10/09/2013
Abu Dhabi recorded the lowest close since May
Gulf stock markets resume falling, Quick deals and gaining profits
Most Gulf stock markets resumed falling yesterday with the US Congress prepared to debate whether to approve a military strike against Syria, except for Egyptian stock exchange after the announcement of a full takeover offer for Orascom construction industries. Dubai financial market index fell 2 percent to 2325 points Monday, dispelling the gains from last week registered its lowest level in two months. According to Reuters, said Firas Zughaibi market analyst of Mina Corp ' the instability showing that the market has not reached its lowest landing yet and professional expectations are still negative, it is most likely to fall below 2,300 point indicator, normal level at 2,200 points, but given the news flow may increase volatility so you may see lower levels '.
Abu Dhabi general index fall behind by 1.4 percent lower to 5 meeting and the lowest close since May 27. Qatar stock index fell 1.2 percent to 9.5 percent loss since 22 April 2008. Yasser Makki, Director ofWealthatAl RayanFinancialBrokerageSaid ' intense trading there to speculate, investors trying to do quick deals, profit before the end of the session, instead of keeping the stock, the attack on Syria at any time, the Qatar stock exchange losses will continue at a pace parallel and linked to talks about military intervention in Syria. Muscat index fell 1.1 percent to close at 6,380 points. Kuwait index slipped by 0.06 percent to 7233 points and Bahrain index also fall down from 0.2 percent to 1,180 points. Elsewhere, Egyptian stock exchange bucked the downward trend in the region with a unit of Orascom construction industries listed in the Netherlands offer to buyout the company which increased investor interest.
Orascom rose 1.7 per cent to 255 Egyptian pounds and is a similar level to view the acquisition includes buying stock in cash at 255 pounds or for shares in OCIN in the Amsterdam stock. In a previous offer OCIN has bought in share more than 97 per cent of the Orascom construction shares included in the Egyptian stock exchange and if the success of the buyout will be writing off the company from the stock market after it was the largest share in the market, already been written off ' OCI share ' from the Egyptian stock exchange pointer, this share shape about a quarter of the total shares traded on the Egyptian market. He said Islam Batrawy, Deputy Director of sales and trading at the Egyptian mediation Bliss ' very low liquidity in the market in general but to acquire Orascom construction helps the market '. The Egyptian stock exchange indicator climbed to 1.1 per cent to 3,259 points, but faces technical resistance at the point 5300 at the same support level in late July and mid-August.
