Doha: Qatar Exchange was down 21.78 points or 0.23 percent to 9,398.19 points yesterday from the previous closing of 9,419.97 points. Among the top losers were Qatar National Bank whose share dropped 0.80 percent to QR160.20, Doha Bank lost 0.62 percent to QR47.75, Barwa Real Estate fell 0.55 percent to QR27.20 and Qatar Islamic Bank was down 0.87 percent to QR68.30.
The banking and financial sector lost 0.50 points while the insurance sector gained 0.27 points. The industrial sector gained 0.57 points and the services sector was up 0.15 points.
Meanwhile, Dubai’s shares rose to a 57-month high as optimism on second-quarter earnings boosted buying, while foreign investors returned to lift Egypt’s market. Shares of property firms, the main sector to benefit from a recovery in economic fundamentals, led gains in Dubai.
“There will be selective accumulation on stocks that beat earning once the numbers are out,” said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services. Banking sector is expected to post strong growth, which would justify higher profits for the year, he added.
Shares in builder Arabtec rose 4.2 percent, extending 2013 gains to 21 percent. Five analysts polled by Reuters expect the firm to post a net profit average of Dh51.4m ($13.99m) for second quarter, swinging from a loss in the same period last year. The firm had a nearly 30 percent over subscription for its $650m rights issue earlier this month, after it extended the subscription period.
Emaar Properties and Dubai Investments Co climbed 1.9 and 7.1 percent. Dubai index rose 2 percent to its highest since November 2008. Trading volumes climbed to one-month high.
Neighbouring Abu Dhabi’s measure also rose, up 0.9 percent to hit a fresh 57-month high. UAE companies are expected to post second-quarter earning results later in July.
In Cairo, the benchmark gained 0.6 percent on upbeat sentiment as an interim government sets out plans for a civilian transition. The market fell in three of the previous five sessions since hitting a one-month high upon the ousting of Islamist President Mohammed Mursi by the military.
“The roadmap is clear on the political front and economically,” said Amr Reda, assistant vice-president, foreign sales desk at Pharos Securities. “Things are looking promising after Gulf countries provided Egypt with decent financial aid.”
Many concerns remain, however, and the market will face renewed selling pressure should unrest escalate or if there are delays in forming a cabinet, analysts say. Foreigners were net buyers, according to bourse data.
In Saudi Arabia, the index climbed 0.7 percent to its highest since April 2012. Petrochemical shares boosted the index with Saudi Basic Industries Corp climbing 1.3 percent.
HIGHLIGHTS
SAUDI ARABIA: The index climbed 0.7 percent to 7,744 points.
EGYPT: The index gained 0.6 percent to 5,309 points.
DUBAI: The index rose 2 percent to 2,440 points.
ABU DHABI: The index climbed 0.9 percent to 3,738 points.
KUWAIT: The index edged up 0.01 percent to 7,883 points.
OMAN: The index gained 0.4 percent to 6,518 points.
BAHRAIN: The index slipped 0.4 percent to 1,185 points.
Reuters
