x Abu Dhabi, UAE Friday 21 July 2017

Cairo's Beltone takes a hit on stock exchange over deal

Market Wrap: Beltone Financial Holding declines at the open in Egypt after the company announced one of its subsidiaries will buy Beltone Financial Emirates.

How the ADX closed on May 19, 2011.
How the ADX closed on May 19, 2011.

Beltone Financial Holding declined as the Egyptian investment bank said one of its subsidiaries has agreed to buy 25 per cent of Beltone Financial Emirates.

The Cairo-based company made the announcement in a regulatory filing today. Shares declined 0.5 per cent to 13.80 egyptian pounds a share. The Egypt Stock Exchange operates from 12:30pm to 4:30pm Abu Dhabi time.

The number of brokerages in the United Arab Emirates declined to 67 this year from 62 at the end of 210, according to the annual report published by the country's stock exchange regulator, the Securities and Commodities Authority.

Traded value in Dubai has declined by two thirds in the first quarter, to Dh10 billion from Dh28 billion last year as political unrest in the Middle East and North Africa dented investor sentiment.

The Abu Dhabi Securities Exchange General Index was down 0.1 per cent to 2654.82. Dubai's benchmark, the Dubai Financial Market General Index was down 0.4 per cent to 1583.01. The local stock exchanges operate from 10am to 2pm Abu Dhabi time.

Elsewhere in the region, Kuwait's index lost 0.2 per cent to 6475.50. Bahrain's measure lost 0.2 per cent to 1371.65. Oman's index added 0.2 per cent to 6048.33. Qatar's benchmark added 0.2 per cent to 8636.79. The Saudi Tadawul All-Share Index was closed for the day.