Doha: Qatar Exchange pursued its upswing trend yesterday, adding 15.13 points or 0.18 percent to advance to 8,396.05 points from 8,380.92 on Monday.
The volume of the shares traded up to 3,305,854 from 2,587,130 on Monday and the value of shares increased to QR142,074,540.67 from QR127,899,640.31 on Monday.
Among the top gainers were Industries Qatar which was up 0.60 percent to QR150.20, Commercial Bank of Qatar rose 0.55 percent to QR72.90, International Islamic Bank gained 0.57 percent to QR52.50 and Doha Bank was up by 0.39 percent to QR51.50.
The banking and financial sector index up 4.03 points while consumer goods and services sector index added 2.33 points. The industrial sector gained 5.66 points while insurance sector dropped 21.63 points.
Meanwhile, other Gulf markets also steadied yesterday even as investors remained cautious amid a prolonged Israeli air raid on the Gaza Strip, while Egypt recovered after reaching a preliminary loan deal for $4.8bn with the International Monetary Fund.
Saudi Arabia’s index, the largest Gulf market, ended at a five-week low, although bourse selling pressure eased following a sustained slump. The kingdom’s index eased 0.07 percent, its ninth straight decline.
Insurance stocks rallied, with the sector’s index closing 1.1 percent higher. The sector, which constitutes only a small part of total market capitalisation, dominates trade, signalling nervous investors are looking beyond bluechip stocks for short-term gains.
“There is no catalyst in the market and people are going into speculative names,” said Mahmoud Akbar, a banking analyst at NCB Capital in Riyadh. “Most of the sentiment is driven by the conflict in Gaza and there’s nothing encouraging in the overall picture either.”
The UN chief called for an immediate ceasefire in the Gaza Strip yesterday and US Secretary of State Hillary Clinton headed to the region with a message that escalation of the week-long conflict was in nobody’s interest.
Saudi’s petrochemical index shed 0.3 percent. Yanbu National Petrochemical fell 1.6 percent, Saudi Arabian Fertilisers slipped 0.8 percent and Saudi Kayan Petrochemical declined 0.8 percent.
European shares fell and the euro dipped yesterday after France lost its top-notch credit rating from Moody’s, reminding investors of the risks from the euro zone debt crisis.
In the United Arab Emirates, Dubai’s index picked up from Monday’s seven-week low on bargain hunting. The index gained 0.8 percent.
Emaar Properties, the largest developer, rose 2.2 percent, National Central Cooling (Tabreed) gained 3.4 percent and mortgage lender Tamweel climbed 4.3 percent. Abu Dhabi’s benchmark ended flat, while Qatar’s measure gained 0.2 percent, up for a second session since Sunday’s three-month low.
In Egypt, the bourse recovered sharp early-session losses after the country reached a preliminary agreement with the International Monetary Fund for a $4.8bn loan, a step seen as vital to shoring up the nation’s finances.
The index eased 0.07 percent to its lowest close since August 30, recovering 112 points from an early-session drop.
Elsewhere, Kuwait’s measure gained 0.5 percent to a one-week high as investors’ risk appetite returned. “The market is absorbing the political instability...there is continued support from the emir’s comments on improving the economy,” said Fouad Darwish, head of brokerage at Global Investment House.
Agencies
