Turmoil in the Middle East dragged down many Arab markets this week, particularly in Jerusalem, but Egypt's Hermes Financial Index ended a bad run and bounced back strongly, Bakheet Financial Advisors (BFA) said Saturday.
Cairo's bourse jumped 13.4 percent to recoup last week's losses and closed at 6,888.93.
BFA said the privatization of Egypt Telecom had "a negative effect on the market for the past five weeks when investors were liquidating their blue-chip shares in anticipation of the subscription."
"But the recent postponement of Telecom Egypt's Initial Public Offering pushed investors to buy back their stocks thus causing the large rebound," the Riyadh-based investment specialists said.
As the bloodshed in the West Bank and Gaza continued, the Al-Quds Palestinian index suffered worst losing 5.7 percent to close at 246.02, in a week which saw six losers, five gainers and one unchanged in the Arab world.
"Investors are keeping a close eye on the emergency Arab summit in Cairo," Bakheet said.
Bahrain's BSE Index trailed in next, down 3.6 percent to 1,719.98. In Oman, the MSM index fell 2.5 percent to 186.90 points, and Kuwait's KSE shed 1.7 percent to 1,403.10.
BFA noted the rather negative performances in the Gulf despite high oil prices.
"Investors are still influenced by the latest Israeli attacks and are unclear if oil will be used to pressure countries that support aggressive Israeli behaviour," it said.
The United Arab Emirates NBAD Index just managed to stay in positive territory with a 0.1 percent rise to 2,574.21, while Saudi's NCFEI and Qatar's CBQ index both marked up 0.2 percent to 2,337.63 and 203.09 respectively.
Lebanon's BLOM index saw no change at 640.50, while the Amman stock exchange recorded a 0.1 percent loss to close at 132.41.
The Tunindex in Tunisia put on 0.5 percent to 1,425.28 points, and in Morocco, the Casablanca Stock Exchange index dropped 0.9 percent to 708.71. – (AFP)
© Agence France Presse 2000.
© 2000 Mena Report (www.menareport.com)