Doha/DUBAI: Qatar’s bourse rose to a fresh five-year high yesterday amid profit-taking in most other regional markets, while Dubai gained on the back of construction and property shares.
The Qatari index rose for a fourth consecutive day, up 0.8 percent at 10,212 points. All but three of 20 constituent stocks rose.
In past months, Qatar lagged other Gulf markets such as Dubai. But once they were hit by profit-taking, it emerged as a top performer, thanks in part to local companies’ traditionally high dividend payments, which are drawing investors ahead of the end of the year.
Qatar Exchange index gained 236.19 points (2.37 percent) this week when the bourse closed last afternoon at 10,212.40 points.
Trading value during this week increased by 0.27 percent to reach QR1,888,872,301.67 compared to QR1,883,703,900.86. Trading volume increased by 46.23 percent to reach 55,631,366 shares, as against 38,044,274 shares, while the number of transactions fell by 1.73 percent, to reach 26,689 transactions as compared to 27,159 transactions. Market capitalisation rose by 2.34 percent to reach QR549,780,114,049.06 as compared to QR537,220,768,345.90 at the end of previous week. Banking and Financial Services sector led traded value this week with 33.7 percent of the total traded value.
Industries sector accounted for 26.22 percent, Real Estate sector accounted for 17.93 percent and Telecoms sector accounted for 8.81 percent. Banking and Financial Services sector led traded volume this week with 27.2 percent of the total traded volume. Real Estate sector accounted for 26.19 percent.
Telecoms sector accounted for 21.64 percent and Industries sector accounted 13.60 percent. Banking and Financial Services sector led traded number of transactions this week accounted for 29.48 percent of the total number of transactions. Industries sector accounted for 22.64 percent. Real Estate sector accounted for 19.50 percent and Consumer Goods and Services sector accounted for 11.63 percent.
From the 42 listed companies 29 ended this week higher while 12 fell and one unchanged. Industries Qatar led traded value this week with 13.39 percent of the total traded value. Masraf Al Rayan accounted for 9.85 percent and United Development Company accounted 9.65 percent.
Dubai rose 0.4 percent, helped by construction and property firms such as Deyaar, Emaar, Drake and Scull and Arabtec.
Arabtec said it had cancelled the second part of a rights issue after nearly tripling third-quarter profit. Its shares rose 0.8 percent to 2.61 dirhams; in early trade they went as high as 2.67 but then pulled back from near major technical resistance around 2.70, which marked lows during most of the last three weeks.
Sentiment in the property sector may have been boosted by news that another Dubai developer, DAMAC, launched its IPO on the London Stock Exchange - the first London share offering by a Dubai developer since the 2009 market crash. QNA/Reuters
