An investor reacts in front of an electronic board showing stock information at a brokerage house in Huaibei, Anhui province. China shares suffered a fourth decline in five sessions yesterday, with steep losses for industrial counters Sany Heavy Industry Co Ltd and Zoomlion Heavy Industry Science and Technology Co Ltd, leading the CSI300 Index to its lowest close since March 2009. The green figures on the screen indicate falling prices.

Doha: Qatar Exchange pursued its upswing trend yesterday adding 7.33 points or 0.09 percent to 8,469.93 points yesterday from the previous closing of 8,462.60. Among the top gainers were Qatar Insurance which was up 0.71 percent  to QR71, Barwa Real Estate rose 2.63 percent to QR29.25, Islamic Holding gained 2.25 percent to QR38.60 and Salam International added 3.42 percent to QR13.60. The banking and financial sector index dropped 2.37 points, the consumer goods and services sector was up by 36.63 points, the industrial sector added 10.23 points while the insurance sector gained 6.33 points.

Meanwhile, Saudi Arabia’s bourse closed lower for a fourth day and other Middle East markets were mixed as investors waited for cues on policy action from European central banks to tackle slowing economic growth.

The kingdom’s index lost 0.4 percent, edging further away from Wednesday’s 16-week high.

Petrochemical stocks were the main drag, with Saudi Basic Industries Corp, the world’s largest chemicals producer, falling 1.7 percent. National Industrialization  dipped 0.9 percent and Saudi Kayan Petrochemical  declined 1.1 percent.  The bank sector index slipped 0.2 percent.

“This is just short-term profit-taking. We are bullish on the market and Q3 should give a positive direction to the overall market,” said Farooq Waheed, senior  portfolio manager at Riyad Capital. “Valuations in petrochemical stocks are attractive and global worries are already priced in. Any recovery in demand will further improve prices.”

Expectations that central banks would soon take steps to boost growth have increased after separate surveys showed manufacturing activity in China and Europe slowing by more than expected in August.  

Egypt’s benchmark index rose 1.5 percent to its highest close since June 2011 as retail investors moved into the market, optimistic that government efforts to bolster an ailing economy were bearing fruit.   

United Arab Emirates’ bourses ended mixed, with investors finding little reason to increase positions due to a lack of catalysts.  Dubai’s benchmark climbed 0.4 percent, trading within a 14-point range over the last six sessions. Emirates NBD climbed 1.3 percent and telecom operator du gained 1.7 percent. Emaar Properties  ticked up 0.3 percent and builder Arabtec  added 1.8 percent.

In Abu Dhabi, the measure slipped 0.2 percent to its lowest close since August 13.  Elsewhere, Kuwait’s bourse declined 0.3 percent, easing away from Monday’s 11-week high.

HIGHLIGHTS

SAUDI ARABIA: The index fell 0.4 percent to 7,050 points.

DUBAI: The measure rose 0.4 percent to 1,554 points.

ABU DHABI: The benchmark slipped 0.2 percent to 2,552 points.

QATAR: The index ticked up 0.09 percent to 8,470 points.

KUWAIT: The measure declined 0.3 percent to 5,892 points.

OMAN: The measure advanced 0.2 percent to 5,534 points.

BAHRAIN: The measure slipped 0.2 percent to 1,071 points.

EGYPT: The index rose 1.5 percent to 5,541 points.

Reuters