In a positive week for Arab stock markets, the Saudi, Lebanese and Palestinian bourses were the best performers, reported AFP news agency.
Saudi Arabia’s NCFEI all-share index rose 2.9 percent to reach 2,468.97 points, its highest level ever. Gains were attributed to price gains of banks and electricity stocks, in addition to the positive performance of oil-giant Sabic. Strong oil prices have changed the kingdom’s annual projected growth in gross domestic product, as leading Saudi bank Samba revised its outlook from a forecasted negative growth to a one percent rise in 2001.
As opposed to the previous week’s 3.8 percent drop, Lebanon’s BLOM index rose 2.1 percent at the end of the week to close on 470.80 points. The Palestinian Jerusalem index edged up 2.1 percent as well, closing the week on 163.56 points, due to a five percent surge in Telecom shares. The index is still, however, 21.3 percent lower since the beginning of the year.
Egypt’s Hermes Financial Index ended the week 0.7 percent lower at 5,509.17 points, having plummeted 30 percent since January. Morocco’s CSE index and Tunisia’s Tunindex fell 0.2 percent and 0.8 percent to 617.38 and 1,328.26 points, respectively. Qatar’s CBQ lost 0.9 percent to close at 244 points.
On the other hand, Jordan’s ASE index rose 1.5 percent to 143.78 points, due to the 2.4 percent rise in Arab Bank shares. Kuwait’s KSE index continued on a positive note, rising 1.4 percent to end the week at 1,717.50 points. The Kuwaiti bourse is the best performer in the Arab world, having added 26.7 percent to its value since the beginning of the year.
In the Gulf region, the Emirate’s NBAD index and Oman’s MSM index both rose 0.5 percent and 1.2 percent to 2,428.47 and 170.90 points respectively. — (MENA Report)
© 2001 Mena Report (www.menareport.com)
