AGL 38.30 Increased By ▲ 0.08 (0.21%)
AIRLINK 133.25 Increased By ▲ 4.28 (3.32%)
BOP 8.85 Increased By ▲ 1.00 (12.74%)
CNERGY 4.68 Increased By ▲ 0.02 (0.43%)
DCL 8.64 Increased By ▲ 0.32 (3.85%)
DFML 39.70 Increased By ▲ 0.76 (1.95%)
DGKC 85.38 Increased By ▲ 3.44 (4.2%)
FCCL 34.84 Increased By ▲ 1.42 (4.25%)
FFBL 75.55 Decreased By ▼ -0.16 (-0.21%)
FFL 12.84 Increased By ▲ 0.02 (0.16%)
HUBC 109.80 Decreased By ▼ -0.56 (-0.51%)
HUMNL 14.14 Increased By ▲ 0.13 (0.93%)
KEL 5.40 Increased By ▲ 0.25 (4.85%)
KOSM 7.76 Increased By ▲ 0.09 (1.17%)
MLCF 41.20 Increased By ▲ 1.40 (3.52%)
NBP 70.05 Decreased By ▼ -2.27 (-3.14%)
OGDC 194.25 Increased By ▲ 5.96 (3.17%)
PAEL 26.20 Increased By ▲ 0.57 (2.22%)
PIBTL 7.39 Increased By ▲ 0.02 (0.27%)
PPL 163.85 Increased By ▲ 11.18 (7.32%)
PRL 26.39 Increased By ▲ 1.00 (3.94%)
PTC 19.47 Increased By ▲ 1.77 (10%)
SEARL 84.60 Increased By ▲ 2.18 (2.64%)
TELE 8.00 Increased By ▲ 0.41 (5.4%)
TOMCL 34.00 Increased By ▲ 1.43 (4.39%)
TPLP 8.73 Increased By ▲ 0.31 (3.68%)
TREET 17.15 Increased By ▲ 0.37 (2.21%)
TRG 60.70 Increased By ▲ 4.66 (8.32%)
UNITY 29.00 Increased By ▲ 0.22 (0.76%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 10,786 Increased By 127.6 (1.2%)
BR30 32,266 Increased By 934.6 (2.98%)
KSE100 100,083 Increased By 813.5 (0.82%)
KSE30 31,193 Increased By 160.9 (0.52%)

Qatar's stock market dropped on Tuesday after Fitch cut the country's credit rating, while most other Gulf bourses fell in thin trade but Egypt's blue-chip index gained strongly, helped by investment firm Qalaa Holdings. Fitch lowered Qatar by one notch to AA-minus with a negative outlook on Monday, citing the impact of sanctions imposed by other Arab states on Doha. That brought Fitch into line with the other two major rating agencies, Moody's and Standard & Poor's.
The downgrade threatens higher funding costs for Qatari banks as they seek to replace deposits and loans that are being withdrawn by the other Arab states. Most bank shares fell on Tuesday as Qatar National Bank lost 1.3 percent. The Qatari index slipped 0.9 percent to its lowest close since early July. Among other active stocks, Qatar Gas Transport (Nakilat) dropped 2.8 percent.
Turnover was thin in other Gulf markets as many investors stayed away with the approach of Eidul-Azha holidays beginning this week; the holidays start in Saudi Arabia on Wednesday and in the United Arab Emirates on Thursday. In Dubai, the index edged down 0.1 percent with daily trading volume hitting its lowest level since September 2015 for a second straight day. GFH Financial, the most active stock, gained 1.7 percent.
Dana Gas retreated 1.5 percent in Abu Dhabi, helping pull the index there down 0.5 percent. Saudi Arabia's index edged down 0.04 percent as industrial pipe maker Amiantit jumped 6.5 percent in unusually heavy trade after saying it expected a capital gain of 50-60 million riyals ($13.3-16.0 million) and positive cash flow of between 2 and 4 million riyals in the third quarter due to the merger of its European entities.
Development Works Food surged 4.9 percent after reporting second-quarter net profit rose by almost two-thirds from a year earlier as revenues more than doubled. In Egypt, the blue-chip index climbed 1.4 percent as Qalaa, which had jumped 8.9 percent on Monday after one of its units sold its stake in an Ethiopian company in a deal worth $14.5 million, added a further 3.4 percent; it was the most active stock. Commercial International Bank, the biggest lender, rose 1.6 percent. Investment bank EFG Hermes gained 2.3 percent and GB Auto surged 8.1 percent in its heaviest trade for a month. The broad EGX100 index fell 0.3 percent, however.

Comments

Comments are closed.