Doha: Qatar Exchange index gained 103.27 points or 0.82 percent when the bourse closed at 12,623.93 points here yesterday. The traded value reached QR1.13bn with a volume of 40,253,031 shares from 11,302 transactions.
Indices of all sectors gained, barring consumer goods and services which went down 0.24 percent when it closed at 7,351.32 points. The real estate sector index gained the most, up 2.80 percent to 3,919.57 points. The telecom sector gained 1.89 percent to 1,440.79 points. Of the firms listed, 29 gained, nine went down while three remained unchanged.
Meanwhile, Gulf stock markets rose after oil made further gains and local companies reported mostly upbeat earnings and other positive news. Brent crude jumped 2.2 percent to $57.80 per barrel on Friday, posting its largest two-week gain in 17 years because of falling oil rig counts.
Saudi Arabia’s stock index rose 1.8 percent to its highest close since November 24 in heavy trade. Shares in Saudi Kayan Petrochemicals Co surged their daily 10 percent limit and its bigger affiliate Saudi Basic Industries (Sabic) jumped 3.0 percent.
The kingdom’s oil ministry has allocated more natural gas to Saudi Kayan for it to expand ethylene production at its petrochemical complex in Jubail, the company said. As part of the same deal, Sabic will reduce the marketing fees it charges Saudi Kayan, which will save the company SR280m ($74.6m) this year and SR600m a year once its projects are completed, it said.
Saudi Arabian Mining Co (Ma’aden) surged 5.3 percent to SR39.50 after AlBilad Capital said it maintained the stock’s fair value at SR39.62. “Profitability indicators are expected to witness a significant improvement starting from this year with the launch of commercial production in many facilities,” it said.
One losing stock was Saudi Cement, which fell 1.8 percent after it proposed a dividend of SR2.5 per share for the second half of 2014, down from SR3.5 a year earlier.
Dubai’s index edged up 0.2 percent and property developer Damac was one of the top gainers, surging 5.8 percent. The stock originally listed in London, but it joined the emirate’s bourse last month and its Dubai shares subsequently plunged by more than a third. It recovered those losses last week and its sharp rise may have attracted more investors.
The firm’s subsidiary Damac Real Estate Development Ltd reported a 46 percent surge in 2014 profit last week and Damac, which plans to delist from London, was due to review its own results and dividends later on Sunday.
Abu Dhabi’s bourse edged up 0.3 percent as National Bank of Abu Dhabi and Abu Dhabi Commercial Bank rose 1.8 and 2.1 percent respectively. Food and beverage firm Agthia Group gained 2.5 percent after it reported a 22 percent increase in 2014 profit.
Egypt’s market slipped 0.1 percent as property companies pulled back further after gaining strongly in the last few weeks. Developer Talaat Moustafa Group dropped 2.4 percent, trimming its gains this year to 15.8 percent. Meanwhile, investment firm Pioneers Holding rose 1.8 percent after it submitted a fresh bid for Arab Dairy Products at 64.30 pounds per share, topping an offer by Lactalis.
QNA/Reuters
