Doha: Qatar Exchange index gained 96.18 points, or 0.7 percent, yesterday when trading closed at 13,838.40 points.
The trading value decreased 40.78 percent to QR466.369m from Tuesday’s QR787.6m.
The volume of shares traded dropped 42.8 percent to 9,631,501 from 4,519 transactions compared to Tuesday’s 16,839,121 shares from 7,559 transactions. The market capitalisation increased 0.56 percent to QR733.881bn from Tuesday’s QR729.765bn.
Telecommunications sector continued its good run yesterday. Its index was up 2.02 percent to 1635.85 points. On Tuesday it had gained 1.85 percent to 1,603.48 points.
Banks and finance sector too continued its gaining streak yesterday. Its index was up 0.65 percent to 3,427.25 points. On Tuesday it had gained 0.9 percent to 3,405.25 points.
Shares of 42 companies were traded from the 43 listed on the exchange. From these, 19 advanced, 18 dropped and five remained unchanged.
Meanwhile, bourses in the United Arab Emirates outperformed the region yetserday as Dubai developer Emaar Properties rebounded after profit-taking and Abu Dhabi’s Waha Capital jumped after securing $575m in fresh funding.
Dubai’s main index rose 1.1 percent to a three-month closing high of 5,172 points as shares in Emaar gained 2.2 percent. The stock had dropped 3.0 percent on Tuesday after surging 13.7 percent in the two previous sessions.
Emaar, the emirate’s largest listed developer, plans to float its malls unit this month in a deal likely to raise Dh8 toDh9bn ($2.18-$2.45bn) and will reserve 10 percent of the offered shares for its own shareholders.
The company reiterated on Wednesday that only investors holding its stock at the end of trading on September 10 would qualify for priority allotment.
Shares in bourse operator Dubai Financial Market, which may benefit from higher turnover thanks to the IPO of Emaar’s subsidiary, jumped five percent.
“The mood is good in the UAE equity markets,” said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. “The Emaar unit’s IPO was a pleasant surprise for investors.” Emaar had initially announced plans for the IPO in March but without a clear timeline. On Sunday, it said it would float the unit in September.
Abu Dhabi’s index added one percent on the back of large lenders First Gulf Bank and Abu Dhabi Commercial Bank, which rose 2.2 and two percent respectively.
Investment firm Waha Capital jumped 3.4 percent after announcing a hedging deal on half of its shares in US-listed aircraft leasing company AerCap.
Waha Capital said the deal would provide it with additional funding of $575 million, which would be used to partially repay debt and fund new investments.
Saudi Arabia’s market edged up 0.1 percent. Petrochemical giant Saudi Basic Industries was the main support, adding 0.9 percent.
Agencies
