The results of the companies put pressure on Gulf markets
Egyptian Stock Exchange down 1.2% in the two sessions
The Egyptian stock exchange continued today to retreat slightly but did not exceed 0.2 per cent after falling Tuesday around 1 per cent after the sentencing to death of the brothers accused of violence and murder, for the market decline 1.2 percent over two sessions. The lost capital of the Egyptian stock market today about 1.9 billion pounds to 474.453 billion pounds after the Leader index closed ' hotfile x 30 ' at 8150 points. Stock indicators experienced a collective during trading yesterday amid selling by Arab and foreign investors, while the Egyptian trading tended towards the purchase. In the Gulf area press the results of large companies for the first quarter of this year on the stock exchanges in Abu Dhabi and Qatar today while the Dubai market in thin trading. In the Abu Dhabi market fell 0.4 percent, with the NBAD share fell 1.7 percent. And the biggest UAE Bank in terms of market value on stable profits in the first quarter and warned that the competition has squeezed profit margins.
And first Gulf Bank shares fell a large 0.9 percent. Food group rose 2 percent after the company announced an increase of 32 percent in its profits for the first quarter. The profit amounted to 49 million dirhams (13.34 million dollars). Qatar stock index slipped 0.6 percent, and Qatar arrow industries was the biggest pressure on the index, falling 1.2 per cent down for the second day since the company reported a drop of 38 percent in net profits for the first quarter. And the commercial bank of Qatar gained 0.9 percent after an increase of 8.5 percent in the first quarter net profit to 548 million riyals (150.5 million dollars), exceeding the average analyst forecast of $ 468.5 million. The Dubai index climbed 0.2 percent, while trading volume fell by nearly half on Wednesday, Emaar Properties shares fell 1.4 percent after strong gains made earlier this month but local banks contributed to restrict the market downturn. Rose shares of Emirates NBD and Dubai Islamic Bank 1 and 1.1 per cent respectively. In Kuwait the index fell 0.2 percent to 7409 points; the MSM index also declined 0.1 percent to the point 6742 Bahraini index rose by 0.03 percent to 1,426 points.