Cairo bourse falls, ASE index rises in weekly Arab trade
In a mixed week for the Arab stock markets, Jordan’s ASE index gained 2.3 percent closing at 140.86 points, while the Egyptian Hermes Financial Index continued its downward trend falling 2.8 percent to 5,969.53 points, reported AFP news agency on Sunday, July 1. The constant drop in the Egyptian bourse, having lost 23.2 percent of its value since the beginning of the year, is attributed to the slowdown in privatization and a shortage of dollars in the economy.
Tunisia’s Tunidex fell 1.7 percent to 1,318.40 points, due to what is believed to be “a lack of fresh incentives.” The NBAD index in the Emirates also closed 1.4 percent lower at 2,456.34 points, whereas the BLOM index in Lebanon lost a slight 0.6 percent to 505.73 points. The Jerusalem index in the Palestinian territories closed 0.5 percent down at 172.31 points, while in Bahrain, the BSE index merely fell 0.2 percent to 1,726.65 points.
Among the week’s winners, the Moroccan CSE index rose 0.9 percent closing at 640.40 points, while both the NCFEI in Saudi Arabia and Qatar's CBQ gained 0.1 percent, closing on 2,428.21 points and 237.45 points, respectively. Although Oman’s MSM index closed the week 1.2 percent higher on 165.85 points, it is still an astounding 17.6 percent lower since January.
Despite profit-taking, the Kuwaiti KSE index rose 0.2 percent to a 30-month high of 1,687.30 points. The NCFEI index in Saudi Arabia reached an all-time high for the third consecutive week—a surge attributed to economic reforms and the signing of huge gas projects with the world's oil majors. — (MENA Report)
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