Doha: Qatar Exchange ended its losing streak yesterday adding 20.45 points or 0.24 percent to advance to 8,466.06 points from 8,445.61 on Tuesday.
The volume of the shares traded was up to 2,821,875 from 2,768,696 on Tuesday and the value of shares increased to QR138,358,107.64 from QR133,279,254.12 on Tuesday.
Among the top gainers were Industries Qatar which was up 0.81 percent to QR150.20, Qatar Islamic Bank rose 0.92 percent to QR77.20, Islamic Insurance gained 0.88 percent to QR57.00 and Gulf International up by 1.39 percent to QR29.20.
The banking and financial sector index was up 1.80 points while consumer goods and services sector index lost 21.71 points. The industrial sector was gained 9.99 points while insurance sector added 1.90 points.
Meanwhile, Kuwait’s bourse fell from a near four-week high yesterday as investors sold shares in companies that failed to announce their financials by the regulatory deadline, while Gulf markets finished mixed in lacklustre trade.
Kuwait’s stock exchange said it will suspend trading on about 50 companies starting next week for not announcing their financials before the specified deadline of November 15. The market is closed today for the Islamic New Year Holiday.
The act is a regular occurrence on the exchange, with firms often missing the deadline — trading will resume once earnings have been submitted.
National Ranges plunged 13.9 percent, Kuwait Real Estate Holding dropped 12.7 percent and The Securities House shed 8.3 percent.
The index slipped 0.3 percent.
In Saudi Arabia, insurance stocks dragged the bourse to a two-week low. Petrochemical stocks were steady as investors hesitated to increase risk amid a weak global backdrop.
The kingdom’s index slipped 0.2 percent to its lowest close since November 4.
“The index is trying to stabilise above 6,800 after the recent profit-taking,” said Turki Fadaak, head of research at Al Bilad Investment. “There’s no clear direction yet and the global picture is worrying.”
World share markets struggled to make gains yesterday as investors fretted about rising tensions in Europe over its debt crisis and the fast-approaching fiscal cliff in the United States.
Insurance stocks fell with the sector’s index down 3.2 percent. Amana Cooperative Insurance dropped 10 percent.
Banks also weighed on the market. Bank Aljazira slipped 2.7 percent and Banque Saudi Fransi shed 0.7 percent.
Saudi Basic Industries Corp (Sabic) gained 0.7 percent and Saudi Arabian Fertilizers climbed 0.3 percent.
Egyptian shares inched down as investors wait for the results of talks for a crucial IMF loan the government hopes to clinch this week and for news on Qatar National Bank’s (QNB) proposed purchase of most of NSGB.
The index closed 0.4 percent lower at 5,662 points.
“The market has been very stagnant and quiet,” said Mohamed Radwan of Pharos Securities.
“It is awaiting one of two pieces of news, either the NSGB deal — hoping that it is at a premium level to the market — or the IMF deal. We are going to trade in a sideway range until one of these two issues is announced,” Radwan says.
NSGB tumbled four percent to 3.96 Egyptian pounds ($0.65). The bank has lost 5.3 percent since a report on Monday indicated its shares were trading at a premium to the expected 35-36 pound price QNB would pay if it buys a majority stake from Societe Generale.
An IMF team in Cairo to negotiate the $4.8bn loan is has extended its stay for one day.
Agencies
