"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gulf markets down on low buying interest; Egypt up
Published in Daily News Egypt on 23 - 06 - 2011

DUBAI/CAIRO: Lack of buying interest weighed on Gulf markets on Thursday, while investors in Egypt digested news of a planned narrower-than-expected budget deficit and its possible impact on the country's economy.
Abu Dhabi's Aldar Properties dragged down the emirate's index after Moody's cut its credit rating by two notches. The developer fell 3.7 percent.
Abu Dhabi's benchmark retreated 0.6 percent, down for a third session since Sunday's near eight-month high. Volumes slumped to a two-week low, showing a lack of investor interest after index compiler MSCI delayed its verdict on upgrading UAE and Qatar markets.
Dubai's index slipped 0.8 percent, extending declines for a second session since the MSCI announcement.
Most stocks were down. Bellwether Emaar Properties slipped 1.3 percent, Dubai Financial Market fell 3.3 percent and Arabtec slid 3.1 percent.
In Kuwait's, the benchmark eased 0.2 percent, ending down in four of six sessions in thin trading. Gulf Finance House weighed, falling 2.9 percent.
"It's the usual summer doldrums, most people are away on holiday — hat's affecting low turnover in the market," said Shahid Hameed, Global Investment House head of asset management for the Gulf region. "There is very limited activity and no news flow as such to excite anybody."
Zain ended flat despite Goldman Sachs saying in a report the company would continue to lose market share in Kuwait and Iraq, as management focuses more on corporate restructuring than on addressing operating problems. It maintained a sell rating on the telecom operator.
"The stock has already taken a beating and the report is not news to the market," Hameed added.
In Egypt, Finance Minister Samir Radwan on Wednesday reined in his plans for state expenditure in 2011/12 and lowered the official budget deficit estimate to 8.6 percent from 11 percent.
Some analysts said the decision could be negative for the market because state-led stimulus to the recession-hit economy might be less than hoped.
Others disagreed. "It gives an indication that the economy has moved up the scale as a priority for the ruling army council," said Osama Mourad, CEO of Arab Finance Brokerage.
"It also ensures that Egypt does not approach a level of budget deficit that could put the country at any risk."
The index, which on Monday reached its highest level since an uprising against President Hosni Mubarak began in January, ended up 0.1 percent.
Talaat Moustafa rose 0.5 percent, and Commercial International Bank slipped 0.6 percent.
Pioneers jumped 6.5 percent and Egyptian Resorts gained 6.2 percent. Citadel Capital fell 1.8 percent and El Sewedy Electric 1.6 percent.
"The market is in a hesitant mood this week because of the absence of local news coupled with the negative news coming from Greece ... but I have a very positive outlook," said Mourad.
Markets in Qatar, Oman and Bahrain ended largely flat.


Clic here to read the story from its source.