Qatar bourse index down by 0.19 percent

January 21, 2014 - 10:22:26 am

Doha: Qatar Exchange ended in the red when trading closed yesterday at 11,072.13 points, down 20.88 points or 0.19 percent from the previous closing of 11,093.01 on Sunday. 

Among the top losers were Industries Qatar whose share was down 1.06 percent to QR176.90, Islamic Insurance lost 2.37 percent to QR61.90, Barwa Real Estate fell 1.56 percent to QR31.45 and Mazaya Qatar decreased by 2.63 percent to QR12.20. Shares in Qatar Islamic Bank rose 1.9 percent after it posted a fourth-quarter profit that more than tripled, beating analysts’ estimates. 

Meanwhile, Dubai’s bourse surged, led by real estate-related shares, as investors bet on a further rebound in the emirate’s property prices. Other regional markets were mixed, with Saudi Arabia soft after some high-profile earnings misses.

Dubai’s residential property prices in 2013 rose 22 percent on average while rents improved 17 percent, consultants Jones Lang Lasalle said in a report on Sunday; they predicted further gains this year, though at a slower pace as new supply comes onstream.

Union Properties climbed 2.7 percent and Deyaar Development jumped 6 percent. In a fresh sign of optimism in the sector, Kleindienst Group said it had started building a huge resort complex on the World, the man-made archipelago off Dubai’s coast which has been left mostly vacant since the emirate’s real estate crash in 2008. 

Arabtec gained 3.6 percent after the firm said it won a Dh5.7bn ($1.55bn) contract to build a resort in the Aqaba area of south Jordan. Dubai’s index rose 1.5 percent to 3,670 points, a new five-year high. 

It is testing technical resistance at 3,625 points, the low of April 2007; a weekly close above that level would confirm a break. The index is also nearing the 50 percent retracement of its drop from the January 2008 peak, which lies at 3,807 points and may provide resistance.

In Saudi Arabia, the main index eased for a second straight session from a five-year high as major sectors declined following some disappointing fourth-quarter earnings. Shares in Savola Group fell 3.1 percent after the company posted a net profit of SR564m ($150.4m), up 37 percent from a year earlier but well below analysts’ average forecast of SR643m.  Saudi Basic Industries Corp slipped 0.7 percent, extending its decline after Sunday’s lacklustre earnings. Egypt’s index added 0.5 percent.

HIGHLIGHTS

DUBAI: The index rose 1.5 percent to 3,670 points.

SAUDI ARABIA: The index slipped 0.1 percent to 8,728 points.

ABU DHABI: The index gained 0.2 percent to 4,570 points.

KUWAIT: The index gained 0.5 percent to 7,738 points.

EGYPT: The index rose 0.5 percent to 7,038 points.

OMAN: The index advanced 0.4 percent to 7,165 points.

BAHRAIN: The index rose 0.9 percent to 1,280 points.

QNA/Reuters

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