16/Nov/2009
Bloomberg
The Dubai Financial Market General Index fell for a second day, declining 0.1 per cent, while Abu Dhabi’s gauge gained 0.2 per cent. Saudi Arabia’s Tadawul All Share Index dropped 0.6 per cent. Air Arabia PJSC dropped the most since November 3, declining 1.9 per cent to Dh1.06. The UAE’s biggest low-cost carrier said profit fell 33 per cent to Dh143.5 million.
Agility, the Middle East’s biggest storage and logistics company, declined for a fourth day, the longest losing streak since March. The company tumbled 3.6 per cent to 1,080 fils, bringing its losses to 13 per cent since it reported a third-quarter profit of 40.5 million dinars ($141.9 million) on November 10.
National Investments, the Kuwaiti asset management company, slid to the lowest level in more than three months. Burgan Bank, a Kuwaiti lender, retreated to a two-month low after it said third-quarter profit tumbled 91 per cent.
The Kuwait Stock Exchange Index fell two per cent to 6,918.40. The measure, which was down for a sixth day, has declined 5.7 per cent since November 5 and 11 percent this year.
MSCI Barra, whose stock indexes are tracked by investors with about $3 trillion in assets, said in June that Kuwait won’t be included in the list of markets that are part of the 2010 Annual Market Classification Review because of “market accessibility issues.” Nasdaq OMX Group Inc. said last month it will supply the Kuwaiti bourse with a trading system and advisory services in an effort to bring more transparency. Kuwaiti shares were rated “underweight” by Credit Suisse Group AG in September.
Burgan Bank SAK said its third-quarter profit slumped 91 per cent to 1.7 million dinars, without giving a reason. The shares fell 4.1 per cent to 355 fils, the lowest level since September 15.
Qatar’s DSM 20 Index lost 1.2 percent, the Dubai Financial Market General Index slipped 0.1 percent and Bahrain’s measure fell 0.6 per cent.
Oman’s MSM30 Index advanced 0.5 per cent and Abu Dhabi’s gauge gained 0.2 per cent.
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