Doha: Qatar Exchange pursued its upward trend, adding 23.47 points (or 0.28 percent) yesterday to advance to 8,544.41 points from 8,520.94 on Sunday. Among the top gainers were Qatar National Bank which was up 0.23 percent to QR133.20, Industries Qatar rose 0.65 percent to QR171.20, Ooredoo gained 1.61 percent to QR113.40 and Qatar Navigation was up by 1.85 percent to QR66.
The banking and financial sector index lost 0.09 points, the consumer goods and services sector index fell 0.04 points, the industrial sector gained 1 point while the insurance sector rose 1.77 points.
Meanwhile, Dubai’s measure rose to a one-week high, extending gains as investors flocked to property stocks while all other regional markets also gained. Dubai’s Emaar Properties, the exchange’s largest listed stock by market value, rose 1.6 percent to a fresh 52-week high.
Deyaar Development jumped 6.8 percent. The mid-cap is a usual target for local retail investors. Courier Aramex advanced 4.2 percent. The emirate’s index climbed 1.1 percent to its highest close since March 3.
Abu Dhabi’s measure added 0.4 percent, extending gains since Thursday’s two-week low.
Elsewhere, Egyptians bought back battered shares, helping lift Cairo’s index by 0.2 percent. The market rose for a fourth consecutive session since slumping to an 11-week low last Tuesday. Shares in Telecom Egypt edged up 0.6 percent, despite posting a 12.8 percent drop in 2012 profit.
Egyptians were net buyers against other Arab sellers but investors remain concerned about a currency crisis and a deteriorating economy amid a negative political backdrop.
In Saudi Arabia, the index advanced 0.2 percent, up for a third session in four, but the market is trapped in a tight trading range. The petrochemical sector supported gains with Saudi Basic Industries Corp up 0.5 percent and Saudi Kayan Petrochemical added 0.4 percent. The kingdom’s two heavyweight sectors, banks and petrochemicals, have been largely ignored by investors after fourth-quarter earnings.
Elsewhere, Kuwait’s measure rose 0.6 percent to a fresh 25-month high and saw its eleventh straight gain. Small-caps dominated trade as retail investors look for high-liquid stocks to trade, which are easier to enter and exit. “We expect the market to continue its cautious uptrend rally — the market is in need of a healthy fundamental correction after the continuous increase in order for new entrants in the market,” said Fouad Darwish, head of brokerage at Global Investment House.
QNA/Reuters
