Most of the stock markets in the Gulf closed higher, Sunday, with the performance of the stock exchange in Qatar outperforming the region, as most shares in the main index recorded an increase.
The main index on the Qatar Stock Exchange rose 2.8 percent to 14,476 points, supported by a 9.6 percent increase in Qatar International Islamic Bank shares, following the bank and Qatar Development Bank concluded an agreement on the “Al Dhameen” program following updating it ten years following the launch of this program.
The Al-Dhameen program is an initiative of the Qatar Development Bank, which encourages banks to provide financing to start-ups, small and medium-sized companies that are unable to provide the necessary financing guarantees or guarantees.
Shares of Qatar Islamic Bank rose regarding four percent, with the announcement of its unit Q-Invest and Qatar Insurance Company their cooperation to establish a leading national company in the field of Islamic asset management in Qatar.
The main index of the stock market in Saudi Arabia rose 0.2 percent, supported by financial and petrochemical shares. Shares of Almarai, the largest dairy company in the Gulf, 1.2 percent following announcing a rise in quarterly net profit.
The Sultanate of Oman’s index rose 0.7 percent to 4,241 points, and in Kuwait, the index fell 0.3 percent to 9,142 points, and the index in Bahrain rose 0.1 percent to 2,123 points.
pasture
The profits of Almarai Company, which works in the production of fresh milk and its derivatives, increased to 420.5 million riyals at the end of the first quarter of 2022, at a rate of 9%, compared to profits of 385.9 million riyals achieved during the same period in 2021.
The company said that the reason for the increase in profits during the current period compared to the same period of the previous year is due to the increase in revenues by 23.6%, which was driven by the growth in the sectors of baked goods, fresh dairy products and its derivatives. The positive growth in revenues was evident in all sectors due to the improvement of commercial conditions following the pandemic. (Covid-19) and the restrictions imposed on it, the reopening of educational institutions, and the increase in the number of visitors to the region.
Other expenses decreased by 8.8 million riyals, mainly due to the decrease in losses from sales of the cow herd.
Egyptian Stock Exchange
Outside the Gulf region, the Egyptian stock index fell 1.8 percent to 10,898 points, with Commercial International Bank (CIB) leading the losses.
Egypt’s central bank said on Thursday net foreign reserves fell by nearly $4 billion in March following the war in Ukraine drove foreign investors out of Egyptian treasury bonds, putting pressure on the currency.
Data from the Central Agency for Public Mobilization and Statistics in Egypt showed, on Sunday, that consumer price inflation in cities rose to its highest level in nearly three years and faster than analysts expected, recording 10.5 percent in March, compared to 8.8 percent in the previous year.
February.
The price increases were partly caused by a shortage of goods, caused by events in Ukraine, which led to inflation exceeding the central bank’s target level of between five and nine percent and its overnight lending rate of 9.25 percent.
(agencies)
