Oman's Bourse Rebounds in Mixed Week for Arab Stocks

Published November 25th, 2000 - 02:00 GMT

Oman's bourse rebounded a further 5.6 percent from five-year lows in a mixed week for stock markets around the Arab world, Bakheet Financial Advisors (BFA) said Saturday. 

The MSM index in Oman climbed to 211.77 points on the back of the government's injection of 50 million rials (128.5 million dollars) to resolve a liquidity crunch, BFA said 

The Tunindex in Tunisia again topped the performances of the North African markets, finishing 0.9 percent up at 1,391.69 points, the Riyadh-based investment specialists said. 

Kuwait's KSE index, meanwhile, closed 0.6 percent up at 1,351.70 points, ending eight weeks of successive losses during which it hit a new five-year low, on the back of official statements that the government will indirectly inject funds into the sagging bourse. 

The biggest loss was recorded by Egypt's Hermes Financial Index which ended five straight weeks of increases by crashing 8.4 percent to 7,992.45 points on profit-taking and increased tension in the region. 

The BLOM index in Lebanon closed 2.9 percent down on 594.07 points after blue chip Solidere 'A' stocks fell 3.6 percent. 

The Saudi NCFEI all-shares index fell 1.8 percent to 2,298.31 points on the week despite strong economic growth in the oil-rich Gulf state. 

Jordan's ASE index shed another 1.0 percent, closing on 132.81 points, while Morocco's CSE index fell 0.9 percent to 678.17 points. 

The NBAD in the Emirates was down by 0.9 percent at 2,475.55 points, and the BSE in Bahrain edged 0.2 percent down to close the week on 1,821.29 points. 

The Jerusalem index of the Palestinians remained stagnant for the second week running at 226 points after a disruption to the telecommunications link with investment companies. Trading has now been cut to two days from five. 

There was also no change in Qatar's CBQ, which closed at 210.99 points -- RIYADH (AFP)  

 

 

 

© 2000 Al Bawaba (www.albawaba.com)

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