The Gulf stock markets in Ramadan

The performance of the Gulf stock markets varied yesterday on the first day of the holy month of Ramadan, while the Abu Dhabi market rose for the third consecutive session.

On the first day of the month of Ramadan, the Dubai Financial Market index fell by 0.3% to reach 2586 points, after it was under pressure from a 1.6% decline in the shares of the leading Emaar Properties and Emaar Malls by 1.7%. In the previous session, the share of “Emaar Properties” rose 1.7% after the managing director of the company said last Thursday, “The sales of the first quarter of the year amounted to 6 billion dirhams” 1.63 billion dollars “compared to 2.5 billion dirhams in the previous year.

The Abu Dhabi Securities Market index also rose on the first day of the month of Ramadan by 0.4% to reach 6,092 points, making gains for the third consecutive session. The index’s performance supported the rise of First Abu Dhabi Bank, the largest bank in the UAE, by 0.6%. Dana Gas rose 1.5%, while ADNOC Distribution rose 0.2%.

In Qatar, the benchmark index lost 0.6% to 10501 points at the beginning of the holy month of Ramadan, as the share of the petrochemical company “Industries Qatar” fell by 1.4%, and the share of the Commercial Bank of Qatar fell by 3%. But the share of Qatar National Bank rose by 0.6%. The bank said yesterday, “The net profit of the first quarter of the year retreated 7% from what it was a year ago to 3.3 billion riyals ($ 906.22 million”) with 1.4 billion riyals allocations as a “precautionary measure” to cover loan losses. But the bank said in a statement. “Its total assets grew by 8% on an annual basis to 1.042 trillion riyals at the end of last March.”

Bahrain’s index rose 0.4% to 1,463 points. The Muscat index rose 0.2% to 3,726 points. The Kuwait index fell 0.4% to 6,542 points.

In Egypt, the Egyptian Stock Exchange’s main index rose 0.5% to reach 10450 points, after an increase in shares led by the rise in “Fawry Banking Technology” by 1.1%. The share of Alexandria Mineral Oils Company also increased by 9.8%, after the company made a net profit in the nine months ending on March 31.

Vinkmag ad

د. مرهف العطاسي

Read Previous

How to invest safely in the Ripple?

Read Next

Signs of economic recovery in global financial markets

Leave a Reply

Your email address will not be published. Required fields are marked *