Egyptian bourse ends week higher, Palestinian market drops
The financial markets of the Middle East ended the week with five bourses closing higher and six closing lower, reported the Bakheet Financial Advisors (BFA) on Saturday, April 14.
The Egyptian exchange continued its previous week’s climb with the Hermes index closing 4.6 percent up at 6,293.02 points. The rise was attributed to the strong results of the two mobile phone companies, Mobinil and Orascom Telecom, rising 14.8 percent and 16.2 percent respectively, as well as to the addition of Egypt to the Morgan Stanley Capital International emerging markets index.
The Bahraini BSE index rose 1.2 percent to close on 1,689.38, as a result of investor confidence in first quarter corporate results, whereas the Jordanian ASE index gained 0.9 percent, closing on 138.01 points. The Saudi Arabian NCFEI index—the highestcapitalized in the Arab world—ended the week on 2,253.60, a rise of 0.6 percent, and the Qatari bourse’s CBQ index inched up 0.3 percent, closing at 205.68.
Among the hardest hit was the Palestinian market whose al-Qods index dropped an additional 2.2 percent this week—down to 154.80 points—as a result of the Israeli-Palestinian continued conflict which has devastated the Palestinian economy. The Palestinian market has recorded the worst performance among the Arab markets since the start of the year, having lost 25 percent of its total value.
The sharp 6.8 percent drop in Soldiere stock pulled down the Lebanese exchange, bringing the BLOM index 1.7 percent lower to close at 498.62 points. In Muscat, the Omani MSM index also dropped 1.6 percent to 181.69 points, whereas the TUNINDEX in Tunisia and the Moroccan bourse ended at 1,387.06 points and 681.55 points respectively.
In the United Arab Emirates, the NBAD remained unchanged on the week at 2,475.87. — (Albawaba-MEBG)
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