Oman's Bourse Stages Recovery in Mixed Week for Arab Stocks
Oman's bourse staged a 12.1 percent surge, rebounding from a five-year low, in a mixed week for stock markets around the Arab world, Bakheet Financial Advisors (BFA) said Saturday.
The best performer was Egypt's Hermes Financial Index which jumped 12.8 percent to 8,727.00 points, up for the fifth straight week, as telecommunications and media shares dazzled, the Riyadh-based investment specialists said.
BFA said the MSM index in Oman climbed to 200.57 points as the government injected 50 million rials (128.5 million dollars) to resolve a liquidity crunch and trimmed the number of companies trading.
Qatar's CBQ gained 1.3 percent to 210.96 points on the back of investor confidence over end-of-year corporate financial results, while the BSE in Bahrain was up a modest 0.6 percent to close the week on 1,824.56 points.
The only other winner on the week was the BLOM index in Lebanon that closed on 611.77 points, up a slight 0.2 percent.
The other Gulf bourses were down.
Kuwait's KSE index lost 1.8 percent, closing on 1,343.00 points amid an absence of promised economic reforms, the NCFEI index in Saudi Arabia slipped 0.3 percent to 2,341.13 points, and the NBAD in the Emirates by 0.1 percent to 2,497.81 points.
The biggest loss was recorded by Morocco's CSE index, which fell 2.1 percent to 684.50 points.
Amid the ongoing bloodshed in the Israeli-Palestinian conflict, the Jerusalem index of the Palestinians remained stagnant at 226.00 points.
The Tunindex in Tunisia shed 1.8 percent, falling to 1,379.45 points, on profit-taking. BFA said it has still gained 15.7 percent from the start of the year, topping the North African markets.
Jordan's ASE index shed another 0.7 percent, closing on 134.17 points. It has now lost a whopping 19.8 percent in 2000 -- RIYADH (AFP)
© 2000 Al Bawaba (www.albawaba.com)