Cairo’s exchange takes a beating on world markets sell-off
Although most of the Gulf Arab markets ended the week on a positive note, the Cairo Stock Exchange followed the negative trend of international markets, and ended the week 7.5 percent lower. The Hermes Financial Index in Egypt fell to 6,364.89 points, losing a total of 16.9 percent of its value in local currency since the start of the year.
The best performer for the week was Kuwait’s KSE index which gained 3.3 percent, closing at 1,426.10 points, the highest level since October. The recent gains were attributed to the inflow of funds entering the optimistic Kuwaiti market.
Qatar's CBQ index ended the week 1.9 percent higher, closing at 207.90 points. The rise was largely a result of the 4.9 percent surge in Qatar National Bank—the country’s leading financial institution—that reported strong earnings for 2000.
Bahrain’s BSE index closed 1.2 percent higher at 1,626.76 points, after market heavyweight Investcorp shot up by 9.5 percent. Saudi Arabia’s NCFEI merely rose 0.3 percent, closing on 2,274.38 points.
Among the losing bourses this week was Oman's MSM index which lost nearly 3.0 percent, and the UAE’s NBAD index ending 0.6 percent down to 2,503.81.
The Jerusalem index of the Palestinian territories lost 1.7 percent, closing on 183.82 points, while Tunisia's Tunindex continued its downward trend, losing 1.6 percent to a close at 1,331.01 points.
Lebanon's BLOM index was down 0.6 percent, closing on 531.31 points, and the CSE index in Morocco fell 0.5 percent to 706.29 points. In Jordan, the ASE index closed almost unchaged at 138.41 points. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)