Doha: Qatar Exchange index gained 17.33 points or 0.14 percent when the bourse closed trading at 12,209.54 points yesterday. The market capitalisation increased to QR654.492bn from QR654.163bn registered on Monday.
Indices of four sectors gained and three dropped. Insurance index advanced the most, up 1.30 percent to 4,177.8 points and consumer goods and serices index declined the most, down 0.40 percent to 7,318.66 points. Of the 43 companies lsited, shares of 42 saw trading. Of these, 16 advanced, 19 declined and seven remained unchanged.
Meanwhile, Egypt’s bourse fell to a four-month low because of the introduction of taxes on capital gains and dividends this month, while most Gulf stock markets barely moved.
The Cairo index slid 1.9 percent to 8,331 points, its lowest level since December 18, ignoring positive news such as first-quarter earnings. Egypt’s second-biggest listed property developer Palm Hills , for instance, tumbled 5.7 percent despite saying that first-quarter net profit had more than quadrupled to $28.2m.
In the Gulf, Saudi Arabia’s index was nearly flat. Equities investors across the world were cautious ahead of the two-day US Federal Open Market Committee meeting. Market expectations for a US interest rate increase have been pushed further down the road, with few investors now expecting a rate hike in June and most predicting a move later this year.
But there is risk associated with this week’s Fed meeting because the US dollar’s strength has hurt Gulf-based exporters such as Savola Group, Saudi Arabia’s top food maker. Savola shares fell 0.8 percent. Dubai property stocks are also sensitive to the US rate outlook.
Saudi Basic Industries and National Commercial Bank were among the main supports, climbing 0.5 percent each. Most other Gulf markets also moved 0.1 percent or less, with the exception of Dubai, which climbed 0.7 percent to a new 4-1/2-month closing high of 4,182 points. It faces major technical resistance at 4,251 points, the 200-day average.
Emaar Malls was one of the main supports, jumping 2.9 percent. Dubai brokerage Arqaam Capital said this week it expected index compiler MSCI to add the stock to its emerging market index in the May 12 semi-annual index review.
Dubai Investments jumped 4.2 percent to Dh2.99, attracting the attention of investors focused on technical analysis as it rose above its mid-April peak of Dh2.96.
But telecommunications operator du lost 1.0 percent after reporting a 0.6 percent fall in first-quarter profit. The firm made Dh487.1m; analysts polled by Reuters had on average forecast 564.7 million dirhams.
HIGHLIGHTS
SAUDI ARABIA: The index inched up to 9,713 points.
DUBAI: The index edged up 0.7 percent to 4,182 points.
EGYPT: The index fell 1.9 percent to 8,331 points.
BAHRAIN: The index edged down to 1,390 points.
QNA/Reuters
London: Europe’s main stock markets slumped yesterday as market uncertainty resurfaced over Greece reaching a debt deal with its EU-IMF creditors and the eurozone chief called on Athens to be “realistic”.
London’s benchmark FTSE 100 slid 1.03 percent to close at 7,030.53 points, with investor outlook also taking a knock from disappointing British growth data ahead of next week’s general election. Frankfurt’s DAX 30 index sank 1.89 percent to 11,811.66 points and the CAC 40 in Paris tumbled 1.81 percent to 5,173.38 compared with Monday’s close.
In foreign exchange activity, the euro rose to $1.0971 from $1.0889 late in New York on Monday.
“The market goodwill (over Greece)... has all but disappeared,” said Connor Campbell, financial analyst at Spreadex trading group. Greece has been trying to negotiate a deal that would unlock $7.8bn in remaining EU-IMF bailout money that the debt-ridden country needs to avoid default and a possible exit from the euro.
In Britain, which unlike Germany and France, is not part of the eurozone, official data showed its economy grew far slower than expected in the first quarter of 2015, in turn delivering a blow to Prime Minister David Cameron’s government just nine days before a general election.
On the corporate front, shares in BP slipped 0.17 percent to 476.10 pence after the British energy giant announced sliding profit for the first quarter of the year compared with the same period in 2014, amid plunging oil prices.
BP said underlying replacement cost profit — a measure of earnings watched by the market — slumped 39 percent to $2.1bn.
US markets were higher on news that Merck pharmaceuticals beat analysts’ earnings forecasts.
Around mid-day in New York, the Dow Jones Industrial Average was up 0.24 percent at 18,082.11 points, lifted by a 5 percent jump in Merck shares.
The broader S&P 500 gained 0.16 percent to stand 2,112.28 points, while the tech-rich Nasdaq Composite Index rose 0.03 percent to 5,061.92.
Asian markets mostly fell following losses on Wall Street, with Shanghai losing more than one percent a day after hitting a seven-year high.
AFP
