Most Gulf stock exchanges closed lower yesterday, while the Qatari index rose supported by strong earnings reports from banks and companies, although morale was affected by fears of the expansion of the scope of the conflict in the Middle East.
The Qatari index rose 0.4 percent to 9,360 points after the shares of the Islamic Sharia-compliant Masraf Al Rayan jumped 8.8 percent, recording its best daily performance in nearly eight years thanks to third-quarter profits.
The bank announced net profits for the third quarter of 486.4 million riyals ($133.61 million), up from 331.3 million a year ago.
The Muscat index fell 0.04 percent to close at 4,552 points, with “Al Maha Ceramics” shares declining 9.8 percent, “Khaleejia Mushrooms” 2.7 percent, and “Ooredoo” 3 percent. Al Jazeera Services shares also fell by 9.9 percent, Omantel by 1 percent, and Abraaj by 0.7 percent.
Bahrain’s index fell 0.1 percent to 1,939 points. GFH Financial Group shares fell 2.7 percent, and Kuwait Finance House fell 3 percent. Bahrain Telecommunications Company “Batelco” shares also fell 0.4 percent. The Kuwait index fell 2.5 percent to reach 6,905 points. The market was affected by a decline in eight sectors issued by banks, by about 2.8 percent. “Markaz” shares fell by 14.2 percent, and “KFH” shares fell by 2.5 percent.
The value of trading on the Kuwaiti Stock Exchange amounted to about 52.6 million dinars, distributed among 172.5 million shares, with the implementation of 11.4 thousand transactions.
In Cairo, the main index of the Egyptian Stock Exchange fell 0.8 percent to close at 23,086 points, with most stocks on the index declining, including the “Abu Qir Fertilizers” stock, which fell 6.5 percent.
Egyptian investors’ transactions tended to buy, recording a net amount of 106.2 million pounds, while Arabs tended to sell in stocks at a value of 39.8 million pounds, and foreigners’ transactions tended to sell at 66.4 million pounds.
2023-10-29 19:20:05
#Gulf #stock #exchanges #declined.. #Qatar #Airways #bucked #trend #supporting #strong #profits
