DUBAI: Stock markets in Qatar and Egypt closed at multi-month highs yesterday on the back of firm global bourses, while Saudi Arabia’s stock market was supported by a recovery in oil prices.
Qatar’s index rose 1.21 percent, 130.86 points, to close at 10,920.29 points, a nine-month high. Vodafone Qatar jumped 6.0 percent in unusually heavy trade and the largest listed stock, Qatar National Bank, added 2.3 percent.
From the 44 companies listed on QE, shares of 42 saw trading. From these 27 gained, 13 closed lower and two remained unchanged. Indices of six sectors ended in the green and one in the red.
Abu Dhabi’s index reversed an early decline to add 0.1 percent to 4,549 points as some mid-cap shares advanced. Abu Dhabi National Energy Co surged 8.0 percent.
First Gulf Bank rose 0.4 percent but most other large-cap lenders lagged, with Abu Dhabi Commercial Bank dropping 0.6 percent.
Dubai’s index ended the session flat at 3,511 points in thin trade with just under half of traded shares declining and a little over a fifth gaining. Builder Arabtec, which climbed 3.4 percent yesterday, retreated 1.3 percent.
Kuwait’s Agility climbed as much as 1.0 percent but ultimately closed flat after the logistics company reported an 11 percent rise in second-quarter net profit to KD15m ($50m), ahead of SICO Bahrain’s forecast of KD13.7m.
Kuwait’s main index advanced 0.5 percent to 5,516 points, supported by banking shares. Boubyan Bank rose 1.3 percent and Al Ahli Bank of Kuwait added 1.6 percent.
Riyadh’s main index rose 0.5 percent to 6,319 points with the petrochemical sector gaining for a third session in a row as Brent oil traded above $44 a barrel, recovering from a four-month low of $41.51 hit on Aug. 2.
Industry bellwether Saudi Basic Industries added 0.3 percent and an affiliate of SABIC, Saudi Kayan Petrochemical , jumped 4.5 percent.
Some domestic demand-driven companies also advanced with retailer Fawaz Abdulaziz Alhokair climbing 5.0 percent.
In Egypt, the main index edged up 0.6 percent to a 13-month closing high of 8,273 points. Trading volumes almost doubled from Sunday to its highest level since mid-April as both local and foreign institutions accumulated shares, bourse data showed.
Telecom Egypt rose 0.8 percent after Egypt’s landline monopoly said on Sunday that its board gave final approval of plans to buy a fourth-generation mobile phone licence, although the price was not disclosed, according to a senior source at the company. This would allow the company to be a direct player in the mobile phone market.
Orascom Telecom, the most heavily traded stock on the exchange, jumped 5.3 percent but Global Telecom Holding fell 1.5 percent.
The Oman index edged up 0.2 percent to 5,887 points, while the Bahrain index slipped 0.2 percent to 1,155 points.
Meanwhile, most equity markets rose worldwide yesterday as bright US jobs data generally eclipsed the impact of poor Chinese trade numbers and the oil price climbed, dealers said.
Frankfurt and Paris both advanced, while London was little changed after losing initial gains.
Wall Street stocks opened slightly higher, adding to records as oil prices rose and Wal-Mart shares edged up on news of its acquisition of online retailer Jet.com.
Oil prices advanced as the Organisation of Petroleum Exporting Countries said it would hold informal talks next month, potentially signaling tougher action in response to weak oil prices.Agencies
DUBAI: Stock markets in Qatar and Egypt closed at multi-month highs yesterday on the back of firm global bourses, while Saudi Arabia’s stock market was supported by a recovery in oil prices.
Qatar’s index rose 1.21 percent, 130.86 points, to close at 10,920.29 points, a nine-month high. Vodafone Qatar jumped 6.0 percent in unusually heavy trade and the largest listed stock, Qatar National Bank, added 2.3 percent.
From the 44 companies listed on QE, shares of 42 saw trading. From these 27 gained, 13 closed lower and two remained unchanged. Indices of six sectors ended in the green and one in the red.
Abu Dhabi’s index reversed an early decline to add 0.1 percent to 4,549 points as some mid-cap shares advanced. Abu Dhabi National Energy Co surged 8.0 percent.
First Gulf Bank rose 0.4 percent but most other large-cap lenders lagged, with Abu Dhabi Commercial Bank dropping 0.6 percent.
Dubai’s index ended the session flat at 3,511 points in thin trade with just under half of traded shares declining and a little over a fifth gaining. Builder Arabtec, which climbed 3.4 percent yesterday, retreated 1.3 percent.
Kuwait’s Agility climbed as much as 1.0 percent but ultimately closed flat after the logistics company reported an 11 percent rise in second-quarter net profit to KD15m ($50m), ahead of SICO Bahrain’s forecast of KD13.7m.
Kuwait’s main index advanced 0.5 percent to 5,516 points, supported by banking shares. Boubyan Bank rose 1.3 percent and Al Ahli Bank of Kuwait added 1.6 percent.
Riyadh’s main index rose 0.5 percent to 6,319 points with the petrochemical sector gaining for a third session in a row as Brent oil traded above $44 a barrel, recovering from a four-month low of $41.51 hit on Aug. 2.
Industry bellwether Saudi Basic Industries added 0.3 percent and an affiliate of SABIC, Saudi Kayan Petrochemical , jumped 4.5 percent.
Some domestic demand-driven companies also advanced with retailer Fawaz Abdulaziz Alhokair climbing 5.0 percent.
In Egypt, the main index edged up 0.6 percent to a 13-month closing high of 8,273 points. Trading volumes almost doubled from Sunday to its highest level since mid-April as both local and foreign institutions accumulated shares, bourse data showed.
Telecom Egypt rose 0.8 percent after Egypt’s landline monopoly said on Sunday that its board gave final approval of plans to buy a fourth-generation mobile phone licence, although the price was not disclosed, according to a senior source at the company. This would allow the company to be a direct player in the mobile phone market.
Orascom Telecom, the most heavily traded stock on the exchange, jumped 5.3 percent but Global Telecom Holding fell 1.5 percent.
The Oman index edged up 0.2 percent to 5,887 points, while the Bahrain index slipped 0.2 percent to 1,155 points.
Meanwhile, most equity markets rose worldwide yesterday as bright US jobs data generally eclipsed the impact of poor Chinese trade numbers and the oil price climbed, dealers said.
Frankfurt and Paris both advanced, while London was little changed after losing initial gains.
Wall Street stocks opened slightly higher, adding to records as oil prices rose and Wal-Mart shares edged up on news of its acquisition of online retailer Jet.com.
Oil prices advanced as the Organisation of Petroleum Exporting Countries said it would hold informal talks next month, potentially signaling tougher action in response to weak oil prices.Agencies
