Shares of Abu Qir Fertilizers fell 4.9 percent and Sidi Kerir Petrochemicals fell 4.8 percent, after several Egyptian fertilizer factories, including Abu Qir and Sidi Kerir, announced temporary work due to pressure on the national gas network.
In a statement today, the Egyptian Ministry of Petroleum said that it will gradually resume pumping gas supplies tomorrow, Thursday, to fertilizer factories in the country after several chemical and fertilizer companies temporarily closed their doors due to the interruption.
The ministry explained in a statement that the fertilizer companies’ share of the gas was directed yesterday, Tuesday, to power generation plants in light of the preventive maintenance work on the networks.
In the Gulf region, stock exchanges closed trading today with mixed results amid stability in oil prices, while data showing weakness in the labor market in the United States supported expectations that the Federal Reserve would cut interest rates in September.
Oil prices, a major catalyst for financial markets in the Gulf region, rose 0.7 percent after falling to their lowest levels in four months in the previous session. Brent crude reached $78.07 per barrel by 1300 GMT.
The main index in Qatar rose 0.3 percent, continuing to achieve gains for the fifth session in a row, supported by a rise in the shares of Industries Qatar by 1.9 percent and an increase in the share of Qatar Gas Transport by 0.7 percent.
Meanwhile, state energy giant Qatar has signed a deal to supply Taiwan’s state-owned CPC Oil Company with liquefied natural gas for 27 years.
In Abu Dhabi, the main index increased 0.3 percent, supported by a 2 percent rise in Aldar Properties shares, in addition to a 1.5 percent rise in International Holding Company shares to 414.50 dirhams, which is the highest level since its listing in October 2005.
In Saudi Arabia, the main index fell 0.5 percent, with most of the stocks listed on it declining. ACWA Power shares fell 2.7 percent, while Middle East Pharmaceutical Industries shares fell 2.1 percent.
However, the shares of Dr. Soliman Abdul Qader Fakeeh Hospital jumped 10.1 percent to 63.30 riyals on its first day of trading in the market after an initial public offering in which the share price reached 57.5 riyals.
In Dubai, the main index fell 0.1 percent, under pressure from shares of the indu
strial, utilities and communications sectors. Salik Traffic Toll Services shares fell 3.3 percent, and Gulf Navigation Holding shares fell 1.6 percent.
Data showed that new job opportunities in the United States fell in April to their lowest levels in more than three years, which means a slowdown in the strength of the labor market, which supports expectations of the US Central Bank reducing interest rates this year.
Most Gulf currencies are linked to the dollar, and Saudi Arabia, the UAE and Qatar usually follow the impact of any change in US monetary policy.
In Kuwait, the main index rose 0.2 percent to 7,668 points.
AndIn Bahrain, the index fell 0.2 percent to 2,038 points.
In the Sultanate of Oman, the index fell 0.1 percent to 4,779 points.
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