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The Egyptian stock market is under pressure from weak global stocks, and Saudi Arabia is declining



The Egyptian stock market declined sharply on Monday, under pressure from financial sector losses hurt by global stockpile declines over global growth slowdown fears, while the Saudi stock market fell to seven rallies as the petrochemical stocks fell due to declining oil prices.

Merchants on the Egyptian stock exchange in Cairo on February 13, 2018. They filmed Amr Abdullah Dalsh – Reuters.

The main stock index of Egypt fell by 1.4 percent, of which 23 out of 30 stocks on its list.

CIB, the largest listed bank in Egypt, declined by 1.4 percent, Global Telecom lost 6 percent and was the biggest loss on the market after dropping nearly five percent in the previous session after the company announced its plan to transfer existing loans to the shareholder of $ 370.6 million plus interest payable on the share.

Heliopolis housing fell by 2 percent in active trading. The company said its board agreed to sell its stake in Al Nasr Real Estate Development.

Saudi Arabia's Saudi Saudi Arabian Saudi Index fell 0.3 percent, Saudi Basic Industries Corp (SABIC), the largest royal petrochemical producer, by 1.1 percent, while SABB declined by 1.2 percent.

Net foreign purchases reached 1.03 billion rivals last week ($ 274.60 million), up from 134.3 million riles a week earlier.

Insurance stocks also dropped, with overpaying gains of 28 to 5. Attiyah Insurance declined by 7.1 percent and were the most lost on the index.

But Riyad Bank rose 0.7 percent. The bank has selected Goldman Sachs to advise on merger talks with the National Commercial Bank, Reuters reported, citing informed sources. The National Commercial Bank (NCB) gained 0.2 percent.

Dallah Health Services rose 3.8 percent after the Capital Market Authority (CMA) approved the company's application to raise capital through bonus issues.

The Abu Dhabi Index rose by 0.6 percent to four consecutive sessions. The first bank in Abu Dhabi, the largest bank in the United Arab Emirates, rose by 1.7 percent.

The bank on Monday said it had approved a $ 1.6 billion (436 million dollars) loan from Abu Dhabi National Hotels to fund the acquisition of a number of Dubai hotels.

The Dubai index fell by 0.4 percent with all listed shares excluding one share of real estate.

Emaar Properties, the largest real estate developer of the Emirate, fell 2 percent, while Damac Properties fell 4 percent.

Qatar's benchmark index grew by 0.2 percent, the Qatar Central Bank (QNB), the largest bank in the Middle East, by 0.8 percent, while Aridi Telecom rose by 1.9 percent.

In Oman, the Muscat index rose 0.1 percent when Raysut Cement jumped 9.2 percent after the company recorded high annual sales.

Following are the closing levels of stock market indices in the Middle East:

– Saudi Arabia declined by 0.3 percent to 8271 points.

– The index declined by 0.4 percent to 2,527 points.

– Qatar: The index grew 0.2 percent to 10,672.

– The index rose by 0.6% to 4999 points.

– Egypt – The index fell 1.4 percent to 13,336 points.

– Kuwait .. The index stabilized to 5471 points.

– Oman: Index rose 0.1 percent to 4309 points.

– Bahrain .. The index declined by 0.1 percent to 1344 points.

Prepared by Alaa Rushdi for the Arab publication – Edit Islam Yahya


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