• banking stocks leads Qatar index to break the barrier of 10,000 points




              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.

    orascom telecom shares was among the few exceptions went up 2.9 percent to its highest level in 15 months.

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