Gulf stock exchanges fell yesterday, while the Qatari index continued to decline after inflation fears and expectations of the Federal Reserve’s tightening of its monetary policy led to many investors’ aversion to risk, while local and Arab purchases supported the Egyptian market.
According to “Archyde.com”, the Kuwait index closed down 0.59 percent, with the decline of the leading shares, especially in the banking sector. Shares of National Bank of Kuwait fell 0.4 percent, Kuwait Finance House 1 percent and Gulf Bank 0.3 percent. The shares of Agility Public Warehousing declined by 1.7 percent, the National Industries Holding Group by 2.6 percent, the Kuwait Projects Holding Company “KIPCO” by 1.9 percent, and National Investments by 2.8 percent. The trading value amounted to 34.9 million dinars and the amount of shares traded 140.2 million shares.
The Qatari index fell 0.3 percent, continuing its losses for six consecutive sessions, and the gains in industrial stocks offset losses in the shares of the financial sectors, and the Commercial Bank’s shares fell 1.8 percent. Industries Qatar rose 1 percent. Muscat index fell 0.4 percent to 4585 points due to the decline in the shares of the financial and services sectors. The losers were led by “Dhofar Electricity Generation” by 7.69 percent, and “Al-Maha Marketing” by 2.38 percent. And limited the decline in the share of “SMN Power” by about 20 percent.
The Bahrain index fell 0.04 percent to 1922 points, under pressure from the financial and real estate sectors.
In Cairo, the main index of the Egyptian Stock Exchange rose 0.6 percent to 9,996 points, supported by local and Arab purchases. Eastern Company shares jumped 3 per cent.
Egyptian investors’ transactions in stocks tended to buy by 76.72 million pounds. Arab transactions also tended to buy, recording a net 3.65 million pounds. While foreign transactions tended to sell shares at EGP 80.38 million.
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