Qatari bourse recovers from two-week low; region mixed

December 24, 2013 - 9:07:10 am
Doha/Dubai: Qatar Exchange ended in the green area yesterday adding 50.38 points (0.50 percent) advance to 10,453.15 points from 10,402.77 on Sunday.  The volume of the shares traded up to 14,952,892 from 9,234,843 on Sunday and the value of shares increased to QR594,953,713.75  from QR355,388,168.76  on Sunday. 

Among the top gainers were Electricity and Water which was up 2.08 percent to QR171.50, Doha Bank gained 1.05 percent to QR58, Islamic Insurance added 1.40 percent to QR58 and Gulf International up by 0.99 percent to QR61.

The Banking and Financial sector index added 0.02 points while the Consumer Goods and Services sector index lost 0.20 points. 

The industrial sector gained 0.99 points while the Insurance sector was down 0.28 points. 

Elsewhere, Saudi Arabia’s benchmark climbed 0.1 percent to a new five-year high after trading flat for most of the session. Petrochemical shares supported the market with the sector’s index up 0.2 percent. 

The market showed little reaction to the announcement of the 2014 state budget, which projected spending would rise a modest 4.3 percent from this year’s plan, Kuwait’s index also climbed 0.1 percent. After the close, the Constitutional Court ruled that parliamentary elections held earlier this year were legal, rejecting suits that could have caused the dissolution of parliament and fresh elections. 

Later in the day, Kuwait’s cabinet ministers submitted their resignations, a move that could pave the way for a cabinet reshuffle. 

The market has become accustomed to political instability and is unlikely to react to any moderate reshuffle.

UAE markets edged up but small caps led trading. Dubai’s index climbed 0.4 percent, leaving it fewer than 10 points away from Thursday’s five-year closing high.QNA/Reuters 
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