09/07/2014
UAE stocks back down
Bet on real estate raises the Egyptian Stock Exchange and banks support «Qatar»
The forecast pushed up demand for properties by real estate companies contributed to the high inflation to climb in the Egyptian stock exchange today, while shares of the largest bank in Qatar ahead of the announcement of results for the second quarter of the year, UAE stock fell. The index has increased for egX 1.4 percent to 8429 points; it's highest in three weeks with the rise of the Talaat Moustafa group real estate development 5 per cent was in support of the cursor.
Shares of real estate companies have other strong gains as well. Egyptian shares jumped investment and urban development 6.5 per cent while shares climbed six of October development & investment (sodic) 3.7 percent and shares of Nasr City housing 3 percent. The rise of real estate stocks following the Government's decision last Friday to raise fuel prices by up to 78 percent to reduce the budget deficit ballooning. It is expected that this will increase inflation temporarily at least-the Egyptian Treasury yields rose because investors believed in the market that the Egyptians will use real estate as a hedge against inflation. He said Osama Mourad, Executive Chairman of Arab finance brokers ' structural adjustment people absorbed the last of the Government's budget, where real estate is a clear winner for the Egyptian economy will face certain inflationary pressures. .. Obvious that real estate prices to climb '.
Qatar exchange index rose 1.4 percent, also ahead of business results for the second quarter National Bank of Qatar the largest bank in Qatar. And Qatar National Bank shares climbed 1.7 percent and shares of Al Rayan Bank , a specialist in Islamic transactions 3.6 per cent and Qatar Islamic Bank shares 2.9 percent. After the close of the trading session, said Qatar National Bank-the results were seen as a preliminary indicator on the performance of the sector, its profits rose 1.5 percent, exceeding analysts ' expectations for a decline of 2.7 per cent.
The UAE bourses have fallen, as it seems that the recovery of shares of arabtec holding construction has ended. The Dubai index fell 1 percent, with the rise of shares of arabtec which still dominated trading just 0.5 per cent, after falling for a short period. Landed values of trading in the stock by more than half compared to the highest level in four years, recorded Monday. Arabtec shares jumped 61 percent in the five previous sessions, which traders attributed partly to scramble to cover city centers which have led to sharp fluctuations. The trading values decline indicates that the coverage of the city.
