Doha: Qatar Exchange added yesterday 23.92 points or 0.25 percent to reach 9,757.11 points from the previous closing of 9,733.19 points on Tuesday.
The volume of the shares up to 8,655,271 from 8,218,507 on Tuesday and the value of shares increased to QR298,849,517.54 from QR 348,882,885.72 on Tuesday.
Among the top losers were Qatar National Bank whose share lost 0.25 percent to QR162.60, while Nakilat added 0.11 percent to QR19.01, United Development Company gained 1.30 percnet to QR21.78 and Electricity & Water rose 1.21 percent to QR 159.10.
The Banking and Financial sector index was down 0.23 percent while Consumer Goods and Services sector index added 0.04 percent. The industrial sector gained 0.95 percnet while insurance sector rose 0.42 percent.
Meanwhile, Saudi Arabia’s bourse snapped a three-session losing streak yesterday after two of its top telecom operators posted estimate-beatings earnings and lifted sentiment, while Egyptian shares rallied in mixed regional markets.
Saudi Telecom Co (STC) jumped 7.4 percent to its highest since April 2010 after its third-quarter profit comfortably beat estimates.
The firm attributed a 73 percent rise in profit to a jump in cost savings. “The main focus should be on cost efficiencies and if it can be sustained going forward,” said Omar Maher, equity research analyst at Cairo’s EFG Hermes.
“I would be cautious on the stock — not sure if it’s time to re-rate it upwards right now until we can be sure the cost saving trend is sustainable.”
Etihad Etisalat (Mobily) added 0.6 percent after it also beat forecasts with an 11.7 percent rise in third-quarter profit.
Petrochemical shares recovered some of this week’s losses. The sector’s index rose 1.2 percent.
Shares in major Saudi construction firm Abdullah A M Al Khodari Sons Co tumbled 5.8 percent to a seven-week low after the firm reported a 44 percent slump in profit. Saudi Arabia’s measure gained 0.4 percent, recovering just above the psychologically important 8,000 level.
In Egypt, Cairo’s benchmark index climbed 1.3 percent, extending 2013 gains to 13 percent.
“It’s a psychological rebound because of the capture of (Muslim Brotherhood leader Essam) El Erian,” said Mohamed Radwan, director of international sales at Pharos Securities.
“It sends a message of security and confidence that things will cool off,” he said, referring to the Islamist group’s protests against the ousting of former president Mohamed Mursi.
Locals investors dominate trading but were net sellers, while foreigners were net buyers, bourse data showed. Gainers outnumbered losers 18 to 6. Large-cap Commercial International Bank climbed 1.5 percent.
Elsewhere in the Gulf, weak earnings in Abu Dhabi weighed on the benchmark, which slipped 0.4 percent. Shares in National Bank of Abu Dhabi slumped 4.2 percent to a four-week low. The UAE’s largest lender by market value posted its first quarterly profit decline in nearly two years and missing analysts’ forecasts, mainly because of a sharp fall in investment gains.
“NBAD’s miss is specific to the bank but overall, we’ve had a positive outlook on the sector and the results continue to reflect improvement in UAE’s macro recovery,” said Rami Sidani, Schroders Middle East head of investment.