Qatar leads the losses of Gulf stock exchanges and leading stocks fall in Egypt

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Most of the Gulf stock markets declined today, and Qatar led the losses due to the drop in shares of Industries Qatar, while Egypt was affected by the leading stocks.

And the Qatar index fell one percent, extending its losses for the sixth consecutive session, as most stocks fell, according to Reuters.
Shares of Industries Qatar fell 2.7 percent, after witnessing on Wednesday its biggest decline in six months, as 2019 profits fell by nearly half from the previous year.

Yesterday, Saturday, the Qatari Foreign Minister, Mohammed Abdul Rahman Al-Thani, said that efforts to resolve a regional dispute had not succeeded and were suspended in early January.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut off political and trade and transport ties with Qatar in mid-2017, accusing Doha of supporting terrorism. Qatar has denied the accusation.

And the Egyptian Stock Exchange index fell 0.9 percent, the shares of Telecom Egypt fell 6.2 percent, while Sharkia Tobacco fell 1.3 percent. The stock exchange data showed, today, Sunday, that foreigners sold more Egyptian shares than they bought.

The Saudi index lost 0.5 percent, and the share of the Saudi British Bank fell 4.7 percent before announcing its results. Aramco fell 0.9 percent.

The oil giant said on Friday that it will announce the full financial results for 2019 on the sixteenth of March.

Shares in Dar Al-Arkan jumped 4.1 percent after announcing their intention to issue unsecured priority bonds. The Abu Dhabi index rose 0.5 percent, supported by the rise of First Abu Dhabi Bank by 1 percent and the telecom company 0.3 percent.

First Abu Dhabi Bank, the UAE’s largest bank, has announced that it has issued more than 3 billion dirhams ($ 816.77 million) of bonds in two separate issues in three days.

The Abu Dhabi Stock Exchange index stabilized 0.5 as Emirates NBD fell 0.4 percent, while Arabtec was 1.6 percent, after it announced the shift in loss in 2019 compared to achieving profits a year ago.

But the downward trend limited gains for other leading companies, including Air Arabia, and its share increased 1.3 percent, after it announced last week recording 990.2 million dirhams annual profits, compared to 609.5 million dirhams a year ago.

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