Doha: Qatar Exchange was down 24.31 points or 0.28 percent to 8,549.30 points yesterday from the previous closing of 8,573.61. Among the top losers were Industries Qatar whose share dropped 0.63 percent to QR140.90, Islamic Insurance lost 1.03 percent to QR57.40, International Islamic fell 0.95 percent to QR52.20 and Masraf Al Rayan was down 0.55 percent to QR27.15.
The banking and financial sector lost 6.17 points, the insurance sector dropped 2.03 points, the industrial sector was down 8.48 points and the services sector fell 10.05 points.
Meanwhile, Saudi Arabia’s bourse snapped a seven-session losing streak as rebounding oil prices drew bargain hunters back to the kingdom’s bourse. Other Gulf markets were mixed, with many investors waiting for fresh cues ahead of third-quarter earnings. Saudi’s benchmark ended 0.2 percent higher. Petrochemical stocks rallied. Saudi Basic Industries Corp gained 0.8 percent and Advanced Petrochemical climbed 2.3 percent.
In Egypt, the benchmark index rose 2.2 percent, resuming a rally driven by growing confidence among investors that Egypt’s economy is on the mend. Government ministers have been outlining their plans for reforms and projects to revive the economy at a series of business conferences in recent weeks. The latest gathering, hosted by investment bank Beltone, was held this week.
Commercial International Bank rose 5.8 percent, Prascom Telecom gained 1.9 percent and National Societe Generale Bank added 3.1 percent.
Elsewhere, bluechips helped Dubai’s index gain 0.2 percent. Emaar Properties climbed 0.6 percent and Emirates NBD added 0.7 percent. Trading volumes on Kuwait’s index rose to 411 million shares, more than double the 50-day average of 186 million.
The measure ended flat at Monday’s three-month high, although five of the six largest stocks rallied, with National Bank of Kuwait and Kuwait Finance House up 1 and 1.3 percent respectively.
“Most of the talk is that KIA (Kuwait Investment Authority, the Gulf state’s sovereign wealth fund) has started the buying spree through its portfolios located with investment companies in Kuwait,” said Fouad Alhadlaq, deputy general manager at Al Dar Asset Management.
Investor sentiment has improved since the government said it would double the portion of state revenue it puts into a rainy day fund. The move is thought to be aimed at investing state money more efficiently. QNA/Reuters
