Blue chips lift QE index to 13,600 levels

August 19, 2014 - 12:00:00 am


DOHA: Despite Qatar bourse’s Sunday announcement showed the listed companies collectively delivered a lack-lustre net profit for the first half, Qatar stocks made its biggest jump in 11 weeks yesterday. Lifted by blue chips, the benchmark index surged by 1.70 percent to finish at 13,644 points.

QNB, QIB, Industries Qatar, Vodafone and Widam were among the top gainers. QIB surged to 4.07 percent, while QNB jumped by 2.91 percent. Industries Qatar appreciated by 2.42 percent and Widam and Vodafone advanced 2.94 percent and 2.62 percent respectively.

Global index compiler MSCI on Sunday said it will raise the weighting of QNB, Industries Qatar and QIB at the end of this month.

Messaied Petrochemical, which tumbled 7.8 percent on Sunday, further slipped by 1.58 percent. Ooredoo and Nakilat were among other main losers.

Except Telecoms and Transportation, the entire sector indices emerged from Sunday’s red territory to end in the green. The Telecoms Index which fell 1.31 percent on Sunday further dipped to 0.17 percent and Transports slid 0.05 percent.

Banks and Financials soared by 2.34 percent. Industries and Insurance sectors jumped by 1.47 percent and 1.29 percent respectively; and real estate sector appreciated by 1.12 percent.

Market cap surged to QR726bn from the previous trading session’s QR716bn. Trading value galloped to QR856m from QR227m. The total traded volume crossed 17 million shares from more than three  million shares.

Elsewhere in the region, Dubai’s index rose 0.7 percent, its biggest gain in a week. Nearly 116 million shares traded, which was more than double Sunday’s total but still low compared to recent market norms; nine of the 12 sessions this year in which fewer than 200 million shares traded have been in August, Reuters reported.

Emaar Properties and contractor Drake & Scull each climbed 1.5 percent. Property-related stocks tend to lead market moves in the UAE.  Abu Dhabi also rose, adding 0.7 percent. Aldar Properties was the most active stock, rising 2.2 percent.

Saudi Arabia edged up 0.1 percent, hitting a new six-and-a-half year high.

Egypt’s stock benchmark suffered its largest decline in eight weeks yesterday. Cairo’s measure fell 1.4 percent in a broad sell-off. Trading volume was up by more than a third from a day earlier, which may indicate further selling is likely.

The Peninsula