Banking shares push QE index up 0.29pc

January 23, 2014 - 12:15:17 am
Doha: Qatar Exchange pursued its upswing trend yesterday adding 32.22 points, or 0.29 percent,  to advance to 11,179.61 points from 11,147.39 on Tuesday.

The volume of shares traded fell to 8,669,196 from  9,174,192 on Tuesday and the value of shares increased to QR470,535,280.37 from QR432,177,151.91 on Tuesday.

Among the top gainers were Qatar National Bank which was up 1.54 percent to QR185.10, International Islamic Bank gained 1.30 percent to QR70, Ooredoo added 1.23 percent to QR148.50 and Vodafone Qatar was up by 0.78 percent to QR11.56.

The Banking and Financial sector index added 0.76 percent while Consumer Goods and Services sector index ws up 0.38 percent. The industrial sector gained 0.31 percent while insurance sector lost 1.30 percent.

Meanwhile, Saudi Arabia’s market hit a five-year high yesterday as buying demand returned to petrochemical stocks, while Egypt rose for a third day on strong technical chart support. 

Saudi’s petrochemical index climbed 1.2 percent, rebounding after declines in the four previous sessions following lacklustre sector earnings.

Saudi Basic Industries Corp (Sabic), the world’s largest chemicals producer, climbed 1.6 percent. The firm’s chief executive yesterday said it would begin investment in U S shale gas in 2014. 

Analysts are optimistic for the sector because of higher product prices and increased demand.  

“The recovery in the US economy should help consumption for petchem products,” said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi.  

The banking sector rose 0.7 percent, adding support to the main share index, which climbed 0.3 percent to its highest close since August 2008.  

Elsewhere, Cairo’s benchmark index rose 1.3 percent to 7,180 points, up for a third day in a rebound from key psychological support near 7,000 level. 

The market hit a three-year high last week ahead of a referendum on the country’s new constitution, which was subsequently approved by an overwhelming majority of voters. 

Orascom Telecom Media and Technology Holding  surged 8.5 percent to an all-time high after a subsidiary signed a submarine cable deal with Egypt Telecom. The latter added 0.3 percent. 

Kuwait’s index dropped 0.09 percent, snapping a four-session rally.  Zain was the main drag, falling 4.5 percent to slump to its lowest close since March 2009. 

Selling pressure has increased ahead of the telecom operator’s earnings due on January 27 after unit Zain Saudi  posted a widening fourth-quarter loss. 

“Zain results are likely to be below what analysts had factored in because of Zain Saudi’s results,” a telecom analyst said on condition of anonymity. 

Zain Saudi fell 0.6 percent to equal a four-month low.  

In Dubai, Arabtec jumped 7.1 percent after the contractor said it would expand in the Balkan region and open a regional headquarters in Belgrade. 

The emirate’s index rose 0.6 percent to 3,687 points in a volatile session as day traders dominated.  

The benchmark remains in a resistance zone near 3,625 points - the low of 2007 and only a weekly close above this level will confirm a breakout.