Gulf Bourses Decline with the Decline in Trading Volumes

Dubai – Agencies  Most Gulf bourses declined with the withdrawal of investors, many individuals from the market at the beginning of Ramadan, falling trading volumes. Scored Dubai index greater losses was down 2.4 percent, while daily trading volume shrank 59 percent.  Ali said the enemy portfolio manager firm The National Investor in Abu Dhabi, “the market is very slow and trading volumes are very low, which is to be expected (during the month of Ramadan).”  Arabtec shares fell again, which issued daily trading values ​​of 6.5 percent, taking its losses since the beginning of the month, 57 percent.  Shares in Dubai Financial Market Company, which manages the emirate’s second largest stock exchange loss. The stock jumped 78 percent in the period from the end of last year and even the first peak recorded in June, but dropped 32 percent since the beginning of the month.

The increased toll fees trading on the Dubai bourse to four-fold in the first quarter of the year thanks to higher trading values ​​before lifting the rating on the stock market indices or. S. Si. Aye and net profit jumped DFM to eight-fold. Nevertheless, analysts expect slower growth later in the year, and consider that the stock has seen over-buying. And select six analysts price target for the shares of DFM at 2.43 dirhams in the Mediterranean and the stock fell 5.6 percent to 2.89 dirhams today. And saw four of those analysts that the stock is worth recommendation “sell” or “reduce the relative weight . The index fell Abu Dhabi’s 0.4 percent. Climbed Waha Capital to invest around one percent after the company announced that it is part of the consortium acquired National Petroleum Services Company based in Dubai, but the stock fell after it closed down two percent.
The inn Qatar’s index 1.2 percent, taking its losses to 15 percent since the beginning of the month, said Shakeel Sarwar, head of asset management at Securities & Investment Company (SICO) in Bahrain, “I think the market in Qatar to take a path downward slightly for the same reasons (as in the United Arab Emirates) – due to reap profits and short-term investors out of the market. “

He added that the allegations of corruption in winning Qatar to host the World Cup football in 2022 – a Matih Doha – also hurt investor confidence and continued, “foreign investors sold more than they bought in the next few weeks.” In Egypt rose EFG Hermes to its highest level during the session in three years at 15.60 pounds after the values ​​of a financial adviser at 22.93 pounds per share. But the stock fell after it closed down 0.5 percent at 15.36 pounds, while the main index of the Egyptian stock 0.3 percent.

Hermes has resorted to in the face of the independent evaluation of the offer Belton and Egyptian businessman Naguib Sawiris to buy 20 percent at a price of 16 pounds per share. Belton said Sawiris and after the closure of the trading session they will not change view the articles. The benchmark KSE stable while trading volume dropped 42 percent. The index has fallen 7.5 percent since the beginning of the year, recording the worst performance in the Gulf. Analysts said the decline is partly due to investors shifting funds from stocks SMEs to blue chip stocks. Kuwait’s index rose to 15 leading shares was up 0.6 percent, extending gains since the beginning of the year to 7.7 percent.

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