The Qatar Exchange headquarters at Al Dana Tower, in West Bay.
Doha: Qatar Exchange (QE) index gained 99.20 points, or an increase of 1.13 percent, this week when it closed at 8,847.88 points last afternoon.
The trading value increased by 39.51% during this week to reach QR 1,925,723,761.88 compared to QR 1,380,314,231.96. Trading volume increased by 38.33 percent to reach 53,275,093 shares, as against 38,514,045 shares, while the number of transactions rose by 24.76 percent, to reach 22,326 transactions as compared to 17,895 transactions.
The market capitalisation rose by 2.06 percent to reach QR493,906,795,541.18 as compared to QR483,953,662,745.81 at the end of previous week.
Banks and financial services led the trading value during this week, accounting for 31.42 percent of the total trading value, followed by real estate which accounted for 21.02 percent. Industries accounted for 17.13 percent followed by consumer goods and services which accounted for 11.64 percent.
Banks and financial services sector led the number of transactions traded during this week with 29.49 percent of the total number of transactions. Real estate accounted for 21.72 percent. Industries accounted for 20.59 percent and consumer goods and services accounted for 11.88%.
From the 42 listed companies 28 ended this week higher while 12 fell and two were unchanged.
United Development led the traded value this week with of 15.7 percent of the total traded followed by Treasury Bill 9m 04022014 which accounted for 10.31 percent. Qatar National Bank accounted for 8.91 percent.
Meanwhile, Kuwait’s bourse resumed its rally and trading value surged to a 44-month high yesterday, backed by investors’ sense that the economic and political environment for the country is improving. Most other regional markets rose.
The Kuwaiti index added 0.6 percent, nearing a 43-month peak hit earlier this week; it is up 30.9 percent this year. Total turnover rose to KD169m ($594.3m), the highest daily figure since September 2009, according to bourse data.
That figure outstripped combined trading on all other Gulf bourses yesterday; Saudi Arabia, the region’s largest market, is closed for the weekend.
“It’s clear there is money coming in from outside of Kuwait — trading values are supportive of new foreign investors,” said Fouad Darwish, head of brokerage services at Global Investment House.
“The new levels in the market indicate new players - portfolios from abroad and other government-related portfolios because of the economic gain.”
Kuwaiti companies, led by banks which represent more than 50 percent of market value, reported strong fourth-quarter earnings, helped by a recovery in stock prices. Stocks are usually held as collateral against loans.
Although underlying political and social tensions in Kuwait have not disappeared, last year’s vicious conflict between the cabinet and parliament has quieted down, allowing more economic policy-making to occur.
The finance minister said last month that the government would spend $15.8bn to $17.5bn on development projects in the next 12 months.
Commercial Bank of Kuwait ended flat yesterday but accounted for more than half of total turnover.
In the UAE, heavyweight Dubai lender Emirates NBD led the rally in the emirate’s benchmark , which advanced 0.7 percent to a fresh 42-month high.
ENBD, the third-largest stock by market value, rose 4.3 percent to its highest close since November 2008. The lender is up 89 percent year-to-date, making it the index’s best performer.
A top official at state-owned investment firm Dubai Group yesterday announced plans to secure a final agreement within weeks on its $10bn debt restructuring. ENBD is one of the biggest creditors of Dubai Group.
Abu Dhabi’s index climbed 0.8 percent. The index is back at November 2008 levels but still 34 percent below its peak in June of the same year.
Elsewhere, Qatar’s bourse slipped 0.1 percent to 8,848 points, easing off Wednesday’s 13-month high. It faces major technical resistance between 8,875 and 8,910, its peaks in early 2012.
QNA/Reuters
