Doha: Qatar Exchange gained 24.89 points or 0.21 percent as it closed yesterday at 11,936.58 points up from the previous closing of 11,911.69.
Among the top gainers were Qatar Islamic Bank whose shares added 0.86 percent to QR106 and Commmercial Bank of Qatar was up 2.23 percent to QR68.90 per share. Qatar Electricity & Water Co was up 1.94 percent to QR189 and Ooredoo increased 1.21 percent to QR116.70.
The industries sector fell 0.06 percent to 3,777.69 points while banking and services sector was up 0.64 percent to 3,191.94 points. The real estate sector was down 1.21 percent to 2,193.4 points while the insurance sector lost 0.75 percent to 3,741.71 points.
Gulf stock markets were volatile as oil prices hit new lows, but most bourses eventually edged up on the back of positive corporate announcements and expectations, continuing a trend towards partially decoupling from oil.
Saudi Arabia’s stock index edged up 0.7 percent as petrochemicals were nearly flat while banks extended their gains after a series of strong fourth-quarter results. Shares in Samba Financial Group jumped 4.5 percent after it posted a 22.5 percent rise in its fourth-quarter net profit, beating analysts’ forecasts.
The lender made SR1.23bn ($328m) in the quarter. Bank Aljazira added 1.3 percent after its fourth-quarter profit rose 32.7 percent to SR199m. Among losing stocks, Saudi Arabian Fertilizer Co slid 1.6 percent after reporting a 3 percent drop in fourth-quarter net profit to SR779m.
Dubai’s index rose 1.7 percent as the two most traded stocks, developer Emaar Properties and builder Arabtec Holding, jumped 4.2 and 3.7 percent respectively.
Investment bank Shuaa Capital surged 3.3 percent after the firm said its unit Gulf Finance Corp had raised a Dh500m ($136.1m ) loan which will be used to fund its growth in the UAE and Saudi Arabia. Abu Dhabi’s benchmark rose 1.4 percent as National Bank of Abu Dhabi and Abu Dhabi Commercial Bank climbed 4.5 and 4.4 percent respectively.
The Bahraini market slipped 0.6 percent, dragged down by Aluminium Bahrain, which dropped 2.9 percent after Bahrain’s cabinet decided to raise prices of natural gas sold to industrial users.
Meanwhile, the stock market in oil-importing Egypt continued to outperform the broad Middle East region and jumped 2.2 percent in a broad rally. GB Auto, led gains as it surged its daily 10 percent limit for the second day in a row. QNA/Reuters
