Doha: Qatar Exchange ended in the green yesterday adding 5.29 points (or 0.06 percent) to advance to 9,429.70 points from 9,424.41 on Sunday. Among the top gainers were Qatar Islamic Bank which was up 0.28 percent to QR70.50, Qatar Electricity and Water rose 0.77 percent to QR156.90, Barwa Real Estate gained 1.10 percent to QR27.65 and Islamic Holding was up by 0.78 percent to QR38.90.
The banking and financial sector index was up 0.02 points, the consumer goods and services sector index lost 0.06 points, the industrial sector dropped 0.09 points while the insurance sector fell 0.05 points.
Meanwhile, Saudi Arabia’s benchmark index recovered most of its early-week losses on Monday as investor concerns of a political conflict in Syria spreading wider to the region eased, while all other Arab markets also rose.
The kingdom’s benchmark advanced 1.8 percent, its second consecutive day of gains since Saturday’s 4.3 percent plunge.
“The Mena markets are attractive and political tensions have always been there,” said Ali Adou, portfolio manager at The National Investor in Dubai. “Despite the risk, the more the market drops, valuations become attractive and more buyers return.” Heavyweight firms made a come-back. The petrochemical shares index rose 1.6 percent and the banking index climbed 1.9 percent.
UAE markets also recovered losses from the previous session as selling on political worries proved short-lived and a bullish local economic outlook outshined.
Dubai’s index rose 1.6 percent and Abu Dhabi’s benchmark climbed 0.4 percent.
In Kuwait, the index gained 1.6 percent after a court ruling dissolved the parliament and called for fresh elections.
Analysts said investors reacted positively to the dissolution of the parliament elected in December. Opposition boycott these polls in protest to a new voting system decreed by the emir. The court upheld the voting rules. Traders said there was a widespread belief that state funds would intervene if needed to support the market during political uncertainty.
The market is still up 36.2 percent year-to-date, in a rally driven mainly by retail investors, who have been encouraged by a government push on economic development and expected improvement in corporate earnings.
Elsewhere, Egypt’s bourse mirrored the regional trend and rose 1.2 percent, cutting 2013 losses to 14.7 percent. Telecom stocks rallied with Orascom Telecom and Telecom Egypt up 6.1 and 6.7 percent respectively.
Low trading value is indicative of risk-averse attitude ahead of June 30 — President Mohammed Mursi’s one-year anniversary in office. Opposition parties have called for mass protests against the Islamist leader.
HIGHLIGHTS
SAUDI ARABIA: The index climbed 1.8 percent to 7,463 points.
DUBAI: The index rose 1.6 percent to 2,383 points.
ABU DHABI: The index gained 0.4 percent to 3,643 points.
QATAR: The index ticked up 0.06 percent to 9,430 points.
EGYPT: The index climbed 1.2 percent to 4,659 points.
KUWAIT: The index advanced 1.6 percent to 8,081 points.
OMAN: The index climbed 0.4 percent to 6,510 points.
BAHRAIN: The index gained 0.6 percent to 1,206 points.
QNA/Reuters
