Middle East Stock Markets Rise But Trading Volumes Are Shrinking

Dubai – Arabic Gulf stock markets posted gains simple on Sunday after oil prices resumed climb again towards the highest level in 17 months at the end of last week, but trading volumes shrank across the region. Egyptian Stock Exchange rose supported by buying from foreign investors.

And it stepped up crude futures for Brent International benchmark 2.2 percent, to settle at $55.21 a barrel on Friday after Goldman Sachs lifted its forecast for crude prices in 2017 and showed signs of producers to hold on to a global agreement to cut production.

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Saudi petrochemical stocks rose on Sunday, with the rise of the shares of all listed companies produced the 14 shares which pushed the main index of the Saudi market to rise 0.7 percent. Jumped Sahara Petrochemical shares a medium-sized producer of 7.1 percent, its best performance.

Saudi shares rose cables 2.5 percent after the company said that the Turkish unit won an order worth $ 50 million and the financial impact will begin to emerge by the end of the second quarter of next year.

It rose Saudi National shares maritime transport (maritime) 1.5 percent after the company announced that its Board of Directors proposed a dividend of 2.5 riyals per share for 2016, which was similar to that of 2015. The total dividend of six percent, according to data from Thomson Reuters.

The benchmark Dubai market almost stable with a decline in trading volume to the lowest level in five weeks, which refers to the absence of many institutional investors dramatically on Sunday and who played a key role last week.

The leadership pushed the general index of the Abu Dhabi stock market to rise 0.8 percent, with higher shares of Dana Gas 1.9 percent and First Gulf Bank’s two percent.

And shut down the stock markets in Bahrain and Qatar for a public holiday.

He added the main index of the Egyptian Stock Exchange 0.6 percent to 11,398 points in the trading volume was the lowest of its kind since the central bank floated the Egyptian pound on the third of November, called up in the market.

Stock exchange data showed that foreign investors remained net buyers of Egyptian stocks narrowly in the continuation of a trend that started with the floating currency.

Shares of Orascom Telecom, media and technology 2.6 percent and was the most heavily traded in the market.

And Steel jumped ten percent after the company last week posted a significant rise in third-quarter sales even as they continue to record losses.

But the castle Holding shares declined 3.3 percent after it widened net loss for the company in the third quarter of the year to 208 million Egyptian pounds ($ 11.2 million) compared with a loss of 136 million pounds a year ago.

Analysts attributed at Naeem Brokerage in a note the losses to poor operating performance in continuous and non-continuous and allowances reduced value and high interest cost of operations, expecting more “painful allocations and reduce the value” in the next quarter.

The following closing stock market indices in the Middle East:

Saudi Arabia .. The index rose 0.7 percent to 7138 points.

Egypt .. The index climbed 0.6 percent to 11,398 points.

Dubai .. index increased 0.01 percent to 3555 points.

Abu Dhabi .. index rose 0.8 percent to 4497 ​​points.

Kuwait .. index fell 0.3 percent to 5651 points.

Oman .. The index fell 0.01 percent to 5728 points.

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Middle East Stock Markets Rise But Trading Volumes Are Shrinking
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