Doha: Qatar Exchange index gained 71.60 points, or 0.59 percent when it closed trading at 12,162.04 points yesterday compared to 12,090.44 points on Tuesday.
The market capitalisation increased to QR643.81bn compared to QR640.33bn registered on Tuesday.
The traded valued decreased to QR260.58m with a volume of 5,247,652 shares from 2,822 transactions compared with QR363.77m with a volume of 8,401,363 shares from 3,926 transactions on Tuesday.
Indices of five sectors gained and two declined today. Banking and Financial services index gained the most yesterday, up 0.68 percent to 3,163.54 points. Industries sector index up 0.56 percent to 3,948.55 points and Real Estate sector gained 0.54 percent to 2,819.26 points.
The Total Return Index gained 0.59 percent (18,900.45 points), Al Rayan Islamic Index gained 0.37 percent (4,742.78 points) while the All Share Index gained 0.49 percent (3,244.22 points).
Meanwhile, Abu Dhabi’s stock market outperformed the region again yesterday due to telecommunications firm Etisalat, which surged after saying it would open its shares to foreign investors. Most other Gulf markets were firm on the back of stronger oil prices.
Etisalat closed 5.1 percent higher at Dh14.50, its highest finish since mid-2008, in its heaviest trading volume since February 2014.
The stock has risen sharply for two days since it said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of the company; currently, only United Arab Emirates individual investors can buy. It did not give a time frame for the change.
Etisalat’s rise helped the Abu Dhabi stock index climb 1.4 percent yesterday. However, Etisalat closed far off its intra-day high of Dh15.85, suggesting its rally is losing steam.
The stock is now richly valued with a forward price/earnings ratio of about 13 times, more expensive than Saudi Telecom at just under 11 and not far from Qatar’s Ooredoo at about 14.5.
Dubai’s index rose 0.5 percent, supported by Amlak Finance, which remained the most heavily traded stock in the emirate and the favourite target of speculative retail investors. It climbed 5.6 percent.
Education and healthcare investor Amanat was the second most heavily traded stock and soared its 15 percent daily limit amid market talk that a local fiThe Saudi market rose 0.4 percent as oil boosted top petrochemical producer Saudi Basic Industries by 1.5 percent.
Sabic and other blue chips suffered over the past week after the opening of the Saudi market to direct foreign investment on June 15 failed to trigger immediate, heavy inflows of funds. But the disappointment appears to be fading and investors have resumed buying blue chips on dips.
Saudi Automotive Services sank 3.2 percent. It had soared since mid-May on news of a new corporate financing package, but began falling back sharply on Tuesday.
Egypt rose almost 1 percent in early trade but closed only 0.1 percent higher, a sign of the gloom which has gripped the market since it failed to stage a sustained rally when the government suspended a capital gains tax in mid-May.
Agencies
