Doha: Qatar Exchange index pursued its upswing trend yesterday, adding 90.32 points (or 1.08 percent) to advance to 8,449.26 points. Among the top gainers were Qatar National Bank which was up 0.46 percent to QR131.50, Industries Qatar rose 2.19 percent to QR158.50, Commercial Bank of Qatar gained 0.99 percent to QR71.60 and Masraf Al Rayan was up by 3.27 percent to QR25.60.
The banking and financial sector index was up 22.62 points, the consumer goods and services sector index added 52.09 points, the industrial sector gained 35.01 points while the insurance sector rose 8.74 points.
Meanwhile, Dubai’s market surged in the first trading session of the new year yesterday, boosted by a recovery in property stocks, while most other regional bourses also ended higher on the resolution to the US tax talks.
Property shares in Dubai recovered from losses suffered on Monday in response to the central bank’s introduction of caps on mortgage loans. Union Properties surged 8.9 percent and builder Arabtec added 7.1 percent.
“There is good sentiment in the market; Saudi was up on Tuesday, and there was good news from the US, which are the main reasons we are seeing the upside today,” said Marwan Shurrab, vice president and chief trader at Gulfmena Investments.
“The focus is still on the mortgage law, which needs more clarification from the authorities. The details will affect stocks in the future, but for the time being, we are seeing a strong performance.”
Turnover in Dubai was the highest since April 5. The index broke technical resistance on its October peak to end 2.7 percent higher at 1,667 points, its highest close since April 24. There is now no major resistance before the 2012 peak of 1,778 points.
It was also a positive picture in Abu Dhabi, where the benchmark rose 1.8 percent, buoyed by real estate stocks. Sorouh Real Estate advanced 4.8 percent and Aldar Properties added 3.9 percent; the firms have been discussing a merger since early last year and the market is speculating about an agreement soon.
The Egyptian stock market continued rallying, rising 3.2 percent to 5,635 points — above the level where it stood before a political crisis erupted in late November over President Mohammed Mursi’s drive to push through a new constitution which the opposition considers illegitimate.
The market appears to have decided that the currency depreciation, which was inevitable at some point, is positive because the authorities are so far managing it in a stable manner with the new auction system. Also, the move will be positive for some exporters in the long term.
Other Gulf markets also advanced, mainly due to positive global sentiment. Saudi stocks extended gains from the previous session, rising 1.2 percent. They were lifted mainly by the petrochemical sector. Leading petrochemical stock Saudi Basic Industries climbed 1.4 percent.
The market in Kuwait rose 1 percent. But the Muscat bourse was unable to translate positive news on the 2013 state budget into a significant rise, ending nearly flat; it had already climbed in the few days before the budget announcement. The state intends to raise spending by nearly 30 percent over its 2012 plan to SR12.9bn ($33.5bn).
Anticipation of strong fourth-quarter earnings boosted Bank Muscat, however; its shares rose 1.1 percent. Bahrain was the only Gulf market to end lower, with the index declining 0.2 percent.
Reuters
