CAIRO, 1 November 2003 — The start of Ramadan this week slowed down stock trading in the Middle East, with the exception of the Iranian market, boosted by a likely deal to defuse a nuclear row with the West. Iran’s TEPIX index closed at 9,262.92 points Wednesday, up four percent on the week.
Kuwaiti shares also closed the week higher thanks to positive results posted by several firms, including Mobile Telecommunications Company (MTC). Kuwait’s general KSE index closed the week at 4,387.30 points, up 2.1 percent on the week. But average daily trading in Kuwait dropped to 57.2 million dinars ($190.7 million), down 22.4 percent compared to the previous week, as a result of fasting during Ramadan.
Egyptian stocks felt the start of Ramadan strongly, as small investors usually cash in their profit to pay for extra expenses on food, clothing and charity during the month. The CASE 30 index fell four percent on the week to close at 1,071.68 points Thursday.
In Saudi Arabia, the total value of shares traded during the week fell to SR8.1 billion ($2.16 billion), down 13.8 percent compared to the previous week. The TASI all-share index shed 1.8 percent on the week, closing at 4,003.92 points Thursday.
The Palestinian stock markets scored gains this week, the Palestinian stock index, Al-Quds, gained 0.9 percent on the week, closing at 164.48 points the same day.
In Qatar, the CBQ index dropped one percent on the week to close at 672.58 points Thursday. Bahrain’s BSE index lost 0.7 percent on the week to close at 2,268.26 points Thursday, and Lebanon’s BSI fell 0.5 percent, closing at 430.76 points the same day.
Oman’s MSM index fell 0.4 percent on the week to 265.46 points Thursday, while the United Arab Emirates’s NBAD increased 0.3 percent to 4,363.99 points Wednesday.