Doha: Qatar Exchange continued its gaining streak adding 37.66 points or 0.40 percent to advance to 9,372.87 points from 9,335.21 on Sunday.
The volume of the shares traded fell to 17,155,571 from 24,513,435 on Sunday and the value of shares decreased to QR488,559,740.04 from QR824,984,342.53 on Sunday.
Among the top gainers were Electricity and Water which was up 1.71 percent to QR149.00, Masraf Al Rayan rose 0.91 percent to QR27.70, Qatar Telecom gained 1.13 percent to QR125.70 and Vodafone Qatar up by 0.11 percent to QR9.31.
The banking and financial sector index down 0.45 points while consumer goods and services sector index lost 0.17 points. The industrial sector rose 0.51 points while insurance sector dropped 0.04 points.
Dubai’s bourse made its largest one-day drop in 15 months yesterday and Abu Dhabi’s measure also fell as investors took profits ahead of a decision by index compiler MSCI on whether to upgrade the UAE to emerging market status.
Dubai’s index lost 2.3 percent, its heaviest one-day loss since March 2012. Yesterday’s decline trims its 2013 gains to 44.5 percent.
“We’ve see a spectacular rally and the drop has to be put in perspective — it’s profit-taking,” said Amer Khan, fund manager at Shuaa Asset Management. “To some extent, it’s investors knowing full well that there is an event around the corner which will dictate market direction.”
MSCI will announce its decision on whether to upgrade the UAE and Qatar from frontier market status on June 12.
Analysts say UAE bourses have fulfilled MSCI’s requirements and investors are largely upbeat about the country’s prospects of being reclassified as an emerging market. “UAE has its best chance yet, but ultimately it will depend on whether the large emerging market funds want it to happen,” Khan added. Abu Dhabi’s benchmark fell 1 percent, down for a third session in four since June 3’s 55-month peak.
In Saudi Arabia, real estate stocks rallied as government spending on infrastructure lifted expectations of earnings growth.
The kingdom set a record state budget for 2013 at SR820bn ($219bn), as high oil prices allow heavy spending on welfare and infrastructure projects.
The expansionary budget will boost economic growth, with a Reuters poll in April forecasting a median estimate of 4.1 percent for 2013.
Makkah Construction and Development Co surged 9.8 percent, Taibah Holding rose 7.2 percent and Dar Al Arkan climbed two percent.
The real estate sector index added 3.3 percent, extending year-to-date gains to 37.5 percent. It outperforms the wider market’s 12.3 percent rise. “There are a number of projects being given to construction firms; there is a catalyst in the form of corporate results,” said Hesham Tuffaha, a Riyadh-based fund manager.
Tuffaha expected the rally in real estate and construction stocks to continue, adding that 2013 estimates for revenue and profit growth are between 20 to 30 percent. The main benchmark index slipped 0.08 percent as banks and petrochemical shares weighed.
In Egypt, the main benchmark tumbled 2.9 percent to 4,776 points, its seventh consecutive loss and lowest close since July 2012.
Agencies
