13/11/2014
Egyptian market falls 1.6% due to «International Trade»
«Emirates» and «national» declining due to the pressure of leading stocks
UAE and Qatar stock returned to decline after strong gains in the past few sessions, with the pressure of leading shares and pressure international trade shares on the Egyptian market to fall 1.6 percent, with shares Kuwait and Bahrain and Oman slightly. In the Dubai market index slipped 0.2 percent, with shares of arabtec holding dispelled for construction was the early gains and fell 0.2 percent. Abar investment raised the arm of the Abu Dhabi Government stake in arabtec to 43.93 percent of 18.94 percent in off-market deal. Abar Bought shares of Hassam Asmek ex-CEO of arabtec, who resigned suddenly in June last year. The deal is a positive factor for arabtec which emphasizes commitment with abundant liquidity to support the growth of the construction company and dispel uncertainty about share Hassan Asmek in the company. Although the deal was the purchase price of five dirhams per share premium from the closing price on Friday when they carried out the 4.26 dirhams off the market so that other investors were unable to put up their stock price same as some had hoped.
The Abu Dhabi General index fell to 0.1 percent amid mixed performance of leading shares. Abu Dhabi shares fell national energy (energy) 1 per cent after the company announced yesterday the decrease of 27 percent in net profit for the third quarter, citing high taxes. Qatar stock index slipped 0.2 per cent with arrows leading industries Qatar and Qatar National Bank one and 0.3 per cent respectively. In the Kuwait market index rose 0.3 per cent to 7202 points. And Bahrain index climbed 0.5 per cent to 1,438 points, the MSM index also increased 0.5 percent to 6955 points. The main index fell for the Egyptian stock exchange 1.6 per cent due largely to declining commercial international bank shares 3.4 percent, although the Bank recorded an increase of 5.6 percent in net profit for the third quarter in line with expectations of analysts and global telecom shares fell 5.6 percent after net losses in the nine months and 66 percent on an annual basis.
