Breaking news

“Qatar Qatar” leads the rise in the Gulf stock exchanges, thanks to strong profits… and “Egyptian” continues to rise

“Qatar Qatar” leads the rise in the Gulf stock exchanges, thanks to strong profits… and “Egyptian” continues to rise
“Qatar Qatar” leads the rise in the Gulf stock exchanges, thanks to strong profits… and “Egyptian” continues to rise
-

The Qatari stock market continued its gains yesterday, for the fifth session in a row, outperforming its counterparts in the Gulf region, following strong corporate profits, while Abu Dhabi shares closed lower.
According to “Reuters”, the Qatari index increased 0.5 percent amid a rise in the shares of the financial sector and the sector of raw materials companies. The share of the Commercial Bank of Qatar jumped 10 percent, following the growth of its annual profits and the increase in dividends.
The bank announced that its annual net profit grew by more than 22 percent to 2.81 billion riyals ($771.98 million), outperforming analysts’ expectations of achieving profits of 2.34 billion riyals. The bank raised the annual cash dividend by about 56 percent, compared to 2021, to 0.25 riyals per share.
Crude oil prices stabilized yesterday, which is a major catalyst for the Gulf financial markets, after falling in the previous session. During trading, Brent crude rose seven cents, or 0.1 percent, to $86.06 a barrel, after falling 2.3 percent in the previous session.
The Abu Dhabi stock index fell 0.4 percent, as the share of the First Abu Dhabi Bank, the country’s largest bank, fell 1.8 percent, and the share of the International Holding Company fell 0.2 percent.
The Dubai index fell 0.4 percent, under the weight of the decline in the shares of utilities, financial services and real estate companies, as the share of the Dubai Electricity and Water Authority “Dewa” fell 0.8 percent, and the share of the Emirates Corporation for Central Cooling Systems fell 1.3 percent, while the heavyweight “Emaar Properties” lost. 0.2 percent.
The Bahrain index rose 0.17 percent to 1928 points. The Muscat index fell 0.82 percent to the level of 4747 points. The Kuwait index fell 0.5 percent to 8,152 points.
In Cairo, the main index of the Egyptian Stock Exchange closed up 2.1 percent, continuing its rise since last Wednesday. “The Egyptian stock market continued to climb as foreign investors continued their buying spree. The market may continue to benefit from improved sentiment,” said Fadi Riad, senior market analyst at Capix.com for the Middle East and North Africa.
A Reuters poll conducted yesterday showed that the Egyptian economy will grow 4.8 percent in the current fiscal year, registering a faster pace than the government expected, but it will not achieve its goals in the medium term.

-

--

PREV 20 experiments performed by Al Neyadi in cooperation with 15 universities
NEXT One person was killed and another injured as a result of a car crash in a canal in Dakahlia