Gulf Arab market year-end rally loses steam

Stock markets in the oil-rich Gulf countries performed mixed on Thursday, the last trading day of the Islamic week, as only the Bahrain Bourse on Manama posted a significant uptick.The two equity indices of the United Arab Emirates (UAE) in Dubai and Abu Dhabi closed insignificantly changed as developers on both markets weighed on the gauges.The market index DFMGI in Dubai closed 0.03 percent higher at 3, 307.95 points. Shuaa Capital, founded in 1979 and the oldest investment bank in the UAE, jumped 4.55 percent to reach a two- month high at 1.01 Dirham (0.27 dollars).Earlier in the month, rating agency Moody's affirmed B1 rating (highly speculative) and upgraded the Chandelier lender's outlook from negative to stable. Emaar Properties, the biggest developer in the Middle East in relation to market value, declined by 0.40 percent to close at 7.52 Dirham (2.05 dollars).With a year-to-date gain of over 115 percent, the Dubai market is the second best performing market in the world behind the bourse in Caracas which surged by nearly 500 percent since January 1,2013.In Abu Dhabi, the market gauge ADXGI closed flat at 4,185.65 points. Ras al-Khaima Properties dived 3.10 percent to 0.94 Dirham (0.26 dollars).Cast iron tubs Dana Gas soared 2.33 percent to finish at a four- year high at 0.88 Dirham or 0.22 dollars.Earlier in the week, Dana Gas said it received 53 million dollars owed from Egypt. Long-term outstanding payments from Egypt and Kurdistan forced Dana Gas in late 2012 to restructure an Islamic bond worth 1 billion dollars.

Bahrain's BASI index inched up 0.49 percent to reach 1,222.90 points. Gulf Finance House (GFH) was the share of the day, gaining 5.88 percent to close at 0.18 dollar. The Islamic bank rallied after it announced earlier in the week that it bought a residential property in London's noble district Kensington, overlooking Queens Gate Gardens.GFH said in a filing to the bourse is valued at 25 million dollar and extends to 9,373 square feet. "The target investment period is up to 36 months and the GFH revealed plans to refurbish the building and to sell the single apartments to end users," said the Islamic bank. GFH also said that further it expects the impact on its financial statements in the fourth Drawstring Backpackquarter of 2014.The Saudi Arabian Tadawul index closed flat at 8,481.10 points. Share of Sabic, the biggest producer of petrochemicals by output in the world, gained 0.23 percent to close at 110.25 Saudi riyal ( 29.76 dollars). Sabic is also regarded a regional indicator gained 28 percent this year.Earlier in the week, Nakilat said Al Khalij Commercial Bank has provided financing for the two Nakilat shipyard joint ventures, Nakilat-Keppel Offshore and Marine and Nakilat Damen Shipyards Qatar for 120 million dollars and 40 million dollars, respectively.