Doha: Qatar Exchange pursued its upswing trend yesterday, adding 15.88 points (or 0.19 percent) to advance to 8,442.66 points from 8,426.78 on Sunday. Among the top gainers were Industries Qatar which was up 1.03 percent to QR156.60, Commercial Bank rose 0.31 percent to QR64.30, International Islamic gained 0.78 percent to QR51.40 and Vodafone Qatar was up by 0.67 percent to QR8.98. The consumer goods and services sector index dropped 0.12 points, the industrial sector added 0.30 points while the insurance sector lost 0.42 points.
Meanwhile, markets in the United Arab Emirates rose to multi-year highs as investors positioned themselves for first-quarter earnings, while Saudi Arabia’s PetroRabigh plunged after posting a big first-quarter loss and warning about second-quarter earnings.
Dubai’s index advanced 1.4 percent to its highest level since December 2009. Abu Dhabi’s benchmark registered its biggest one-day gain in more than two years, climbing 1.8 percent. The index, which closed at 3,153 points, is at its highest level since November 2009.
In Saudi Arabia, PetroRabigh slumped 9.9 percent, dropping the permitted daily limit, after reporting a big loss in the first quarter due to a major disruption in its supplies of power and steam.
Saudi Telecom, which reported disappointing first-quarter earnings on Sunday, dipped 0.5 percent. However, trading on the Saudi bourse was broadly positive, with the Gulf region’s largest exchange rising 0.4 percent to 7,124 points - its third successive gain. Last week the index was pushed down by sliding global oil prices but it tested and held chart support around 7,050 points.
In Kuwait, the measure recovered early-session losses to hit a new 29-month peak. It rose 0.3 percent, with Zain and Boubyan Bank reversing falls in the previous session with gains of 1.4 and 1.6 percent.
Egypt’s benchmark declined for the second day this week, slipping 0.7 percent. Telecom Egypt slumped 8.2 percent as the stock went ex-dividend; Palm Hills Development dipped 1.8 percent and Ezz Steel fell 2.2 percent.
Oman’s benchmark dipped 0.3 percent as financial stocks continued to weigh; many have reported below-forecast earnings for last quarter.
QNA/reuters
