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Circulation rates retreat in Arab bourses
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Translated by IRAQdirectory.com - [9/21/2007]
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Arab capital markets have witnessed a notable decline in circulation rates to less than a half just before the month of Ramadan. The weekly report of Amman Stock Exchange revealed that the general index of the Stock Exchange closed the week's transactions slightly higher at 5580 points compared to 5574 points last week and analysts said: The Jordanian shares appeared stable in the last few days despite the caution state that prevailed in the market with the start of the month of Ramadan, while the general indicator of Kuwait Stock Exchange retreated by 0.7% this week to end the transaction at 12784 points, down from 12875 points. Analysts attributed the decline to the sale operations to reap profits and the lack of liquidity in the market. The index of Emirates financial market, which includes Dubai and Abu Dhabi bourses, fell by 0.8% this week to close at 4329 points compared to 4366 points last week. The Saudi bourse performance was marked this week by a swift decline in the wake of last week by 5% after the pressure imposed by the telecommunications sector on the market amid widespread expectations that the third network's mobile MTV will ignite competition in the country. The index of the biggest bourse in the region lost 0.6% of its value this week to close at 7807.87 points, down from 7853.66 points last week. According to the weekly report of Bakheet Center for financial consultancy headquartered in Riyadh, the indicator currently is 1.6% below its level from early this year. The report expected Saudi shares to be stabilized in the coming days with investors' observation to the outcome of the third quarter of the year and in particular the results of leadership companies that usually determine the direction of the market. Financial analysts expected that the performance of Arab bourses will fluctuate during the month of Ramadan especially that investors prefer to refrain from dealing during the month of fasting.
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