Mideast peace and US vote chaos impact on most Arab stock markets

Published November 12th, 2000 - 02:00 GMT

The continued turmoil in the Middle East and the uncertain outcome of the US presidential elections impacted negatively on Arab stocks markets this week, Bakheet Financial Advisors (BFA) said Saturday, November 10. 

 

Seven of the 12 Arab bourses were down and five up, although the levels of volatility witnessed recently were markedly reduced. 

 

"Investors are still following the negative impact of increasingly aggressive Israeli attacks against Palestinian civilians, as well as waiting for the end results of American presidential elections which will reflect US policies in the region," Bakheet said. 

 

However, despite continued bloodshed in the West Bank and Gaza Strip, the Al-Quds Palestinian index limited its recent heavy losses to 0.5 percent, closing on 226.00 points. 

 

Bucking the trend, Egypt's Hermes Financial Index fronted the winners again, closing the week on 7,734.45 points after a 3.5 percent increase due to a surge in the telecommunications sector, the Riyadh-based specialists said. 

 

And Bahrain's BSE Index was up three percent to 1,814.54 as investors picked up bargains among major companies and commercial banks reported good financial results. 

 

The Tunindex in Tunisia rose 1.8 percent to 1,404.95 points, Saudi Arabia's NCFEI added 0.9 percent to 2,348.74 and Qatar's CBQ index held on to a 0.7 percent increase to 208.26. 

 

But elsewhere, all were losers, led by Lebanon's BLOM index, which shed 1.7 percent to 610.74 as leading blue chip Solidere plunged 5.2 percent. 

In Oman, the MSM index tumbled a further 1.3 percent to a five-year low of 178.97 on a liquidity crunch while Kuwait's KSE lost 0.6 percent to 1,367.50. 

 

In Morocco, the Casablanca Stock Exchange index also dropped 0.6 percent to 699.13 and Jordan's Amman stock exchange slipped 0.5 percent to 135.18. 

The United Arab Emirates NBAD Index shed 0.3 percent to 2,500.33.— (AFP)  

 

© Agence France Presse 2000  

 

 

 

© 2000 Mena Report (www.menareport.com)

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