Doha: Qatar Exchange index yesterday added 24.58 points (0.28 percent) to advance to 8,665.19 points from 8,640.61 on Sunday.
The volume of the shares traded reached 5,086,298 from 2,513,669 on Sunday and the value of shares increased to QR260,936,342.20 from QR120,467,765.07 on the previous day.
Among the top gainers were Industries Qatar which was up 0.97 percnet to QR166.80, Commercialbank which rose 0.53 percent to QR76.20. Qatar Telecom gained one percent to QR11.10 and Rayan rose 0.59 percent to QR25.45.
The banking and financial sector index added 0.16 points while consumer goods and services sector index lost 0.07 points. The industrial sector rose 0.42 points while insurance sector dropped 1.22 points.
Meanwhile, Egypt’s bourse slumped to a 2013 low yesterday after the cabinet approved a draft law giving the army the right to arrest civilians as the political crisis facing Islamist President Mohammed Mursi deepened.
Cairo’s index dropped 1.4 percent to its lowest close since December 31, also making its largest one-day drop in two weeks.
The army will also assist the police in providing security, a cabinet source said yesterday after the death toll in five days of anti-government protests rose to 50.
The government declared a state of emergency in three cities along with Suez Canal, where deadly clashes took place over the weekend, triggered by a court ruling. “The political situation in Egypt is very bad — the current unrest reflects the fact that none of the political fronts are able to control the situation on the street,” said Mohabeldeen Agena, a technical analyst with a brokerage in Cairo.
“The market has been trying to rise for the past week and buying is not strong enough to break the current resistances.”
Commercial International Bank, down 4.2 percent, and Orascom Construction Industries, down 1.7 percent, were among losers as 26 of the 30 stocks on Cairo’s main index fell.
Non-Arab foreigners were net sellers on the market against Egyptian buyers. Foreigners have recently been the buyers amid the turmoil but are now cutting their risk exposure.
Elsewhere, shares in top Dubai bank Emirates NBD surged 6.1 percent to a 15-month high ahead of its earnings later this week.
“This is mainly speculation on dividends,” said a Dubai-based trader on condition of anonymity.
Dubai’s measure rose 0.1 percent higher to a fresh 33-month high. The index closed above major chart resistance at 1,778 points — the 2012 high hit in March last year — and the October 2010 peak of 1,793 points.
Abu Dhabi’s bourse also gained, rising 0.3 percent to its highest close since November 2010.
Kuwait’s measure gained 0.3 percent, up for a ninth straight session to its highest close since May 2012.
Agencies
