DOHA: Qatar Exchange (QE) benchmark index broke the 12,500 mark yesterday, defying a drop in 22 stocks.
The main index hit 12,550 levels before settling at 12,515 points, up 1.20 percent. MSCI’s semiannual review and inclusion of some stocks on the MSCI emerging market index lifted market sentiments.
Ezdan was the market leader, both in terms of value and volume. The real estate major jumped 10 percent, lifting the entire real estate sector by 5.26 percent.
The bourse gained 233.69 points, or 1.90 percent last week. Trading value last week increased by 22.25 percent to QR2.7bn.
Trading volume increased by 47 percent to over 75 million shares, while the number of transactions rose by 8.76 percent to 30,911 as compared to 28,421 transactions the previous week, QE weekly data suggested.
Market capitalisation rose by 0.85 percent to reach QR666bn last week compared to QR 660bn at the end of previous week. The real estate sector led trading value last week, accounting for 32.71 percent of the total, followed by the banking and financial services sector, which accounted for 31.84 percent. The industrials sector ranked third, accounting for 13.80 percent followed by insurance sector.
The trading volume was led by the real estate sector, followed by the banking and financial services sector, industrials sector and consumer goods and services sector.
Of the 43 companies listed, 23 ended higher last week, 16 fell and four remained unchanged.
Ezdan was the value leader of the week, accounting for 18.74 percent of the total trading value, followed by Barwa Real Estate and Masraf Al Rayan.
Gulf markets rise
Meanwhile, Middle East stock markets continued to digest index compiler MSCI’s semi-annual review, which was positive for most Gulf markets but sent Egypt’s bourse to a five-month low.
Saudi Arabia’s main index edged up 0.6 percent as blue-chip lenders Al Rajhi Bank and National Commercial Bank rose 2.4 and 1.5 percent respectively.
Saudi Basic Industries jumped 2.2 percent even as oil prices swung between gain and loss on worries about global economic growth. Al Tayyar Travel Group rose 1.8 percent.
MSCI on Tuesday published a standalone index for Saudi Arabia; the stock’s addition was the only change from a provisional Saudi benchmark published last year. Saudi Arabia will open its stock market to the first wave of qualified foreign investors on June 15, although analysts expect fund inflows to be slow and gradual.
Dubai’s index lagged, inching up just 0.1 percent as construction companies Drake and Scull International (DSI) and Arabtec fell 3 and 1.2 percent.
DSI reported a 38 percent drop in first-quarter profit yesterday, missing an analyst’s estimate as revenue fell, and it warned that difficulties in Saudi Arabia would affect its performance this year.
Egypt’s market dropped 2.6 percent to a five-month low of 8,303 points, extending losses after MSCI’s decision to exclude Telecom Egypt from its emerging markets index.
Telecom Egypt tumbled 6.7 percent after falling its daily 10 percent limit in the previous session, and many other Egyptian stocks also fell sharply.
CIB on Wednesday reported a 38 percent rise in first-quarter profit. Talaat Moustafa, a property firm, posted a 17 percent increase in quarterly profit
The Peninsula/Reuters
