DOHA: Qatar stocks rebounded yesterday after a sell-off in the past week that shaved 6.43 percent off the benchmark index amid broader global equities corrections. Qatar Exchange’s main stock index jumped 1.59 percent, led by banking stocks.
Shares of Commercial Bank rose by 2.77 percent and Al Rayan was up 1.95 percent. QNB edged 2.02 percent up, while Doha Bank added 1.43 percent. International Islamic, which announced a 10 percent growth in its net profit, rose 1.1 percent. Overall, the banking sector appreciated by 1.57 percent. Rest of the sectoral indices were also up, with real estate sector gaining the most by 2.05 percent. Bellwether Industries Qatar, which is expected to disclose its results in the coming days, advanced by 2.47 percent. Industrials sectoral stocks gained 1.51. Foreign institutional investors were the net buyers.
Most exchanges in the Middle East rebounded yesterday after global stock markets recovered on Friday from a big sell-off triggered by worries about the impact of weak earnings reports on growth and businesses, Reuters reported.
Dubai’s bourse jumped 3.5 percent after tumbling 5 percent in the previous session. Most stocks posted gains and builder Arabtec Holding was one of the top performers, surging 8.1 percent.
Abu Dhabi’s index added 0.5 percent as Abu Dhabi Commercial Bank rose 1.9 percent and Abu Dhabi Islamic Bank surged 5.7 percent.
Saudi Arabia’s main index rose 2.4 percent as most stocks gained. Alinma Bank was the main support, surging 9.5 percent. The lender has yet to publish its third-quarter earnings and other local banks have so far posted mixed results.
Egypt’s index also edged up early in the session but then changed direction and closed 0.8 percent down as most shares declined.
The Peninsula
