Banking sector pushes Qatari index down

December 18, 2013 - 7:41:00 am
Doha: Qatar Exchange index lost 6.08 points, or 0.06 percent, yesterday closing at 10,468.59 points from the previous closing of 10,475.39 points.

The volume of traded shares fell to 5,115,447 from Monday 9,706,992 and the value of shares decreased to QR202,693,848.17 from QR354,119,566.66 on Monday.

Among the top losers were Commercial Bank of Qatar whose share was down 1.27 percent to QR70.20, International  Islamic Bank lost 0.49 percent to QR60.40, National Leasing fell 0.65 percent to QR30.80 and Vodafone Qatar decreased by 0.44 percent to QR11.35.

The Banking and Financial sector index lost 0.03 percent while Consumer Goods and Services sector index gained 0.45 percent points, while the industrial sector dropped 0.30 percent.

Meanwhile, Egyptian shares rose yesterday, lifting the main index to a 35-month high, after the finance minister announced plans for a second economic stimulus package worth around 30bn Egyptian pounds ($4.4bn).

The spending, 25 percent more than previously announced and financed partly with aid from the Gulf, is to begin in January. Finance Minister Ahmed Galal said 20bn pounds would be spent on public investment, while the rest would cover a public sector minimum wage. 

Cairo’s benchmark index rose 1.2 percent to 6,720 points, its highest level since January 2011, before president Hosni Mubarak was ousted. 

“The market is reacting positively to the second stimulus plan and the confidence that they have the funds for this,” said Islam Batrawy, Cairo-based head of regional equity sales at NBK Capital. 

Juhanya Food Industries jumped 5.5 percent and Commercial International Bank gained 1.0 percent.

In Saudi Arabia, shares in Saudi Hollandi Bank  climbed 4.5 percent to their highest close since October 30 after the lender said it planned to boost its capital by 20 percent next year through a bonus share issue. 

After rising almost 10 percent in each of the past two days, PetroRabigh showed signs of losing steam, gaining only 5.3 percent. It has been climbing since it said its parent companies agreed to cut international marketing fees for PetroRabigh’s products by a third over a five-year period.

In Abu Dhabi, banking shares that lagged the recent leg up by Dubai’s bourse played catch-up. The Abu Dhabi index  climbed 1.3 percent to its highest level since September 2008;  Abu Dhabi Commercial Bank rose 5.6 percent. 

“There are a lot of investors looking for bulk buying in the banking sector as a whole on speculation about earnings and dividends,” said Hisham Khairy, head of trading for the institutional desk at Mena Corp. 

Agencies
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