Doha: Qatar Exchange index gained 62.79 points, or 0.60 percent, yesterday to advance to 10,496.89 points from 10,434.10 on Monday.
The volume of the shares traded was up at 16,944,431 from 15,203,063 on Monday and the value of shares increased to QR672,204,715.85 from QR517,661,189.35 on Monday.
Among the top gainers were Qatar National Bank which was up 1.69 percent to QR174.30, Commercial Bank of Qatar gained 1.57 percent to QR71.10, Industries Qatar added 1.15 percent to QR167.80 and Vodafone Qatar up by 0.87 percent to QR11.60.
The Banking and Financial sector index added 0.76 points while Consumer Goods and Services sector index lost 0.04 points. The Industrial sector gained 0.92 points while insurance sector rose 0.04 points.
Meanwhile, Saudi Arabia’s bourse rose for a fifth consecutive session yesterday and approached the year’s peak as investors bought shares ahead of the 2014 budget announcement expected later this month. Regional shares were mixed with few catalysts.
Saudi Arabia’s index climbed 0.5 percent to 8,399 points, its highest since November 18’s 2013 intraday peak of 8,425.
“The market has to break with confidence the 8,400 area on good turnover and it could very well do it as we are gearing up for the budget announcement later in the month,” said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. “Also, Q4 profits are in investors’ minds and that seems to be a positive driver for the market.”
Saudi Arabia tends to set record budgets every year, which are conservative numbers compared to actual spending. The announcement is expected in the second half of December.
Petrochemical shares gained as oil prices recovered recent losses. Brent crude climbed 0.8 percent to $110.23 per barrel at 1215 GMT. Saudi Basic Industries Corp (Sabic) added 1.1 percent and National Industrialisation (Tasnee) rose 1.6 percent.
Saudi petrochemical stocks tend to track oil prices, with crude impacting their bottom line. Oil is also seen as a proxy for global economic activity and therefore demand for petrochemical products.
Elsewhere, Cairo’s benchmark index slipped 0.1 percent, its second decline since Sunday’s 18-day high.
The market was little moved after a government minister said a referendum on a new constitution would be held in mid-January.
“People were expecting the vote to be held in early January but it was slightly delayed - the referendum was mostly priced in,” said Islam Batrawy, a Cairo-based trader.
Heavyweight Commercial International Bank declined 0.7 percent, its second loss since Sunday’s all-time high.
Agencies
