Qatar bourse at new high, Dubai drops

May 12, 2014 - 1:33:29 am

DUBAI: Dubai’s bourse posted its biggest daily loss in a month yesterday as retail investors booked profits, while Qatar’s benchmark hit a new all-time closing high, buoyed in part by the imminent upgrade of the Gulf state to emerging market status.

Qatar’s bourse rose 0.3 percent to a new all-time closing high of 12,995 points, although trading volume fell 40 percent compared with last Thursday.

It faces resistance at the psychologically important 13,000 point level and then at 13,069 points, the historical intra-day high. Masraf Al Rayan was the main support, gaining 0.9 percent.

Dubai’s index dropped 3.1 percent and Emaar Properties and Emirates NBD were the main drags, down 1.9 and 3.2 percent, respectively.

Abu Dhabi’s index fell 1.2 percent to 4,988 points, breaking through support at 5,000 points. 

Saudi Arabia’s index pulled back 0.2 percent, dragged down by banks and cement makers.

Shares in Riyad Bank fell 1.3 percent and Samba Financial Group was down 1.1 percent. Yamamah Saudi Cement and Yanbu Cement Co fell 2.2 and 1.7 percent, respectively. Reuters

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