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MidEast Shares Mostly Weaken, Qatar Hits 5-Yr Low On First Signs Diplomatic Rift Hitting Companies – Nasdaq

MidEast shares mostly fell, with Qatar slumping to a five-year low on signs its diplomatic rift with neighboring countries is starting to affect companies.

On June 5, the United Arab Emirates, Saudi Arabia, Bahrain and Egypt cut diplomatic and transport ties with Qatar, accusing Qatar of keeping close ties with terrorists.

Qatar Insurance said it was closing its Abu Dhabi branch because it had not been able to obtain a licence. Its Abu Dhabi business, which had been operating since 2002, used to bring in annual gross premiums of 110 million Qatari riyals ($30 mln), the company said.

In other company news, Saudi Ground Services said it plans to distribute a dividend of 0.65 riyal per share for Q2, the same as in the year-ago period.

Arabian Food Industries (Domty) said it expects Q3 revenue to reach 700 million Egyptian pounds ($39.7 million). Q2 revenues were 487 million pounds.

Saudi Arabia’s main index dipped 0.1% to 7,393 points, Dubai firmed 0.8% to 3,660 points, Abu Dhabi edged up 0.1% to 4,453 points, Qatar shed 1.2% to 8,279 points, Egypt fell 0.2% to 13,593 points, Kuwait declined 0.3% to 6,890 points, Bahrain eased 0.1% to 1,298 points and Oman slumped 0.2% to 4,987 points.

MidEast Shares Mostly Weaken, Qatar Hits 5-Yr Low On First Signs Diplomatic Rift Hitting Companies – Nasdaq}

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