Beirut SE (One month)
Current year high: 1,200.49 Current year low: 715.49
> Review period: Closed: March 26 – 1,119.09 Period change: 3%
The Lebanese bourse was in the volume shadows, with average daily trade values of $2.3 million in March — significantly below the turnover figures in the first two months of 2010. The MSCI Lebanon Index closed at 1,119.09 points on March 26, reflecting a gain of 3% versus the February 28 close. For the first quarter to date, the index return was a paltry 0.3%. This contrasts unfavorably with the MSCI Arabian Markets Index, whose 11.5% increase in the period from Jan 1 to Mar 26 even exceeded the gains of the Saudi Stock Exchange’s TASI.
Amman SE (One month)
Current year high: 2,968.77 Current year low: 2,396.28
> Review period: Closed: March 25 – 2,446.34 Period change: -0.2%
The Amman Stock Exchange found itself at an uncomfortable distance to the positive trends exuded by regional peer markets. The close at 2,446.34 points on March 25 gave the ASE general index a minute 0.2% drop when compared with the February 28 close, but a slide at the end of the review period also means that the ASE is the only MENA bourse to end the first quarter in the red, down 3.4% year-to-date. Sub-indices for services and insurance provided bright spots on the index charts in March but the more influential industrial and banking sub-indices underperformed.
Abu Dhabi SM (One month)
Current year high: 3,239.74 Current year low: 2,441.28
> Review period: Closed: March 25 – 2,903.92 Period change: 7.4%
The Abu Dhabi Stock Exchange baked in a balmy light that had its origins as much in the gains of the Dubai Financial Market as, ultimately, in Abu Dhabi’s financial supportiveness for Dubai’s temporary tightness last December. The banking sector did nicely with a gain of 8.6%, but this increase paled against the recovery performance of real estate stocks, where the sector index rallied 19.95% in the course of 20 sessions. The top performing ADX stock, however, was International Fish Farming Holding Co, leaping 38.2%.
Dubai FM (One month)
Current year high: 2,373.37 Current year low: 1,533.36
> Review period: Closed: March 25 – 1,845.21 Period change: 15.8%
As if it wanted to deliver a message on the advantages of acting contrary to the horde behavior in stock markets, the Dubai Financial Market was full of optimism in March, after the predictable state and national affirmation of debt commitments related to the Dubai dream’s funding essence. Utilities tanked 21% as real estate rose 28.5%. bold enough to purchase Emaar shares at the pessimistic bottom on Dec 9, 2009 and selling on Mar 25, would have seen an enjoyable gain of 59%.
Kuwait SE (One month)
Current year high: 8,371.10 Current year low: 6,391.50
> Review period: Closed: March 25 – 7,489.80 Period change: 1.5%
Banking and food provided the growth impetus on the sector side, while insurance was a negative outlier. Amidst other insurance stocks trading in moderate ranges, First Takaful Insurance Company crashed an extraordinary 45% in only two trades of 120,000 and 30,000 shares in the past 30 days. While still 1,700 points away from its 12-month high, the KSE is now the second-best share price performer in the GCC for the year to date, trending to a first-quarter gain of 6.9%.
Saudi Arabia SE (One month)
Current year high: 6,801.64 Current year low: 4,632.51
> Review period: Closed: March 24 – 6,756.98 Period change: 5%
Thanks to appreciating 5% in the review period, the SSE could claim the distinction of being the region’s first market that achieved a double-digit gain in 2010 and was up 10.4% for the year to date. Construction, petrochemical and industrial sectors led the rally in March. Sub-indices of sectors that moved lower since the last close in February were insurance, media and multi-investment. The market close on March 24 represented an 18-month high.
Muscat SM (One month)
Current year high: 6,813.20 Current year low: 4,575.99
> Review period: Closed: March 25 – 6,779.20 Period change: 1.3%
The Muscat Securities Market closed at 6,779.20 points on March 25, representing a 1.3% gain from the last close in February. Banking was the best performing sector index. As the MSM in late March breached the 6,700 points level for the third time in the past 12 months, bourse metaphysicists may have been motivated to test their insights about the psychological import of the 7,000 points barrier. For market participants with an earthly orientation on share price performance, it may have been more inspiring to note that the MSM index has been inching toward the 7% gain for the year to date.
Bahrain SE (One month)
Current year high: 1,681.28 Current year low: 1,413.28
> Review period: Close: March 25 – 1,528.46 Period change: 0.7%
With the island kingdom’s vigorous PR campaigns focusing on Bahrain’s pole position for doing business in eastern Saudi Arabia, and with the remaining global attention span consumed by the Ferrari F1 desert win spectacle, the Bahrain Stock Exchange was the relative underperformer in the March 2010 GCC stock price race. Banking and insurance provided the positive highlights. Ahli United Bank was the star performer in March, climbing 10.2%. The BSE first-quarter gain margin, while a respectable 4.8%, was underperformed only by the DFM.
Doha SM (One month)
Current year high: 7,624.45 Current year low: 4,810.00
> Review period: Closed: March 25 – 7,413.76 Period change: 7.9%
From a perspective that performance stability and equality ought to be a GCC markets good, the Qatar Exchange was very fortunate in March. That gain lifted the year-to-date performance of the QSE to 6.5% – out of the red and into a happy first-quarter performance trinity with the Omani and Kuwaiti exchanges. All QSE sector indices followed the uptrend in March, although banking and services excelled among them. The single scrip to suffer a double-digit weakening in the March review period was the Qatar Cinema and Film Distribution Co.
Tunis SE (One month)
Current year high: 4,743.05 Current year low: 3,080.88
> Review period: Closed: March 26 – 4,693.45 Period change: 0.4%
The leveling of performance by the Tunisian bourse’s Tunindex continued in March and the index close of 4,693.45 points on Mar 26 represented a gain of 0.4% from the last close in February. On a quarterly basis, however, the TSE’s impressive year-to-date gain of 9.4% has been eclipsed only by the SSE. Real estate developers Simpar, which jumped 52%, Attijari Leasing Co (24.6%), and insurer STAR (17.2%), were the other top gainers in March. In April, the initial public offering of insurer Tunis Re can be expected to create a buzz and draw interest to the market.
Casablanca SE (One month)
Current year high: 11,729.86 Current year low: 9,997.56
> Review period: Closed: March 26 – 11,228.49 Period change: 1.2%
Real estate firm CGI was top performance dog with a gain of 18.8% in the review period; paper maker Papelera de Tetuan was the underdog with a 14% share price weakening. Against the general assumption that the future of the Moroccan exchange resides in a substantial increase in the number of listed stocks, an unconfirmed media report on March 27 said the Groupe ONA conglomerate and its largest shareholder, SNI, plan to merge into a single holding company and delist.
Egypt CASE (One month)
Current year high: 7,249.55 Current year low: 3,193.94
> Review period: Closed: March 28 – 6,765.26 Period change: 2%
Volatility of 23% in the Feb 28 to Mar 25, 2010 review period and a feeble 2% gain stained the Egyptian Stock Exchange’s first quarter performance — even as the EGX’s overall first quarter gain of 9% remains nothing to scoff at. Losers outnumbered gainers in March and of the three market cap leaders, only Orascom Construction had a good share price performance, up 11.3% in the review period. Telecoms heavies OTH and TE dropped 5.5% and 11.7%, respectively.
