Tradings of GCC telecom firms down by 0.43 pct

Index of the Global Investment House, better known as Global, for the performance of listed telecom firms in the Gulf Cooperation Council (GCC) Arab states wrapped up this weekend's tradings on a drop by 0.43 percent, said a report by the company on Friday. Global added, in its weekly report on the GCC telecom firms, that these companies have been affected by the decision issued by the GCC Telecommunications Regulatory Authority (GCCTRA) on reducing the fees of roaming service in GCC Arab states by 30 percent as of early next July. The report said that the losses posted by Global index for GCC telecom sector at the performance-level soared by 10.85 percent since the beginning of this year, while total market value of the sector went down by USD 401.26 million to hit USD 93.08 million. It also pointed out that tradings slipped in value with volume of the traded shares dipping by 46.87 percent to amount to 56.56 million shares at an aggregate value worth some USD 195.76 million, and with a drop by 33.12 percent compared to the value traded over the previous week. The traded value of the telecom sector attracted 2.75 percent of the total traded volume in the GCC financial markets, while it got 3.79 percent of the total traded value, it added. Regarding tradings of the single firms, the report said that Saudi Zain topped GCC telecom firms in terms of the traded value which hit 24.26 million shares, while the Saudi Mobily company topped firms in terms of the traded value which hit 45.77 million shares. As for the performance of shares in terms of the market price, Omani-Qatari Telecommunications Company (NAWRAS) topped the list of the most rallying shares posting a rise by 1.61 percent of its market value, while shares of the Emirates Integrated Telecommunications Company (DU) were the most receding ones and posted a loss by 2.17 percent of its market value.