• A Mutual rise of the Gulf stocks supported by the recovery in oil prices




        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.


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