Doha: Qatar Exchange ended in the green area yesterday, adding 51.02 points, or 0.45 percent, to close at 11,309.53 points from Monday’s close of 11,258.51.
The volume of the shares traded fell to 15,656,428 yesterday from 15,845,672 on Monday and the value of shares increased to QR642,170,175.46 from QR505,786,828.53 Monday.
Among the top gainers were Qatar National Bank which was up 0.23 percent to QR177.30, Industries Qatar gained 1.37 percent to QR177.40, Barwa Real Estate added 4.53 percent to QR35.75 and Mazaya Qatar up by 2.99 percent to QR13.78.
The banking and financial sector index gained 0.14 percent, while consumer goods and services sector index lost 0.10 percent. The industrial sector added 0.90 percent, while insurance sector was down 1.48 percent.
Elsewhere in the region, Egypt’s bourse resumed a rally after a minor correction on Monday to lead gains across the Middle East, while Bahraini banks weighed on Manama’s bourse after some lenders went ex-dividend or chose not to pay dividends at all.
Egypt’s market index added 1.1 percent in widespread gains despite fresh protests against death sentences handed down to 529 Muslim Brotherhood supporters.
Optimism about political transition has been one of the main drivers of the continuing rally, said Mohamed Radwan, director of international sales at Pharos Securities. “It has been a very good couple of weeks,” he said. “The market has been moving on a strong momentum.”
Dubai’s bourse added 0.6 percent, rebounding following Monday’s mild profit-taking.
Heavyweight Emaar Properties rose 0.2 percent after a UAE minister said the shares of indebted mortgage lender Amlak, an Emaar affiliate, would resume trading in the second half of this year. “We believe this action is positive for Emaar, which has total assets of about DH938m invested in Amlak,” brokerage Mubasher said in a note.
“...Resuming trading for Amlak could, in our view, add to Emaar’s valuation via Amlak’s market value; even if this was a minimal add.”
Abu Dhabi’s bourse climbed 0.2 percent despite Abu Dhabi National Energy Co (TAQA) dropping by its daily limit of 10 percent after the company reported a 2013 loss and proposed no dividend payout.
The stock sank to Dh1.26, hitting major technical support at Dh1.26-27, the lows this month and last December.
Bahrain’s bourse fell 1.5 percent as local banks continued to slide.
Khaleeji Commercial Bank shed another 2 percent after posting the same decline on Monday when it said it had cancelled plans to merge with unlisted Bank Al Khair. Arab Banking Corp, which plunged its daily limit of 10 percent a day earlier after going ex-dividend, lost another 7.4 percent.
It jumped its daily limit for five straight sessions earlier this month in anticipation of its $0.05-a-share dividend.
Ahli United Bank slid 1.2 percent after announcing that its shares would not entitle their holders to an 18 percent cash dividend from today. Bahrain Islamic Bank fell 2.8 percent after its shareholders decided to pay no dividends for 2013.
In Oman, trading was suspended shortly after the session opened on Tuesday due to a technical issue. The bourse said trading would resume today.
QNA & Reuters
