May 18, 2022

Dubai Week

Complete Dubai News World

Qatar stock market surges at the start of the week

Qatar stock market surges at the start of the week

Most stock markets in the Gulf ended higher on Sunday, with the Qatari stock market outperforming the region as most stocks in the core index recorded gains.

Shares of Qatar Stock Exchange rose 2.8 percent to 14,476 points, while shares of Qatar International Islamic Bank rose 9.6 percent. After the introduction of this program.

The Al-Tameen Project is an initiative of the Qatar Development Bank that encourages banks to provide funding to start-ups, small and medium enterprises that cannot provide the required financial guarantees or guarantees.

Shares of Qatar Islamic Bank rose about four percent, with its unit Q-Invest and Qatar Insurance announcing 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 stocks. Shares of Almarai, the largest dairy company in the Gulf, rose 1.2 percent after announcing a quarterly net profit increase.

The Oman Sultan index was up 0.7 percent at 4,241 points, Kuwait was down 0.3 percent at 9,142 points and the Bahrain index was up 0.1 percent at 2,123 points.

Grazing land

Almarai, which specializes in the production of fresh milk and its derivatives, saw its profit increase by 9% to 420.5 million riyals at the end of the first quarter of 2022, compared to a profit of 385.9 million riyals. The same period in 2021.

The reason for the increase in profits during the current period compared to the same period of the previous year was the 23.6% increase in revenue, which was driven by the growth of baked goods and new dairy sectors. The positive growth in revenue is evident in all sectors due to the products and its derivatives, the improvement of business conditions after the epidemic (COVIT-19) and the restrictions imposed on it, the reopening of educational institutions and the increase in the number. Visitors to the area.

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Other expenses fell by 8.8 million riyals, mainly on losses from sales of cattle.

Egyptian Stock Exchange

Outside the Gulf region, the Egyptian stock index fell 1.8 percent to 10,898 points, leading the Commercial International Bank (CIB) in losses.

Egypt’s central bank said on Thursday that the war in Ukraine had pushed foreign investors out of Egyptian treasury bonds and put pressure on the currency, reducing net foreign reserves by nearly $ 4 billion in March.

Data from the Federal Agency for Public mobilization and statistics in Egypt on Sunday showed that consumer price inflation in cities had risen to a three-year high and faster than analysts had expected, to 10.5 per cent in March, up from 8.8 per cent in March. Last year.

February.

The rise in prices was partly due to a shortage of goods caused by events in Ukraine, which pushed the central bank’s inflation target of five to nine percent and its overnight lending rate to 9.25 percent.

(Agencies)