Doha: Qatar Stock Exchange index gained 64.53 points, or 0.55 percent, when the bourse closed trading at 11,763.56 points yesterday with indices of all sectors advancing, except transport, which declined 0.63 percent. The market capitalisation increased to QR635.64bn from QR632.43bn registered on Thursday.
The traded value decreased to QR264.82m with a volume of 6,821,396 shares from 3,956 transactions compared to QR338.23m with a volume of 7,926,104 shares from 4,467 transactions registered on last Thursday.
Industries index gained most with 1.03 percent to close at 3,935.75 points, insurance gained 0.83 percent, real estate up 0.50 percent, telecoms jump 0.49 percent, while consumer goods and services up 0.47 percent and banks and financial services gained 0.32 percent.
From the 43 listed companies on QSE, shares of 40 saw trading today. From these 24 advanced, 13 went down, and three remained unchanged.
Meanwhile, other Gulf stock markets reacted very differently on Sunday to Iran’s nuclear deal with world powers, as Dubai rose on hopes for new Iranian business while Saudi Arabia fell on fears of lower oil prices. Egypt continued sliding after poor economic data.
If confirmed in a final agreement by a June 30 deadline, the nuclear deal — assuming it is received positively by major Gulf Arab governments — could reduce geopolitical tensions in the area, encouraging more foreign portfolio investment throughout the region. But Saudi investors focused instead on the fact that lifting international sanctions on Iran would allow more Iranian oil onto the market, potentially pushing down crude prices and hurting profit margins of the petrochemical producers which are heavily weighted in the Saudi bourse. Brent oil plunged nearly 4.0 percent on Thursday in an initial reaction to the deal.
The main Saudi stock index fell 1.7 percent yesterday with Saudi Basic Industries Corp, the biggest petrochemical maker, losing 1.5 percent.
Among outperforming stocks were Saudi Public Transport Co, which rose 0.6 percent in active trade after calling an annual general meeting today to approve, among other things, a 7.5 percent dividend payment.
By contrast, Dubai’s open and trade-oriented economy would probably benefit from the lifting of sanctions on Tehran, as the emirate became a jumping-off point for foreign companies and traders going back into Iran.
The main Dubai stock index rose 1.4 percent in active trade. Air Arabia, which could see increased business if transport links to Iran expand, rose 1.4 percent. Egypt’s index tumbled 3.2 percent as a three-week spate of heavy profit-taking continued.
QNA/Reuters
