Corporate profits climb "Egyptian" by 1.9%
UAE and Qatar markets retreat before the announcement of raise classification details
Dubai, Abu Dhabi and Doha exchanges registered a slightly drop yesterday before declaring MS CIA on UAE stock that will be included to the country emerging market index, the weights of those shares, with stepped up Egyptian stock exchange today with the support of strong profits, some companies while U.A.E. and Qatar bourses before declaring an MS CIA for details about lifting market indices be classified to the category of emerging markets.
In the Dubai market index fell 0.2 per cent to 5319 point with most shares fell, although Emaar shares Properties jumped 5.8 percent after the company signed an agreement with the municipality to implement a new coastal multi-purpose project. Inn Abu Dhabi general index 0.4 per cent to 5016 points. Telecom shares slipped 0.9 percent after the company completed a deal to buy a 35 per cent share in Morocco for 4.14 billion euros (5.67 billion dollars). Qatar index dropped 0.1 percent to 13161 151.00 points the highest level ever recorded on Tuesday. And Qatar insurance was the biggest losers on the index, falling 3.3 percent after rising 10 percent the previous day after the company won a contract to provide the new airport in Doha. The main Egyptian index increased 1.9 percent to 8467 points, the highest level since late March. Talaat Moustafa shares jumped 5.5 percent after the company announced its earnings growth after the estate tax to 15 percent in the first quarter.
Ezz steel rose 5.8 percent after the company said its profit amounted to 134 million pounds (19 million dollars) in 2013, up from eight million in 2012. Positive morale also contributed in support of other stocks, the index broke through the resistance level of 8,400 points, the level at which the waves rise earlier lost power in April and earlier this month. Shamel Fahmi said an official with the company. C ' securities and investment ' substantive played a major role 'And he said ' I think the current wave of Ascension in stocks might continue. People are convinced that as we approach the presidential elections that gave a boost to the stock market. Maybe the market still has a chance to climb from 200 to 300.