Doha: Qatar Exchange index added 19.98 points, or 0.21 percent, to advance to 9,628.30 points from 9,608.32 on Monday.
The volume of the shares traded fell to 3,819,359 from 7,602,150 on Monday and the value of shares decreased to QR164,167,526.45 from QR283,435,018.69 on Monday.
Among the top gainers were Qatar National Bank which was up 0.54 percent to QR167.70, while Industries Qatar gained 1.47 percent to QR152.10, International Islamic Bank gained 0.18 percent to QR55.90 and Gulf International rose by two percent to QR51.10.
The Banking and Financial sector index was added 0.15 points while Consumer Goods and Services sector index down 0.48 points. The industrial sector gained 0.97 points while insurance sector fell 0.07 points.
Meanwhile, other Gulf markets were mixed yesterday as investors treaded cautiously due to thin local news flow and a weak global backdrop due to the US government shutdown, while Egypt’s bourse rose on retail buying.
Saudi Arabia’s measure climbed 0.6 percent, extending gains since Sunday’s two-week low. The market is up 17.8 percent so far in 2013.
Although investors are waiting for third-quarter earnings to justify increasing exposure to the market, most analysts are expecting muted growth in the major sectors, while attractive buying opportunities are few.
“There’s nothing new in the petrochemical sector — everything has reached decent valuations,” said Sebastien Henin, portfolio manager at Abu Dhabi’s The National Investor. “The growth story is generally not meaningful.”
Some sectors that have enjoyed double-digit growth, like retail, have surged in recent months, making valuations expensive. Retail sector index climbed 3 percent yesterday, extending year-to-date gains to 55.2 percent.
NCB Capital said in a note it expected a 3-5 percent negative impact on profit for telecom operators due to a reduction in the number of visas issued for pilgrims. The government has set stricter visa limits due to construction around the holy sites in Saudi Arabia.
In Egypt, the benchmark index rose 1 percent, up for a first session this week since Thursday’s seven-month high.
“Market is dominated by retails that have a strong appetite,” said Mohamed Radwan, director of international sales at Pharos Securities. “People are optimistic on the roadmap (a plan to return to civilian rule) and drafting the new constitution on time, which is helping the market.”
Heavyweight Commercial International Bank rose 2.3 percent, while small- to mid-caps dominated trading.
Foreigners were net buyers, against regional and Egyptian sellers, bourse data showed.
Elsewhere in the Gulf, the first US government shutdown in 17 years triggered slight profit-taking. The dollar fell to an eight-month low against the euro, but otherwise left equity markets firmer while US Treasury bonds fell.
Dubai’s index shed 0.2 percent, trimming 2013 gains to 69.9 percent. Abu Dhabi’s measure also clipped 0.2 percent.
Dubai’s measure hit a new intraday five-year high before profit-taking dented the day’s gains. “There are interesting catalysts in place for a new leg up for the rally,” TNI’s Henin said.
Cityscape, a real estate trade fair taking place next week, could boost related shares if new projects are announced. Third-quarter earnings, which will be published later this month, could also fuel more bets on a bullish outlook for the country.
Agencies
