Saudi Arabia's bourse down by the Egyptian oil and ascend backed reconstruction 10/21
Saudi Arabia's bourse down by the Egyptian oil and ascend backed reconstruction
10/21/2015 0 Comments
Saudi bourse fell on Tuesday, with weakness in oil prices rallied while Egyptian Stock Exchange Egypt supported the reconstruction of real estate development where the real estate is seen as a way to hedge against currency devaluation. Gulf stock markets are still recorded weak performance in general. And exposure ore International benchmark Brent pressure in Asian trading on Tuesday, prompted the main index of the Saudi market to decline one percent at closing. And landed some stocks because of the results of the weak for the third quarter of the year with a decline in global Arabia share Petrochemical (SE: 2310) (Sipchem ) 8.4 percent after the company reported a decline of 55.4 percent in net profit to 71.6 million riyals ($ 19.1 million) versus expectations of analysts profit of 122.9 million riyals. He added the main index of the Egyptian Stock Exchange 0.5 percent with the rise of Emaar shares (SE: 4220) Egypt 5.2 percent. At the end of last week and early this week, the central bank allowed the Egyptian pound to fall against the dollar in the official market, which indicates the start of another period of the convict decline in the value of the currency.
central and kept on Tuesday at the official rate of the pound without a change in the tender for sale hard currency, but the pound continued its decline against the dollar in the parallel market, which investors expect a large decline in the coming months appears. is seen to real estate companies as a beneficiary possible because the Egyptians might snapping up real estate to hedge against a weaker currency, while foreign investors sector may attract less foreign currency prices .