QE snaps four-day losing streak

August 05, 2014 - 12:00:00 am

 

DOHA: Snapping its four-day losing streak, Qatar stocks yesterday surged to break the 13,000 barrier in intraday trading, before settling to 12,991 gaining 0.98 percent. Widam, Nakilat and QIB were among the top gainers.

Foreign investors continued to be reticent, while local investors were seen busy buying.

Except telecoms, all the sector indices advanced with transportation gaining the most. Banks and financial sector index added 1.18 percent and consumer goods rose by 1.83 percent. Insurance sector edged 1.64 percent up, while real estate advanced 1.27 percent. Telecom sector shed 1.87 percent with Ooredoo tumbling 3.60 percent.

Market cap rose to QR693bn from QR690bn. Total traded value galloped to QR871m from QR493m and the volume increased to 23 million shares from 13 million. Number of transactions increased to 9,236 from 5,628.

Banking stocks’ value almost doubled to QR230m from QR129m and the traded volume jumped to 4 million shares from the previous session’s 2 million. The value of consumer goods reached QR89m from QR49m as the value of industries and insurance sectors increased to QR117m and QR10m, respectively. Real estate sector’s value surged to QR304m from QR202m. Telecoms value increased to QR45m from QR15m and transport rose to QR73m from QR14m.

Elsewhere in the region, blue chip Emaar Properties pushed up Dubai’s stock market yesterday ahead of its second-quarter earnings announcement, while a sudden drop of National Bank of Abu Dhabi shares dragged down the Abu Dhabi bourse, Reuters reported. Emaar, Dubai’s biggest real estate developer, rose 3.1 percent in its heaviest turnover for a month, lifting the main Dubai stock index 1.3 percent.

Abu Dhabi’s index fell 0.2 percent because of a last-minute tumble by NBAD, which dropped 4.6 percent in the final few minutes of trade to close at Dh13.55. The stock had previously been trading around Dh14.05-Dh14.10; stock exchange officials could not be reached for comment on the sudden move.

The Saudi index climbed 1 percent as industrial project developer Emaar Economic City rose 3.5 percent. Saudi hospital company Al Hammadi jumped its 10 percent daily limit to SR71.50, continuing its strong uptrend since it listed in mid-July at an IPO price of SR28. Daily turnover hit its highest level so far.

Strong second-quarter earnings at Bank Muscat, Oman’s largest lender, pushed the stock up 2.3 percent and helped the market index gain 1.4 percent. The bank posted a 22.3 percent increase in quarterly net profit to RO46.6m ($121m), beating analysts’ estimates as it booked a one-off gain from the merger of its Bahraini affiliate. Analysts polled had on average forecast a profit of RO38.9m.

The Peninsula

comments powered by Disqus