Doha: Qatar Exchange pursued its upswing trend yesterday, adding 56.36 points or 0.67 percent to advance to 8,407.10 points from 8,350.74 on last day.
The volume of the shares traded up to 3,957,589 from 2,985,722 on last day and the value of shares increased to QR210,467,542.70 from QR178,238,472.46.
Among the top gainers were Qatar National Bank which was up 0.08 percent to QR130.60, Industries Qatar rose 1.10 percent to QR155.70, Commercial Bank of Qatar gained 0.14 percent to QR71.50 and Vodafone Qatar up by 2.42 percent to QR8.47.
The banking and financial sector index up 5.04 points while consumer goods and services sector index added 4.77 points. The industrial sector gained 25.64 points while insurance sector rose 14.57 points.
Meanwhile, Egypt’s bourse extended gains yesterday, as Arab investors continued to buy into risk ahead of a second round of voting on the new constitution, while most Gulf markets also gained.
Cairo’s benchmark index rose 1.9 percent to finish at 5,420 points, back to the pre-crisis levels of late November when the market plunged because of the controversy over President Mohammed Mursi’s moves to award himself wider powers and push through a new constitution.
Small-caps dominated trading with Palm Hills Development rising 3.7 percent, Citadel Capital up 6.3 percent and El Saeed Contracting gaining 2.5 percent.
Arab investors attracted by cheaper valuations and non-Arab foreigners have been the main buyers, against Egyptian sellers.
“The market will continue moving upwards to reach close to 5,600 levels, where I’m expecting the bears to appear again and lead the market to decline towards 5,200-5,100 levels,” said a Cairo-based technical analyst. “I don’t think that we are going to break above the current resistance levels by the end of this year.”
Sentiment is weaker in the country amid continued protests. Egyptian Islamist groups are planning a mass protest in Alexandria on Friday, a move that will raise tensions a day before the final stage of a referendum on a new constitution that opponents say is too Islamist.
In Saudi Arabia, the benchmark resumed a rally, gaining 0.4 percent to its highest close since November 11. The market has gained for 13 of the last 16 sessions as bargain hunters lifted it from a 10-month low.
Banks and petrochemical stocks supported gains with Bank Albilad surging 8.2 percent. Samba Financial Group gained 2 percent and Al Rajhi Bank rose 0.8 percent. The petrochemical index added 0.3 percent.
Market sentiment is buoyed by expectations the 2013 budget, to be announced before year-end, will boost government spending.
Elsewhere, Qatar’s bourse made its biggest one-day gain in three months on a technical breakout, while banks helped lift Oman’s market to a near six-week high.
Heavyweight Industries Qatar advanced 1.1 percent and Qatar Electricity and Water climbed 0.9 percent. Of the 20 stocks on the main index, 17 gained.
Agencies
