05/01/2015
«Dubai» fall to 2.3% .. and «The Egyptian» rises against expectation
Gulf markets back down and all eyes are about oil prices
Most Gulfstock marketsfellyesterday,withthe continued absence ofmany investorsbecause of theholidays.
Although theGulfmarkets have becomeless vulnerable towaves ofsellingby thepanicofspending cutsratesas a result ofthe decline in oil, whichdissipatesthe announcementmany of thecountries in the regionforcontinued highspending,but manybuyersmayprefer torefrain fromparticipatingin the marketuntil it stopsfalling oil prices.
It is noteworthy thatBrent crudeclosed downabout $at $56.42a barrellate last weekto its lowestlevelinmore than five yearsand a half.
Dubai's index fell2.3 per cent.Shares inEmaar Properties1.8per cent, whileArabtecHoldingshares declinedfor Theconstruction ofthe most activein the markettraded3.8 per cent.
Thedecline intrading volumeby more thanhalfcompared tothe previous session, whichindicates thatmany investorsare eitherabsentordo not want toopen new positions.
The Market General Indexof Abu Dhabifell1.7 per centdeclinewithsagittalAbu Dhabi Commercial BankandAldar5.4 and6.4 per centrespectively.Shares ofDana Gasbetter than theoverall marketperformancein earlytradingafter theenergy companysaid it received$ 60 millionfrom the Egyptian governmentas part of thearrearsamounting to$ 212million.Butthe stockclosed down2 per cent.
AndQatar's indexfell0.5per cent, whileKuwait's indexrose0.2 per cent.Trading volumesfellsharplyalsoin Abu Dhabi, Qatar and Kuwait.Thestock marketsremainedin the Sultanate ofOman and Bahrainclosedholidayon the occasion ofthebirthday of the Prophet.
The main indexof the EgyptianStock Exchangeincreasedwith a0.2 per centrisein Commercial InternationalBank (CIB)of 1.7per cent.The stockclimbed5.3 per centsince23(last December), whenfiledFitchcredit ratingraised assessment of theBankto BfromB-inthe wake of thelifting ofsovereign debtratingtoEgypt.
