GCC shares dip down

GCC shares dip down
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Published July 16th, 2012 - 11:39 GMT via SyndiGate.info

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GCC Shares Dip
GCC Shares Dip
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Dubai
,
Manama
,
Saudi Arabian Fertilisers Company
,
Elsewhere
,
Saudi Basic Industries Corp
,
Reuters
,
Saudi Kayan
,
Mohamed Mursi

Manama The Bahrain All-Share Index yesterday closed at 1,112.60 points, marking a decrease of 1.29 points below its previous closing. This decrease was due to a fall in the commercial banks and services sector shares. The bourse witnessed 14 transactions with a volume of 224,969 shares worth BD47,463.

Elsewhere, Saudi Arabian petrochemical firms dragged down the bourse yesterday after Saudi Kayan, a unit of Saudi Basic Industries Corp (SABIC), reported a widening quarterly loss.

Saudi Kayan dropped 6.4 per cent to close at its lowest since July 2009. Chemicals giant SABIC shares fell 1.7pc to their lowest close since March 2011. Analysts polled by Reuters on average expect the chemicals giant to post an 18.8pc drop in quarterly profit.

Saudi Arabian Fertilisers Company (Safco), also a SABIC unit, ended flat, a day after it reported below-forecast second-quarter earnings.

The kingdom's main index lost 0.6pc, trimming year-to-date gains to 3.8pc.

In Egypt, the index dropped 2pc. Investors fretted that newly-elected President Mohamed Mursi's delay in appointing a new government and the country's other problems may hinder progress toward fixing the economy.

Emaar Properties ended at a 10-week high, up 1.6pc, as investors bought ahead of its second-quarter earnings, helping lift Dubai's bourse.

Dubai's index climbed 0.8pc. The benchmark has traded within a 75-point range over the past two months and is unlikely to break out of this pattern during a summer lull, with many investors on vacation.

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