Cairo climbs higher despite volatile week on Arab markets
Egypt's Hermes Financial Index recorded a six percent rise despite a rather negative and volatile week on Arab stock markets, Bakheet Financial Advisors (BFA) said Saturday.
Eight markets were down and four up, the Riyadh-based specialists said, as high oil prices and continued Middle East instability again impacted on investors.
Cairo's bourse, which jumped 13.4 percent last week to recoup some of the recent losses, finished this week on 7,304.41.
Low prices in major stocks stimulated buying and the postponement of the privatization of Egypt Telecom, which set stocks soaring the previous week, remained an important factor, BFA said.
But more bloodshed in the West Bank and Gaza despite attempts to revive the dying peace process saw the Al-Quds Palestinian index plunge another 7.5 percent to 227.69.
Among the winners were Jordan's Amman stock exchange, which recorded a 1.5 percent gain to close at 134.35. Bahrain's BSE Index managed to put on 1.1 percent to 1,738.41, on the back of expected good financial results, and Qatar's CBQ index held on to a 0.1 percent increase to 203.28.But all the rest lost ground.
In Oman, the MSM index tumbled another 2.1 percent to 182.90 points and the neighbouring United Arab Emirates NBAD Index dropped 1.2 percent to 2,542.35.
Saudi Arabia's NCFEI shed 0.9 percent to 2,315.87 while Kuwait's KSE lost 0.6 percent to 1,394.70.
Lebanon's BLOM index slipped 1.6 percent to 630.12.
The Tunindex in Tunisia went down 1.5 percent to 1,404.29 points, and in Morocco, the Casablanca Stock Exchange index lost 0.3 percent to 706.46.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)