Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    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    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    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, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    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    







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Abu Dhabi slumps to new lows; Gulf bourses muted
Published in Daily News Egypt on 23 - 10 - 2011

DUBAI: Abu Dhabi's shares slumped to a fresh 30-month low, while trading was muted in most Gulf markets as investors waited for cues from European Union leaders' summit that kicked off late Sunday.
In Egypt, the main index rose 0.8 percent to 4,300 points.
Volumes in UAE's capital fell to their lowest in over two years as investors remain cautious of global uncertainty with thin local fundamentals exacerbating the situation.
"Uncertainty is prevailing over, and hesitance on both sides (buying and selling) is peaking," said Talal Touqan, head of equity research in Al Ramz Securities. "Psychologically, such periods usually precede a sudden burst of high volatility."
The index slipped 0.09 percent to its lowest close since April 2009.
Etisalat was the main drag, slipping 0.1 percent. National Bank of Umm Al Quwain and Union National Bank fell 2.2 and 0.3 percent respectively.
Dubai's index ended 0.2 percent lower at 1,364 points, a point away from Wednesday's seven-month low.
"Support levels and acceptable valuations ratios are not protecting the prices. Traders are losing faith," Touqan added.
In Qatar, the index climbed 0.8 percent, trimming its 2011 losses to 2.9 percent.
United Development jumped 10 percent after reporting a 75.4 percent-rise in nine-month net profit of 1.8 billion riyals, according to a bourse statement.
Its earnings per share jumped from 2.8 riyals to 11.3 riyals in the same period.
"The new evaluation of the company's assets caused the earnings per share to jump, (from 2.8 riyals to 11.3 riyals for the nine-month period)," said Eyad Al Saqqa, account manager at Dlala Holding in Doha.
Other developers may see a similar re-evaluation, especially Barwa Real Estate, which had bought land at cost price from the government, he added. Barwa gained 1.4 percent.
Banks also rose, a reflection of strong quarterly earnings, analysts said. Qatar National Bank gained 2.2 percent and Commercial Bank of Qatar climbed 0.6 percent.
"(Qatar's) earnings have been excellent so far which has in turn reflected on the market," said Houssam Saafan, training department manager at The Group brokerage. "Banks is still the best sector. It has great fundamentals and Q3 results were outstanding. We might be looking at a better Q4 and an overall good year."
In Kuwait, a late rally lifted the index 0.2 percent.
Developer Mabanee CO. gained 3.5 percent and First Investment soared 9.3 percent.
"Small-cap stocks with good fundamentals are now getting popular for short term and long-term investment," said Fahad Al-Sheraian, general manager at Union Securities Brokerage Company.
Meanwhile, Saudi Arabia's index rose in a late-day rally as investors pick up domestic-driven stocks.
Al Ahli Takaful and Saudi Fisheries jumped 7.5 and 9.8 percent each.
"Leading stocks are not getting as much liquidity as before," said Tarek Al-Madi, an independent Riyadh-based financial analyst, with small-cap stocks' third-quarter earnings attracting traders.
The index climbed 0.5 percent, trading in a tight-range since early August with a ceiling of 6,120 points and a floor of 6,044 points.
EU leaders piled pressure on Italy on Sunday to speed up economic reforms to avoid a Greece-style meltdown as they began a crucial two-leg summit called to rescue the euro zone from a deepening sovereign debt crisis.


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