Beirut SE
Current year high: 1,180.99 Current year low: 939.02
> Review period: Closed Jan 26 at 1,024.00 Points Period Change: 5.3%
The Beirut Stock Exchange had a positive entry into 2011 and the MSCI Lebanon index rose to a 6-month high on January 11. Volatility appeared as the nation and BSE were exposed to the newest twist in the power bickering of Lebanese politics. During the Jan 12 to 26 period, shares of real estate firm Solidere fluctuated between $18 and $20. Bankers affirmed there was no flight of money. In terms of the BSE’s reaction, the uproar over a new PM on the Jan 25 “day of rage” was but a tantrum.
Amman SE
Current year high: 2,648.36 Current year low: 2,223.30
> Review period: Closed Jan 26 at 2,424.62 Points Period Change: 1.2%
The first significant uptrend in several months for the Amman Stock Exchange benchmark index — 125 points, or 5.3% between Dec 19, 2010 and Jan 17, 2011 — fizzled out with the eruption of political protest in Tunisia. The index dropped 2.2% in the following week but there was nary an immolation of Jordanian stock prices by the Jan 26 close. Industrial stocks were involved in driving the market higher and the industrial index was the best performer in the review period, closing Jan 26 up 3.85% on the month. The banking sector index lagged slightly behind the benchmark.
Abu Dhabi SM Current year high: 2,931.67 Current year low: 2,471.70
> Review period: Closed Jan 26 at 2,668.66 Points Period Change: -1.9%
Amid broadly negative sentiment affecting most sectors on the Abu Dhabi Securities Exchange, real estate and construction were the sectors that dragged the benchmark index even lower. The industrial index was the upward outlier. The newsmaker among listed companies was developer Aldar, which embarked on a long expected restructuring, including placement of a $760 million convertible bond, a $2.9 billion impairment charge, and a $3 billion transfer of infrastructure assets. The stock subsequently slumped to its lowest quotations ever, beneath the AED 2 mark ($0.54).
Dubai FM Current year high: 1,880.62 Current year low: 1,461.80
> Review period: Closed Jan 26 at 1,627.97 Points Period Change: -0.2%
Index movements on the Dubai Financial Market lacked clear direction at the start of 2011. Among sector indices, telecommunications and transportation closed the review period on positive notes banking, investment, real estate and insurance sector indices were bearish. Down 12.1% year-to-date at Jan 26 close, the utilities sector was the DFM’s underperformer. District cooling firm Tabreed fell 9% and Emaar Properties gave up 3.4%. Gainers included telecoms operator Du, up 9.4%, contractor Drake and Skull, up 7.7%, and multi-sector investment company Dubai Investments, up 5.4%.
Kuwait SE Current year high: 7,575.00 Current year low: 6,319.70
> Review period: Closed Jan 26 at 6976 Points Period Change: 0.3%
Movement on the Kuwait Stock Exchange in January stayed loyal to the same point range that had been the theme of the last quarter in 2010, dallying in the 6,900s and not breaking into 7,000 territory but not softening to 6,800 either. Except for the banking sector, which outperformed the benchmark index performance by six percentage points, the domestic sub-indices remained range bound. The index for non-Kuwaiti share values slipped 4.8% during the review period.
Saudi Arabia SE
Current year high: 6,929.40 Current year low: 5,760.33
> Review period: Closed Jan 26 at 6,697.80 Points Period Change: 1.2%
Based on a 360-point gain in December, the TASI ascended to an eight-month high on Jan 16 before profit taking in the latter part of the review period curtailed its January gains. Industrial investment was the top gaining sector index at 7.6%. Transport and agriculture stocks saw sector index drops of 4% and 3.8%. At the top, supermarket retailer Othaim climbed 16.5%. Heavy-weight Sabic retreated from a 28-month high after 27% year-on-year improved Q4 profits that narrowly undercut forecasts.
Muscat SM
Current year high: 7,027.32 Current year low: 6,058.11
> Review period: Closed Jan 26 at 6,943.10 Points Period Change: 2.8%
Enjoying five closes above 7,000 points, the Muscat Securities Market’s H2, 2010 rally with a cherry on top lasted until January 17, a day that apparently nudged investors across the GCC to think about profit taking. All three sector indices on the Omani bourse closed the review period higher, with the services and insurance index showing the best gains at 9%. Banking and industrial indices added 2.8% and 1.7%, respectively. Incompatible liquids were a happy, if most likely not interconnected, theme as Maha Oil and National Mineral Water each gained more than 18%.
Bahrain SE
Current year high: 1,605.98 Current year low: 1,361.19
> Review period: Closed Jan 26 at 1,460.67 Points Period Change: 2.0%
The benchmark index of the BSE recorded notable gains near the end of the review period, propelling the market to the number three spot in the GCC, after Qatar and Oman. Sector indices for investment, services and industry moved north; banking, insurance and hotels headed south. At the extreme points of individual share price movements, Ahli United Bank advanced 12.7%. Bahrain Islamic Bank, announcing Q4 losses, fell 23.3%. The bourse listed a $530 million Bahraini sovereign bond on Jan 20, expanding the number of listed bonds and sukuk to 12.
Doha SM Current year high: 9,242.63 Current year low: 6,558.45
> Review period: Closed Jan 26 at 9020.24 Points Period Change: 3.9%
True to the form of recent months, the Qatari market was again the Gulf’s best gainer in January 2011. But even on the World Cup-delighted QSE, where economic prospects were buoyed last month through government reconfirmations of immense infrastructure investment intentions, days of profit taking emerged in mid-January. First, however, the QSE benchmark rallied to highs unseen since the maelstrom of the 2008 crisis. All sectors followed the benchmark trend of rise and retreat. Only banking, up 4.7% by Jan 26, closed the review period higher than the general index.
Tunis SE Current year high: 5,681.39 Current year low: 4,534.88
> Review period: Closed Jan 26 at 4,552.80 Points Period Change: -12.7%
From sideways trading in December, the Tunis Stock Exchange crashed in January, losing 665 points in only one week of trading to Jan 14 before the TSE shuttered its gates and remained closed for the remainder of the review period to avoid being fully submerged in political chaos and panic selling. Prices dropped for nearly all stocks that were traded during the period, without indication of any sector or industry being at the center of selling. The upheaval set the TSE back to index levels last seen in January 2010 with a wholly indeterminate outlook.
Casablanca SE
Current year high: 13,397.47 Current year low: 10,846.39
> Review period: Closed Jan 26 at 13,183.91 Points Period Change: 4.4%
The MASI index started 2011 with a 740-point rise to a new historic market peak on Jan 12. This turned into a 3% slide in the wake of the unexpected crisis in Tunisia but investor sentiment stabilized toward the end of the review period; the Moroccan bourse was the period’s best performer in North Africa. Market cap leader Maroc Telecom climbed 6%. Ennakl Automobiles, the Tunisian car distributor cross-listed in Tunis and Casablanca, dropped only slightly on the CSE but bled much more on the TSE.
Egypt CASE
Current year high: 7,603.04 Current year low: 5,647.00
> Review period: Closed Jan 26 at 6310.44 Points Period Change: -11.64%
Crash and bang but no boom was the tenor on the Egyptian Exchange, whose indices were driven down sharply during the morning of Jan 26 after violent demonstrations the day before stoked investor fears of national political instability. The benchmark EGX 30 index dropped 6% that day but the wider EGX 70 and EGX 100 indices fell about 10% each. Banking, financial, and real estate sector indices were all heavily involved in the January drops as were food and leisure.
