Palestinian market climbs after US comments on statehood
The Palestinian Al-Quds index led Arab stock markets in a mixed week ending Friday October 12, shooting up 4.7 percent after the US endorsed Palestinian statehood, Bakheet Financial Advisors (BFA) said Saturday.
However the start of the US-led military campaign against Afghanistan combined with a climate of worldwide recession left Arab bourses struggling for direction, the Riyadh specialists said.
The Al-Quds index reached 164.97 and Egypt's Hermes put on 1.8 percent to close on 5,545.29 on news of expected administrative reforms by the central bank. The worst performer was the MSM Index in Oman, which shed 1.6 percent to 164.69 on profit-taking and worries over the prospect of global recession, BFA said.
But it was essentially a calm week on other Middle East markets. The Amman stock exchange added 0.4 percent to 152.76 while Lebanon's BLOM lost 0.4 percent to 423.15. Saudi Arabia's NCFEI moved up 0.3 percent to 2,292.42, but Bahrain's BSE lost 0.1 percent to close on 1,709.51 and the CBQ in Qatar also lost 0.1 percent and ended the week on 255.48.
The TUNINDEX in Tunis rose 0.3 percent to 1,271.00, while Morocco's CES dropped 0.3 percent to 612.83. The NBAD Index of the United Arab Emirates fell 0.4 percent to 2,500.71 and the KSE in Kuwait ended 0.5 percent down on 1,589.90. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)