13/07/2016
07/13/2016
Gulf stock markets benefited from the recovery in oil
prices to close higher yesterday, all the while the Egyptian Stocks fell for a
second day as investors sell to get profits from gains achieved by predections of
reduction in currency value in the
future.
Oil ascended from near a two-month low hit yesterday,
with Brent crude ascending US $ 1.29 to US $ 47.54. It rose WTI US of $ 1.10 to
$ 45.86 a barrel.
Qatar witnessed the biggest swing, as stock index fell
about 0.9 percent during the session, but closed up 0.4 percent, its highest
level in 11 weeks at 10141 points.
Qatar National Bank stock has ascended 1 percent. The bank achieved a 16
percent increase in profit for the second quarter of the year as announced
after the market close supported by the offer of the Finance Turkish bank in
its accounts after it completed its
buying transaction in June, compared to 2.7 billion euros.
In the UAE, Dubai's index ascended 1.3 percent to 3438 points, scoring gains
of six consecutive sessions before and after the holiday, and recovered Market
General Index of Abu Dhabi from early losses to close slightly higher by 0.05
percent to 4543 points, with banking stocks compensation some of loss of the
previous two sessions.
In Oman, Muscat Market index has ascended 0.5 percent to 5849 points,
supported by the performance of banking stocks, and National Bank of Oman ascended
2.1 percent after announced plans to
raise $ 100 million through the issuance of debentures.
"Oman Cement" closed stable although the company announced
earlier yesterday for an increase of 83.9 percent in net profit for the second
quarter after taxes reduction, according to Thompson accounts "Reuters".
Kuwait's index has ascended
0.2 percent to 5378 points. Bahrain's index ascended 0.9 percent to 1167 points.
The Egyptian Stock recovered from some early losses
that its main index closed down 0.7 percent to 7458 points, and continues to withdraw
for the second consecutive session. The dealers gained the profits after the
index has ascended 7.7 percent in the
previous two sessions following the comments of the Governor of the Central
Bank that the Egyptian pound exchange rate should be determined by supply and
demand in the market.
Real estate development "Emaar Misr" and "Amer Group" have scored the biggest losses withdrawing 2.5
and 3.3 percent.
"Global Telecom" has continued its positive
performance ascended 1.4 percent to its highest level in 16 months.
