QE index extends rally, jumps 243.52 points

August 14, 2014 - 12:00:00 am

 

Doha: Propelled by industrial and telecom sectors’ good run, Qatar Exchange index yesterday jumped 243.52 points, or 1.83 percent, to close at 13,522.79 points. The trading value increased to QR1.14bn with a traded volume of 28,225,433 shares from 11,352 transactions.  

Telecom sector index gained the most yesterday, up 1.84 percent to 1,640.67 points. Industries’ index was up 0.70 percent to 4,408.08 points. Telecom services provider Vodafone Qatar emerged the top gainer when it closed at QR221.40, up 7.86 percent from the previous day’s QR19.84.

Eight industrial sector companies noted gains, barring The Investors group, which was the only one to decline yesterday with a 0.51 percent dip to close at QR58.60, down 30 dirhams.

Mesaieed Petrochemical Holding Company (MPHC) led the gainers from industrial sector. From QR32.25 on July 21, its share jumped to QR36 yesterday, a 6.35 percent gain on Tuesday’s QR33.85. From the financial sector, Masraf Al Rayyan share was up 3.67 percent to QR56.50 while Islamic Holding was up 3.59 percent to QR86.50. Of the 43 listed companies, 28 went up while 11 declined and three remained unchanged.

Elsewhere in the region, shares in Kuwait Food Co (Americana) hit a record high yesterday after Saudi Arabia’s Savola Group said it was in preliminary talks to acquire the firm. But Middle East markets were mostly lacklustre as a summer lull deepened.

Saudi Arabia’s bourse gave back most of its early-session gains to end just 0.04 percent higher. The market rose for 11 straight sessions to Monday’s six-year peak after authorities said it would open to direct foreign ownership early next year. But a drop in oil prices now seems to be sapping investor enthusiasm.

Abu Dhabi’s stock index climbed 0.3 percent. This took its 2014 gains to 16.6 percent, but the benchmark is stuck in a sideways trend along with neighbouring Dubai, which slipped 0.1 percent.

QNA & Reuters

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