Doha: Qatar Exchange index added 44.64 points, or 0.46 percent, yesterday to reach 9,841.30 points from the previous closing of 9,796.66 points on Sunday.
The volume of traded shares was up to 5,406,937 from 5,388,830 on Sunday and the value of shares increased to QR287,207,027.51 from QR 248,890,511.69 on Sunday.
Among the top gainers were Commercial Bank whose share up 0.15 percent to QR66.40, Nakilat whose share added 0.26 percent to QR19.17, United Development Company gained 0.55 percent to QR22.02 and Industries Qatar added 0.82 percent to QR160.10.
The Banking and Financial sector index added 0.50 percent points while Consumer Goods and Services sector index was down 0.11 percent. The industrial sector gained 0.62 percent while insurance sector fell 0.59 percent.
Meanwhile, Egypt’s bourse gained in cautious trading yesterday as ousted President Mohamed Mursi’s trial began, while most Gulf markets edged up with investors hungry for fresh catalysts after strong early-year rallies.
Cairo’s benchmark index climbed 0.6 percent, trading sideways since it hit a near three-year high last week.
“People are being cautious to avoid (losses due to) any tensions,” said Islam Batrawy, a Cairo-based trader. “The market volumes are improving and there can be a more sustained upward trend going forward but we need to see what might develop from the court case.”
Trading was also muted ahead of a holiday. Egypt’s exchange will be closed on Tuesday for a one-day holiday for the Islamic New Year. Oman and Kuwait’s bourses will also be shut.
In Saudi Arabia, the benchmark ticked up 0.2 percent in dull trading.
Investors were cautious as the government began a crackdown on illegal immigrant after amnesty expiration.
“When we have a better idea of what the impact is on companies, investors will select sectors accordingly,” said Asim Bukhtiar, head of research at Riyad Capital. “Right now, construction companies are complaining. If labour costs go up, you’ll see inflationary impact.”
In Oman, the bourse rose 0.4 percent. Boosted by quarterly earnings, the market hit a two-month high.
In the United Arab Emirates, Dubai’s bourse slipped 0.4 percent, its third decline in the last five sessions since it hit a five-year peak. The market is up 79.4 percent year-to-date. Investors have already priced in quarterly earnings and are positioned for Dubai to succeed in its bid to host World Expo 2020, analysts say.
They see little near-term upside in prices should Dubai be chosen to stage the exhibition. But if its bid fails there could be a sharp sell-off. The winner will be announced on November 27.
Agencies
