Qatar Exchange starts week on strong note

 01 Sep 2014 - 0:00



DOHA: Qatar shares rose yesterday recovering some of the lost ground in the previous session on buying interests of local retail investors. The bourse, which dropped 3.09 percent on Thursday, rebounded 1.14 percent to finish at 13,596 points kick starting the week on a strong note. Telecoms and Transportation stocks were the main support.
Telecoms sector surged by 7.90 percent with Vodafone jumping 9.88 percent and Ooredoo soaring 7.17 percent. Transportation index gained by 3.70 percent with Qatar Navigation appreciating the most by 5.84 percent.  Islamic lender  Masraf Al Rayan surged by 6.35m.
The banking major QNB and Industrials behemoth Industries Qatar (IQ) plunged.  While QNB fell by 4.21 percent, Industries Qatar shed 1.86 percent.
Market cap rose to QR721 from the previous session’s QR719bn.  Total traded value and the volume, however, slipped. Traded value decreased to QR956m from QR1.6bn and the volume dipped to over 17 million shares from more than 10 million.
The value of banking stocks almost halved to QR438m from QR840m. The value of Industrials stock fell to QR215m from QR521m and real estate stocks slipped to QR133m from QR165m. While Telecom stocks’ value increased to QR83m from QR74m, Transportation stocks value declined to QR14m from QR21m.
Bourses in the United Arab Emirates rebounded yesterday while Dubai developer Emaar Properties surged after the firm said it would launch an initial public offer for its malls unit next month, Reuters reported.
Dubai’s index jumped 2.7 percent and closed above 5,000 points for the first time since early June nks to Emaar, the emirate’s largest listed developer,  surged 8.8 percent to Dh11.15, its highest close since March 2008.
Abu Dhabi’s bourse rose 0.2 percent on the back of its heaviest MSCI index components. National Bank of Abu Dhabi rose 0.7 percent and First Gulf Bank added 1.1 percent.
The company said yesterday that it would launch an IPO for its malls unit next month in what will be the emirate’s largest share sale in recent years. Emaar plans to sell at least 15 percent of the malls and retail unit on the Dubai Financial Market and to list the shares in October, a spokesman told Reuters.
Saudi Arabia’s bourse, boosted by regulators’ plans to open it to direct foreign investment early next year, which were announced last month, continued to climb, rising 0.6 percent to a fresh six-year high of 11,112 points.
Egypt’s bourse edged up 0.1 percent on Sunday on the back of blue chip Commercial International Bank, up 0.6 percent, and brokerage Pioneers Holding, which gained 2.8 percent.
The Peninsula