Doha: Qatar Exchange was down 9.16 points or 0.10 percent to 9,540.71 points yesterday from the previous closing of 9,549.87 points. Among the top losers were Qatar National Bank whose share dropped 0.90 percent to QR164.50, Barwa Real Estate lost 0.73 percent to QR27.10, Qatar Electricity and Water fell 1.53 percent to QR161.40 and Qatar Insurance was down 0.97 percent to QR61.10.
The banking and financial sector lost 0.27 points, the service sector gained 0.95 points, the industrial sector lost 0.21 points and the insurance sector was down 1.18 points.
Meanwhile, Egypt rose to a seven-week high as work began to amend the country’s constitution, with sentiment also buoyed by weekend protests less violent than feared, while Dubai’s bourse hit a near five-year high on quarterly earnings expectations.
Legal experts in Egypt were due to begin meeting to study changes to the constitution, with an amended version having to be in place before Egypt can hold parliamentary elections.
Analysts however, are wary of the possible outcomes of changes to the constitution and whether they will be accepted.
“Investors were worried about the protest on the weekend but they did not meet the expected magnitude of violence,” said Mohamed Radwan, director of international sales at Pharos Securities.
The index climbed 1.4 percent to its highest close since May 30, cutting 2013 losses to 0.8 percent.
In the United Arab Emirates, Dubai’s bourse rose 1.8 percent to its highest level since November 2008, as investors bet on strong second-quarter results. The market is up 56.6 percent year-to-date, reflecting a recovery in the key sectors of real estate and banking.
Property prices have staged a recovery over the last 12 months, helped by funds from countries hit by the Arab Spring attracted by Dubai’s safe haven status, with a pick up in tourism underpinning bullish sentiment.
“Fundamentals are robust in Dubai and Abu Dhabi and the underlying economy continues to be strong,” said Rami Sidani, Schroders Middle East’s head of investment. “People are positioning themselves for the longer-term, ahead of what’s expected to be a strong fourth quarter. Dividend yields are compelling across different sectors.”
Companies in the UAE pay annual dividends during the first quarter. Over-capitalised banks are expected to return cash to shareholders, Sidani added.
The UAE capital’s benchmark advanced 0.9 percent, up for an 11th consecutive session, to hit a fresh 57-month high. Aldar Properties accounted for more than half the shares changing hands on the bourse. It rose 6.1 percent.
In Saudi Arabia, the index rose 1 percent despite an earnings miss from bluechip Saudi Basic Industries Corp . Its stock dipped 0.8 percent. “People accepted the weak earnings from SABIC and are looking at the overall global picture and positive growth signals from the United States,” said Mohammad Omran, a Riyadh-based independent financial analyst.
Saudi investors closely watch US demand and oil prices, which have a major impact on local petrochemical earnings. The labour market in the world’s biggest economy is picking up and oil prices are buoyant above $108 per barrel.
Most Saudi large-caps advanced. Samba Financial Group and Banque Saudi Fransi gained 2 and 2.5 percent respectively, while Saudi Arabian Mining Co rose 2.2 percent.
HIGHLIGHTS
EGYPT: The index rose 1.4 percent to 5,419 points.
DUBAI: The index rose 1.8 percent to 2,542 points.
ABU DHABI: The index climbed 0.9 percent to 3,858 points.
SAUDI ARABIA: The index advanced 1 percent to 7,740 points.
QATAR: The index slipped 0.1 percent to 9,541 points.
OMAN: The index gained 0.2 percent to 6,634 points.
KUWAIT: The index gained 0.6 percent to 7,988 points.
BAHRAIN: The index retreated 0.3 percent to 1,186 points.
Reuters
