Moroccan Stocks Soar on Oil, Gas Finds
Oil and gas discoveries in southeastern Morocco fueled an 8.5 percent increase in the Casablanca Stock Exchange index for the week, the best performance on any Arab stock exchange, Bakheet Financial Advisors reported Saturday.
The CSE closed the week Friday at 757.44 following the announcement that the deposits had been found, Bakheet said.
Oman turned in the worst showing, as its Muscat Securities Market index fell 2.1 percent to 192.72 because of a "liquidity crunch and on poor financial results, especially in the banking sector."
However, the Saudi stock exchange, the largest in the Arab world, was looking up thanks to "robust oil prices" and investors returning from vacation.
The NCFEI climbed 4.6 percent to end this week at 2,392.83, its highest value since the index was established in February 1985.
In Lebanon, the Banque du Liban et d'Outre Mer index finished the week 3.9 percent higher at 605.16, thanks to a rise of 5.7 percent in the shares of Solidere, the company rebuilding Beirut, because of "investor optimism on the real-estate market."
A new law to ease foreign investment in Kuwait boosted the Kuwait Stock Exchange index 2.2 percent to 1,381.50.
The Bahraini Stock Exchange, which escaped the fall out from the Gulf Air crash Wednesday, ended the week up 2.2 percent at 1,867.84 after investors returned from summer vacation.
Gains of 3.8 percent in Paltel telecommunications company shares drove the Palestinians' Jerusalem index up 1.7 percent to 261.22.
In the United Arab Emirates, the National Bank of Abu Dhabi index moved up 0.5 percent to end the week at 2,603.02.
Jordan's Amman Stock Exchange index dropped 1.2 percent to 133.50 because of "selling pressure by foreign institutional investors."
Markets in Tunisia, Qatar and Egypt suffered losses of less than one percent.
The Tunindex closed down 0.9 percent at 1,434.88, while the Commercial Bank of Qatar index fell 0.7 percent to 212.84 and Egypt's Hermes index dropped 0.2 percent to 8,326.98 -- RIYADH (AFP)
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