Doha: Qatar Exchange index dropped slightly by 6.29 points or 0.05 percent when the bourse closed at 11,517.48 points here yesterday. The market capitalisation decreased to QR623.94bn from QR624.44bn registered on Thursday.
Indices of four sectors gained and three declined today. Of the 43 companies listed on QE, shares of 38 saw trading. From these 15 gained, 16 declined and seven remained unchanged.
Telecommunications firm Ooredoo fell 1.1 percent after it warned investors last week that it expected revenue to fall by as much as 3 percent in 2015 and core earnings to drop by a similar margin. Commercial Bank of Qatar jumped 3.7 percent despite going ex-dividend after its shareholders approved the issue of up to $1bn in capital-raising instruments.
Meanwhile, Saudi Arabia’s bourse rebounded further after oil prices mounted an end-of-week rally, while other Gulf markets were steady although Arabtec weighed on Dubai following the builder’s poor quarterly results.
Brent oil rose 1.6 percent to $55.32 per barrel on Friday while US crude futures for April delivery jumped 4 percent to settle at $45.72 as the dollar posted its biggest weekly decline against the euro in more than three years.
Saudi Arabia’s main stock index added 1.5 percent, as petrochemical giant Saudi Basic Industries (SABIC) climbed 1.1 percent and other sectors, such as banks and property firms, were also strong.
Real estate developer Dar Al Arkan jumped 2.8 percent and was the most traded stock, while Emaar Economic City climbed 2.2 percent. Top lender National Commercial Bank surged 4.2 percent.
Local and regional investors are accumulating Saudi equities as the kingdom prepares to allow direct foreign share ownership in the first half of 2015. A similar phenomenon helped Dubai’s index more than double in 2013 when index compiler MSCI said it would upgrade it to emerging market status.
Savola Group stabilised, falling 1.1 percent. It dropped by its daily 10 percent limit on Thursday after the firm halved its outlook for first-quarter profit before capital gains because of suffering retail sales and exports. Yanbu National Petrochemicals Co and Southern Province Cement fell 1.8 and 2.4 percent respectively as they went ex-dividend.
Dubai’s index was the weakest in the Gulf, falling 1.4 percent because of builder Arabtec which tumbled its daily 10 percent limit. The construction firm, whose shares are among the most traded on Dubai’s bourse, also proposed no cash dividend for 2014, but offered a 5 percent bonus share issue.
Other Gulf markets consolidated. Abu Dhabi slipped 0.3 percent. Egypt’s index fell 1.7 percent as all of its constituents declined. One reason for the market’s weakness could be investors cashing out to take part initial public offer of Misr Fertilizers Production Company, which announced its intention to list at the end of last week.
The listing is part of a flurry of initial public offerings, mergers and rights issues that have boosted market activity. Egyptian food maker Edita will put up shares in a secondary offering in April and Orascom Construction completed a secondary offer this month.
reuters
