, up 25.2%, and Orascom Building Industries, up 17.1%.
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