Doha: Qatar Exchange index continued its upswing trend yesterday adding 22.48 points or 0.26 percent to advance to 8,747.51 points from 8,725.03 on Monday.
The volume of the shares traded reached 6,842,953 from 4,691,448 on Monday, and the value of shares increased to QR207,384,274.54 from QR171,085,663.92 on the previous day.
Among the top gainers were Doha Insurance which was up 0.70 percent to QR28.60, al khalij which rose 0.99 percent to QR17.34. While Islamic Holding gained 2.67 percent to QR34.60, Gulf International added 1.84 percent to QR33.20.
The banking and financial sector index was up 0.04 points while consumer goods and services sector index lost 0.64 points. The industrial sector gained 0.47 points while insurance sector dropped 0.10 points.
Meanwhile, renewed worries about the euro zone’s debt crisis dragged Saudi Arabia’s bourse to a two-week low, while other Middle East markets rallied yesterday to extend early-year gains.
The kingdom’s large-caps declined, including Al Rajhi Bank and telecom operator Etihad Etisalat (Mobily), which fell 1.1 and 1.3 percent respectively.
Saudi’s main benchmark fell 0.5 percent to 6,993 points, its lowest close since January 21. It failed to hold above 7,000, a key psychological level.
“The market is taking cues from global events and it was looking heavy around 7,000,” said Muhammad Faisal Potrik, a research analyst at Riyad Capital. “Investors were being cautious on a neutral local backdrop.”
Saudi investors often look to global markets for their cues when there is little local news to trade on.
European shares and the euro steadied on Tuesday, a day after a sharp sell-off caused by rising political risks in southern Europe.
Elsewhere, Cairo’s market made a fifth straight gain, rising 0.8 percent to its highest close since January 9 as foreign investors — unswayed by Egypt’s volatile political backdrop — increased positions. Trading volumes hit a three-month peak.
Orascom Construction Industries advanced 0.8 percent and Commercial International Bank climbed 0.4 percent.
In the UAE, Dubai’s benchmark rose 0.2 percent, extending 2013 gains to 15.2 percent, and Abu Dhabi’s index hit a fresh 34-month high, with banks the main supports on both markets.
Many of the country’s lenders posted strong quarterly earnings as provisions decreased and their stocks are expected to provide high dividend yields.
“We think shifting to high dividend stocks in the upcoming volatile environment is a safe option as they are expected to perform better than the rest of the market,” Al Masah Capital said in a note.
In Kuwait, the measure climbed 0.5 percent to an eight-month high as investors bet government spending plans will be put into action.
“We suspected a bit of government activity yesterday on a few stocks but today the trading is mainly retail,” said a Kuwait-based trader who asked not to be identified.
“The government doesn’t seem to be holding back anything but we’re looking for a proper spending plan to tackle the macro situation.”
Agencies
