© Archyde.com. Dealers during trading on the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.
(Corrects the name of Emaar Development Company (DFM:) in the third and fourth paragraphs)
From Ateeq Sharif
(Archyde.com) – Most of the financial markets in the Middle East closed higher on Wednesday, and the index extended its gains, while retreating following a decrease in .
The main index in Saudi Arabia rose 0.7 percent, supported by the rise in the shares of Dr. Sulaiman Al Habib Medical Services Company by 5.2 percent and Riyad Bank by 2.7 percent.
The main rose 0.1%, supported by a 3.9% jump in Emaar Development, a day following it announced a rise in annual net profit.
Emaar Development, the real estate development arm of index-leading Emaar Properties (DFM:), reported a net profit of 3.81 billion dirhams ($1.04 billion), up from 3.24 billion dirhams a year earlier.
And the leading index on the Egyptian Stock Exchange increased 0.5 percent and is close to recording the highest level in nearly five years.
Data on the Egyptian Stock Exchange website showed that Egyptians and Arabs carried out mostly purchases of shares in the session, and that non-Arab foreigners mainly carried out selling operations.
Egyptian Prime Minister Mostafa Madbouly confirmed last week that Egypt intends to sell government stakes in 32 companies, starting from the first quarter of this year until the end of the first quarter of next year.
In Abu Dhabi, the index fell 0.3 percent, pressured by a 0.3 percent drop in International Holding.
Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said that the Abu Dhabi Stock Exchange is still witnessing fluctuations, while uncertainty is increasing regarding developments in the oil markets.
Oil, a major catalyst for financial markets in the Gulf, fell for the second day in a row following a report from the energy sector indicated ample supplies in the United States and expectations of further interest rate hikes raised concerns regarding fuel demand and the outlook for economic conditions.
The Qatari index rose 0.6 percent, supported by a 5.3 percent rise in Qatar Islamic Bank.
But Qatar National Bank, the largest bank in the Gulf region, fell 1.5 percent.
Negm says that the Qatari market has stabilized to some extent, with the decline in prices stopping during the past few days, but it remains vulnerable to downward pressure factors.
( = 3.6729 AED )
(Reporting by Salma Najm for the Arabic Bulletin – Editing by Marwa Gharib)
