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The general performance of the Middle East’s
stock markets in July was positive. Of the six markets followed
here, five went up and only one down. The best performer for the
period was Turkey, up 9.2 percent, while the worst was Israel, down
4.7 percent.
Bahrain
The Bahrain All Share Index closed at 1532.66 points in July, an
increase of 37.60 points, or 2.51 percent, over the previous month’s
closing index. The BSE index, meanwhile, closed at 2552.49 points
– an increase of 68.07 points, or 2.74 percent over the previous
month. In contrast, the value and volume of shares traded, as well
as the number of transactions executed, decreased during the period
to $21.9 million, 15.72 million shares and 1,322 transactions, respectively.
Israel
The TA 100 and TA 25 indexes retreated through July 2004 losing
4.7 percent and 3.3 percent respectively. Similarly, the Tel-Tech
Index endured a heavy, 9.4-percent loss. The average daily trading
volume was $133 million for shares and convertibles, $182 million
for bonds and $131 million for treasury bills.
Jordan
The main index gained 2.94 percent to reach 2794.75 by the end of
June. The daily average trading volume was $14,569,526.4, while
the daily average of traded shares
reached 4,838,759. The market was driven by banking stock, particularly
Arab Bank, on investors’ optimism for a boost in first-half
2004 profit figures.
Kuwait
The Kuwait Stock Exchange started July with a limited increase but
gained momentum through the second half of the month driven by positive
financial results, particularly from banks. The main price index
closed at 5633.20 points, an increase of 177.5 points or 3.25 percent
over the previous month’s figures.
Saudi Arabia
The Saudi market was confident as the government ordered the establishment
of a financial market commission and as oil prices continued to
rise. The Tadawul All Shares Index closed at 6160.94 points, an
increase of 7.8 percent. So far, Saudi Arabia is the best-performing
Arab stock market for 2004, with a 36-percent advance.
Turkey
The ISE-National 100 Index increased by 9.2 percent in US dollar
terms over the values at the end of the previous month, while the
stock market’s monthly total traded value increased by 28 percent
in US dollar terms, to $9,067 million. The year-to-date average
daily traded value stood at $575 million at the end of July.
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