Doha: Qatar Exchange index gained 27.38 points or 0.19 percent when trading closed at 14,165.05 points here yesterday. The market capitalisation increased to QR752.2bn from QR749.34bn on Tuesday.
The banking and financial sector index gained 0.59 percent, telecoms added 0.40 percent and the industrial sector was up 0.30 percent. The real estate index dropped by 0.94 percent, transport was down by 0.40 percent, consumer goods fell 0.25 percent and insurance sector lost 0.11 percent. Of the 43 companies listed, 18 gained, 21 declined and six remained unchanged.
Qatar National Bank shares gained QR3.30 when it closed trading at QR208.40 while Islamic Holding gained QR2.80 at close, up 2.45 listed to QR117. The shares of Qatar Cinema and Films Distribution Company plummeted by QR3.45 when it closed at QR44.80.
Meanwhile, Saudi Arabia’s stock market led the region higher yesterday because of optimism over the government’s economic reform efforts, while other markets were buoyed by a more positive global mood. The main Saudi index gained 0.8 percent to 11,081 points, with Ma’aden rising 3.1 percent.
The Capital Market Authority said that it would permit off-market trading of shares in companies which had been suspended or delisted from the exchange. There are only a few such companies at present, but investors took the reform as a positive step for the market because it would reduce risks for shareholders in firms that were suspended because of accumulated losses.
“By allowing shares to trade OTC, this will help all shareholders to exit the shares if they wish,” said Turki Fadaak, head of research at Al Bilad Investment.
Also, Saudi media reported yesterday that the Supreme Economic Council, a top policy body chaired by the Custodian of Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, would study whether to tax undeveloped urban land as part of efforts to end a serious housing shortage.
Such a tax might benefit the stock market as a whole by stimulating construction activity and reducing the amount of money locked up in land speculation.
It could be costly for some wealthy individuals and companies with large land banks, however; property developer Dar Al Arkan was the most heavily traded stock, dropping 2.6 percent. Saudi food maker Savola rose 1.5 percent after Kuwait Food Co (Americana) asked for its shares to be suspended because its main shareholder, a firm owned by the Al Kharafi family, was reviewing its stake.
Elsewhere, in Dubai, a spate of profit-taking by retail investors to raise money for the initial public offer of Emaar Properties’ malls unit eased, and the market index closed flat. Emaar shares rose 0.5 percent.
In Abu Dhabi, Waha Capital climbed 1.9 percent and was the most heavily traded stock; its board was to discuss a share buyback programme.
In Kuwait, telecommunications firm Zain Kuwait fell 1.5 percent after its unit Zain Bahrain said it was extending the subscription period for its IPO on the Bahraini bourse by two weeks.
HIGHLIGHTS
DUBAI: The index closed flat at 4,985 points.
ABU DHABI: The index rose 0.4 percent to 5,172 points.
EGYPT: The index rose 0.4 percent to 9,575 points.
SAUDI ARABIA: The index gained 0.8 percent to 11,081 points.
KUWAIT: The index edged up 0.2 percent 7,587 points.
OMAN: The index inched up 0.1 percent to 7,497 points.
BAHRAIN: The index climbed 0.3 percent to 1,473 points.
Reuters
