Doha: Qatar Exchange index lost 2.42 points, or 0.02 percent, yesterday to hit 10,434.10 from the previous closing of 10,436.52 points on Sunday.
The volume of traded shares was up to 15,203,063 from Sunday’s 11,278,967 and the value of shares decreased to QR517,661,189.35 from QR553,278,996.20 on Sunday.
Among the top losers were Industries Qatar whose share was down 0.30 percent to QR165.90, Islamic Insurance lost 0.84 percent to QR58.70, Vodafone Qatar fell 4.17 percent to QR11.50 and Barwa Real Estate lost 0.96 percent to QR30.95.
The Banking and Financial sector index added 0.42 percent while Consumer Goods and Services sector index was down 0.09 percent. The Industrial sector lost 0.13 percent while Insurance sector gained 0.11 percent
Meanwhile, Abu Dhabi’s bourse crossed the 4,000 mark for the first time in five years yesterday, playing catch-up to gains on neighbouring Dubai’s market, which extended a rally driven by the recovery in the real estate sector.
Abu Dhabi’s index climbed 0.3 percent to 4,001 points, it’s highest close since September 2008.
The market is up 52.1 percent year-to-date, while Dubai’s index has rallied 91.1 percent in 2013.
Shares that were previously lagging the benchmark performance led gains on Monday. National Bank of Abu Dhabi and Abu Dhabi National Energy (TAQA) advanced 1.6 and 3.8 percent respectively.
“Abu Dhabi is just seeing a catch-up move, I don’t think it will trigger a major change in sentiment,” said Sebastien Henin, portfolio manager at The National Investor.
Dubai’s measure meanwhile rose 1.5 percent to finish at 3,100 points, a new five-year high.
Real estate stocks rallied, buoyed by a strong recovery in the property prices and rent and optimism over demand for new projects. Emaar Properties and Deyaar Development jumped 3.4 and 5.3 percent respectively.
“Investors are more comfortable to invest in Dubai real estate, which reflects the economic recovery. It shows a vote of confidence, which is lacking in the Abu Dhabi real estate,” Henin said.
In Saudi Arabia, the index advanced 0.5 percent to 8,360 points, up for a fourth consecutive session. It nears 8,425 points — the intraday high of the year hit on November 18.
Petrochemical and banking shares gained with National Industrialisation (Tasnee) up 2.6 percent and lender SABB climbing two percent.
Building and investment firms also rose as investors begin targeting stocks that could benefit from next year’s budget, which is expected to be announced in the second half of December.
“There is momentum building up as a result of the budget — which is going to be announced later this month,” said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC.
Agencies
