Lebanon's bourse index soared 7.8 percent and Kuwait's KSE became the year's best performer in a week of gains on most Arab stock markets, Bakheet Financial Advisors (BFA) reported Saturday, June 2. Seven markets rose, four went down and one index was unchanged in the BFA's weekly survey of Arab markets.
Spurred by a sharp 14.3 percent rise in shares of Solidere, the company in charge of Beirut's downtown reconstruction, Lebanon's BLOM advanced 7.8 percent to 525.58 points. Another high-flier was the KSE index which gained 1.7 percent to close the week on 1,575.20 points, up 16.8 percent since year start, the best performance among Arab bourses in 2001.
Egypt's Hermes Financial Index, in contrast, fell 1.8 percent to 6,537.40 points, weighed down by a 6.6 percent decline in MobiNil. The index has slumped 14.7 percent since the start of the year.
In Saudi Arabia, the NCFEI index closed the week down 1.3 percent amid a market correction in the electricity sector and a profits plunge by most blue chips, BFA said. The all-shares index fell to 2,352.51 points.
Bahrain's BSE index, driven by gains in the banking sector, was up 1.4 percent, closing on 1,721.03 points.
With investors attracted by lower interest rates, the CBQ in neighbouring Qatar rose 1.3 percent to 244.51 points, accumulating an increase of 15.7 percent since year start.
The other six Arab bourses in the review moved less than one percent from the previous week.
Oman's MSM weakened 0.8 percent to 165.92 points, and the Al-Quds (Jerusalem) index of the Palestinian territories by 0.5 percent to 168.57 points.
The Al-Quds index, hit by the ongoing Israeli-Palestinian conflict, has dropped 18.8 this year. Jordan's ASE index inched up 0.6 percent to close on 141.08 points, while Morocco's CSE index closed on 658.48 points, up 0.2 percent, and the NBAD index in the Emirates was barely changed, closing on 2,507.25 points, up 0.1 percent.
Unchanged was the Tunindex in Tunisia that stayed at 1,385.47 points. — (AFP)
© Agence France Presse
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