Egypt’s bourse falls to seven-year low

Published April 1st, 2001 - 02:00 GMT

In a mixed week for the Arab markets, the Cairo bourse was hardest hit as it ended the week at a seven-year low, with the Hermes Financial Index plunging four percent to 5,916.55 points, reported Bakheet Financial Advisors (BFA) on Saturday, March 31. The Jerusalem index of the Palestinian Territories also fell 4.6 percent—closing on 166.74 points—having lost 36.1 percent since the Israeli-Palestinian clashes began in September.  


The Omani bourse lost 1.2 percent, as the MSM index ended the week at 186.23 points, due to the recent liquidity crunch and lack of investor confidence. In Qatar, the CBQ lost one percent due to the weakening of Q-Tel shares, closing at 205.08 points. The Amman Stock Exchange slipped 0.4 percent to 138.48 points. 


On a positive note, the NBAD index in the UAE gained 1.6 percent, to close at 2,534.54 points, due to positive corporate results. The Saudi, Kuwaiti and Bahraini bourses also slightly rose 0.3 percent—Saudi Arabia's NCFEI index closing on 2,250.75 points, the BSE index in Bahrain at 1,642.73 points, and the Kuwaiti index rising to 1,462.80 points. 


Tunisia's Tunindex gained 1.1 percent to 1,333.61 points, while the CSE in Morocco lost 1.9 percent of its value, closing on 687.84 points. The Lebanese bourse rose 1.2 percent reaching 502.48 points, mainly due to an upward trend in Soldiere stock, Lebanon’s market-leader responsible for Beirut's downtown reconstruction.— (Albawaba-MEBG)

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