Middle East stock markets recovering from its lowest level in years, with the rise of
Middle East stock markets recovering from its lowest level in years, with the rise of oil
From Celine Black
Dubai January 19 (Reuters) - The main stock markets rose in the Middle East, including more than two percent on Tuesday after he settled down global stock and oil markets, which encouraged investors to buy stocks at low price levels.
The main index of the Saudi market jumped four percent to 5746 points. The index fell 20 percent since the end of last year. The Southern Province Cement shares among the best performing stocks in the market where jumped 9.8 percent after the company recorded an increase of 21.6 percent in net profit for the fourth quarter of last year.
And paid capital stocks of other companies in diverse sectors of the average market rise. Saudi shares rose Bubba Cooperative Insurance 8.7 percent after surging 69 percent in quarterly earnings.
However, fund managers said that with the continuing vulnerability of oil prices to further decline and the volatility of global stock markets, it is premature to say that the Gulf markets reached its lowest degrees of decline.
It came quarterly business announced by the Saudi banks are mostly compatible with the expectations of the results.
The Development Bank shares rose 5.6 percent after the Bank recorded a 16.3 percent increase in net profit for the fourth quarter to 386 million riyals ($ 103 million) compared with an average analysts forecast in a Reuters poll at 367.8 million riyals.
And Riyad Bank climbed 1.4 percent after the Bank recorded a decline amounted to 19.7 percent in quarterly earnings in line with expectations. Shares of Bank of SAP 0.2 percent after HSBC's Bank recorded a decrease of 3.1 percent in net profit for the fourth quarter to 939 million riyals compared to analysts expectations of a profit of 1.04 billion riyals.
Shares of petrochemicals with the recovery of oil from its lowest level in twelve years. Rose Petrochemical shares advanced 6.7 percent.
And went up the main index of the Egyptian Stock Exchange 2.6 percent to 6097 points, trimming its losses since the beginning of the year to 13 percent. With the decline in global conditions unfavorable Now Arab investors returned to the market and bought more shares than they sold, according to stock exchange data showed.
She said a trader from Cairo "will prove to climb above the level of 6300 points, that this recovery stands on steady feet."
Scored Amer Group shares the largest gains jumped 11.4 percent to 0.39 Egyptian pounds after the company's board decided to buy back 125 million shares at 0.43 pounds a share, according to stock exchange notice.
And Orascom Telecom rose 5.5 percent, its strong gains for a second day.
And Qatar's index rose 5.5 percent. And Al Rayan Bank shares jumped 9.7 percent and was the best performance in the market. He scored the second largest bank in Qatar in terms of market capitalization stood down three percent in net profit for the fourth quarter to 559 million riyals ($ 153.5 million) against analysts expectations of a profit of 553 million riyals.
It rose Qatar Gas Transport Co (Nakilat), which was included on the MSCI Emerging Markets Index in November of 7.9 percent as foreign and local investors to buy it according to what was said one trader.
And Dubai's index increased 3.3 percent, with the rise of sagittal Builder Arabtec and Amlak Finance mortgage by more than ten percent each.
The main index rose to Abu Dhabi 2.5 percent as investors buy blue chip stocks. The shares rose and Abu Dhabi Commercial Bank, First Gulf Bank 5.3 and 2.4 percent, respectively, to achieve their gains for the second day in a row.
The following closing stock market indices in the Middle East:
Saudi Arabia .. index rose four percent to 5746 points.
Egypt .. index rose 2.6 percent to 6097 points.
Qatar .. index jumped 5.5 percent to 8987 points.
Dubai .. index increased 3.3 percent to 2766 points.
.. Abu Dhabi index rose 2.5 percent to 3889 points.
Oman .. index closed flat at 4982 points.
Kuwait .. index rose 0.6 percent to 5084 points.
Bahrain .. index fell 1.7 percent to 1176 points.
(Preparation Alaa Rushdie Arab Bulletin - Edit Mustafa Saleh)