Doha/DUBAI: Qatar Exchange index (QE) continued its upward swing, adding 37.63 points, or 0.33 percent, extending Tuesday’s 2.2 percent rise when the bourse closed trading at 11,408.75 points yesterday.
Meanwhile, most Middle Eastern stock markets fell yesterday with Saudi Arabia hit by a broad sell-off.
Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the stock will among those included in the FTSE’s emerging market index. Qatar National Bank (QNB) added 0.4 percent to QR169.10, taking its gains over the last two days to 7.0 percent.
Some analysts believe the market may stay strong into mid-September, when the FTSE change takes effect and passive funds will flow in tracking the index. Akber Khan of Doha-based Al Rayan Investment said: “Judging by the experience of previous upgrades, strength should continue ahead of more than $500m of passive buying in September.”
Other analysts believe news of the upgrade has now been fully priced in, leaving some shares vulnerable to pull-backs. QNB, for example, is now at a 6.5 percent premium to the mean fair value estimate of 10 analysts polled by Reuters.
Meanwhile, Saudi Arabia’s benchmark index fell 1.7 percent to 6,220 points, its lowest close for four months. All 14 listed petrochemical shares declined with bellwether Saudi Basic Industries dropping 2.1 percent.
Dubai’s main index retreated 0.9 percent to 3,557 points, pulling back further from technical resistance on its April peak of 3,605 points.
Emaar Properties lost 1.1 percent and Dubai Financial Market, the only listed exchange in the Gulf, dropped 2.8 percent.
Abu Dhabi’s index slipped 0.4 percent as blue chip Abu Dhabi Commercial Bank retreated 5 percent.
Cairo’s main index fell 0.5 percent, pulling further away from a 14-month high hit on Monday. The index had had risen for most of the past three weeks in response to Egypt’s talks with the International Monetary Fund for a loan. Amer Group, a real estate firm, slumped 6.3 percent to 0.30 Egyptian pounds after it reported a 60 percent year-on-year drop in second-quarter net income, after minority interests.
QNA/Reuters
Doha/DUBAI: Qatar Exchange index (QE) continued its upward swing, adding 37.63 points, or 0.33 percent, extending Tuesday’s 2.2 percent rise when the bourse closed trading at 11,408.75 points yesterday.
Meanwhile, most Middle Eastern stock markets fell yesterday with Saudi Arabia hit by a broad sell-off.
Qatar Insurance gained a further 3.9 percent after rising 3.5 percent on the previous day on hopes the stock will among those included in the FTSE’s emerging market index. Qatar National Bank (QNB) added 0.4 percent to QR169.10, taking its gains over the last two days to 7.0 percent.
Some analysts believe the market may stay strong into mid-September, when the FTSE change takes effect and passive funds will flow in tracking the index. Akber Khan of Doha-based Al Rayan Investment said: “Judging by the experience of previous upgrades, strength should continue ahead of more than $500m of passive buying in September.”
Other analysts believe news of the upgrade has now been fully priced in, leaving some shares vulnerable to pull-backs. QNB, for example, is now at a 6.5 percent premium to the mean fair value estimate of 10 analysts polled by Reuters.
Meanwhile, Saudi Arabia’s benchmark index fell 1.7 percent to 6,220 points, its lowest close for four months. All 14 listed petrochemical shares declined with bellwether Saudi Basic Industries dropping 2.1 percent.
Dubai’s main index retreated 0.9 percent to 3,557 points, pulling back further from technical resistance on its April peak of 3,605 points.
Emaar Properties lost 1.1 percent and Dubai Financial Market, the only listed exchange in the Gulf, dropped 2.8 percent.
Abu Dhabi’s index slipped 0.4 percent as blue chip Abu Dhabi Commercial Bank retreated 5 percent.
Cairo’s main index fell 0.5 percent, pulling further away from a 14-month high hit on Monday. The index had had risen for most of the past three weeks in response to Egypt’s talks with the International Monetary Fund for a loan. Amer Group, a real estate firm, slumped 6.3 percent to 0.30 Egyptian pounds after it reported a 60 percent year-on-year drop in second-quarter net income, after minority interests.
QNA/Reuters
