12/07/2016
07/12/2016
Most Gulf Arab stocks have ascented yesterday supported by the banking sector and
speculators focus on small businesses, while the Egyptian Stock Exchange fell
with the decline in most stocks.
Qatar's index has ascented 1.4 percent, breaking the ten thousand-point
barrier for the first time since mid-May with the resumption of work in the
market after Eid al Fitr vacation.
Banking stocks have led the gains with a rise of Qatar Islamic Bank
shares 2.9 percent and Qatar National
Bank, the same percentage the day before the declaration of the results for the
second quarter of the year. Analysts had predicted in a poll for
"Reuters", that the biggest bank in the Middle East will achieve an increase of 10 percent as pure profit.
The Dubai index has
ascented 0.2 percent to 3393 points, its
highest close since the first of May.
Market General Index of Abu Dhabi has fell 0.6 percent to 4540 points, continuing its
decline since hitting a nine and a half weeks last Monday, as some of the gains
have vanished a lot of stocks that went up by hopes of integration.
National Bank of Abu Dhabi share has
declined to 3.4 per cent, making the biggest pressure
on the index. And the planned integration
with First Gulf Bank to establish one of the biggest banks in the Middle East
and Africa has motivated the speculation of integrations among other banks in the
emirate.
Union National Bank share which was seen as a candidate for a major nominee has
fell 3.1 percent after a 12.5 percent jump in the previous four sessions.
Kuwait market index fell 0.3 percent to 5365 points, with most of the trade
focused on small companies stocks, which indicates the dominance of individuals
speculators in the absence of motivations. In Cairo, the Egyptian Stock fell
after two sessions of considerable gains in speculation of decreasing of the
currency value during the current financial year.
The main index of the Egyptian stock went up about 1.7 percent during the session,
but closed down 0.2 percent to 7506 points with the decline in most stocks. The
index rose in the previous two sessions before and after Eid al Fitr vacation in after some comments from the central bank
governor that the Egyptian pound exchange rate should be determined based on market
forces, according to supply and demand.
The comments, have corporated with the views of
economists that the new reduction in the value of the pound in the current
finincal year which ends on June 30 (June) has become crucial.
The stock associated with the real estate sector, that topped the winners of
the previous two sessions have demolished its gains with the fall of Tallat Mustafaa 5.5 percent and Sixth
of October fot Development and
Investment "Sodic" 2.1 per
cent. And two shares have ascented by the daily maximum
level yesterday.
The orascom telecom shares was among the few exceptions went up 2.9
percent to its highest level in 15 months.
