Qatar bourse inches up, gains 132.29 points

February 20, 2014 - 1:02:14 am
Doha: Qatar’s bourse rose 1.13 percent yesterday, largely on the back of Qatar Insurance (QI), which last week announced it would buy Antares Holdings, owner of the Antares Syndicate 1274 at Lloyd’s of London. The firm’s stock jumped 26 percent yesterday.

The index added 132.29 points to advance to 11,822.78 points from 11,690.49 points on Tuesday. 

The volume of the shares traded up at 20,519,342 from Tuesday’s 14,023,380 and the value of shares increased to QR955,557,820.98 from QR611,438,127.91.

Among the top gainers were Qatar National Bank, which was up 2.83 percent to QR192.50, Qatar Islamic Bank gained 1.11 percent to QR81.80, Islamic Insurance added 1.68 percent to QR66.60 and Doha Bank was up by 0.76 percent to QR66.50.

The banking and financial sector index added 1.68 percent, while consumer goods and services sector index rose 0.64 percent. The industrial sector lost 0.12 percent, while insurance sector was up 2.49 percent yesterday.

Elsewhere in the region, Egypt’s bourse rose to a five-year high yesterday, after the central bank said it would give local commercial banks $1.44bn to fund mortgages. Most Gulf markets rose though Dubai was hit by profit-taking.

Egypt said the money will be deposited at banks for 20 years at a low interest rate, so they can then lend to citizens to buy houses at a yearly interest rate of 7-8 percent. In response, the main stock index surged 1.6 percent. Shares in Commercial International Bank (CIB) , the country’s biggest listed lender, which has been gaining since February 12, when it posted a 29 percent rise in quarterly net profit, added 3.7 percent yesterday. 

“The market is driven by optimism post-CIB results of last week and new proposed funding to local lenders to stimulate mortgage financing in Egypt,” said Islam Batrawy, Cairo-based head of Mena equity sales at NBK Capital.

Dubai’s bourse posted a second consecutive loss, shedding 0.6 percent due to profit-taking. However, some stocks rebounded towards the end of the session, indicating that the pull-back could be short.

“Selective buying was there on lower support,” said Shiv Prakash, senior technical analyst at NBAD Securities. “We have seen such corrections in the past and afterwards we saw new buying and the market reached new highs.”

Among gainers were builder Arabtec, which added 0.6 percent after its unit won a $272m contract for mechanical, electrical and plumbing work at a development run by Abu Dhabi’s Aldar Properties in Kazakhstan. 

Bahrain’s index gained 0.8 percent as shares in Arab Banking Corp jumped their daily limit of 10 percent, after it reported on Tuesday a 17 percent increase in net profit for 2013 compared with nearly flat earnings a year earlier.

The Bahrain index rose 0.8 percent to close at 1,358 points, while the Saudi index gained 0.1 percent to hit 8,968 points. 

The Abu Dhabi index rose 0.3 percent to 4,883 points, while Oman index gained 0.4 percent to 7,189 points. The Kuwait index slipped 0.1 percent to 7,797 points.

QNA & Reuters