Doha: Qatar Exchange index added 34.01 points, or 0.29 percent, to advance to 11,939.95 points from 11,905.94 on Tuesday.
The volume of the shares traded fell to 19,500,358 from 23,024,676 on Tuesday and the value of shares decreased to QR795,668,423.13 from QR1,042,842,439.37 on Tuesday.
Among the top gainers were Qatar Insurance which was up 2.29 percnet to QR66.90, Gulf International gained 3.01 percent to QR88.90, Vodafone Qatar added 0.89 percent to QR12.49 and Barwa Real Estate up by 1.07 percent to QR37.90.
The Banking and Financial sector index rose 0.05 percent while Consumer Goods and Services sector index up 0.74 percent. The Industrial added 0.15 percent while insurance sector gained 1.75 percent.
Meanwhile, Dubai’s bourse rose to a new multi-year high yesterday on the back of banking and property stocks, while markets in Abu Dhabi slowed its advance as it neared February peaks.
Dubai’s benchmark added 1.2 percent on increasing turnover, reaching its highest level since September 2008. Union Properties rose 5.7 percent and another property developer, Deyaar, surged 8.3 percent.
The emirate’s property prices rose about 20 percent last year and continue to grow, boosting the profits of developers and construction firms.
“A lot of investors want to invest in speculative names, the companies that were badly hit in the previous crisis” which offer the biggest upside potential, said Sebastien Henin, head of asset management at The National Investor. At Dh2.60, Union Properties is still far below its 2008 peak of Dh5.20.
The pick-up in the property sector and improving confidence in the state of Dubai’s finances are also helping local banks that have large exposure to real estate and government-related companies.
Lender Emirates NBD added five percent yesterday and Dubai Islamic Bank rose one percent. An annual meeting between conglomerate Dubai World and its creditors was held on Wednesday; if its debt restructuring plan proceeds smoothly, that will benefit ENBD, a big lender to Dubai World.
QNA/Reuters
