Doha: Qatar Exchange index ended its losing streak yesterday adding 73.10 points, or 0.65 percent to advance to 11,243.35 points from 11,170.25 on Tuesday.
The volume of the shares traded rose to 7,912,914 from 7,747,626 on Tuesday and the value of shares decreased to QR450,621,814.00 from QR451,078,249.96 on Tuesday.
Among the top gainers were Qatar National Bank which was up 1.86 percent to QR186.40, Qatar Insurance gained 2.36 percent to QR78.20, Industries Qatar added 0.33 percent to QR181.80 and Islamic Insurance was up by 0.95 percent to QR63.60.
The Banking and Financial sector index was up 0.92 percent while the industrial sector gained 0.21 percent and insurance sector added 1.85 percent.
Meanwhile, Saudi Arabia’s shares rose yesterday, buoyed by a recovery in global markets as investor focus returned to local fundamentals, while most other regional markets also gained.
Asian and European shares rebound and Turkey’s lira saw its biggest jump in five years yesterday after the central bank stunned investors with a huge rate hike designed to staunch and reverse a major flight from risk.
Gulf sentiment was supported, despite there being little local vulnerability to emerging market jitters since its external and fiscal surpluses are independently strong.
Saudi Arabia’s index climbed 0.6 percent, recovering some of the losses from earlier this week when the market came off a five-year high.
Shares in Samba Financial Group jumped 3.4 percent to a four-week closing high after the board proposed to issue one bonus share for every three held, according to a bourse statement.
Samba lifted sentiment across the banking sector — its index rose 1.1 percent, the main support for the market. The petrochemical sector measure added 0.2 percent.
“The market rebound is a spillover effect from international markets,” said Muhammad Faisal Potrik, research analyst at Riyad Capital. “Valuations for many major companies are nearing target price and it’s getting harder for analysts to give stock recommendations. Upside seems capped at current levels, but having said that, investors remain bullish for 2014.”
In the United Arab Emirates, Abu Dhabi’s measure rose 1.6 percent to a 65-month high. First Gulf Bank was the main driver, gaining 3.5 percent in buying ahead of earnings and dividend announcements expected later yesterday.
The lender reported a 19 percent rise in fourth-quarter next profit after the markets closed and its board recommended a cash dividend of one dirham per share and 30 percent in bonus shares for 2013.
“What’s playing a major role is sentiment across global markets — nevertheless, Q4 numbers and distribution are playing a supporting role,” said Marwan Shurrab, fund manager and head of trading at Vision Investments.
“Up until the company announcements, you’ll see the market attracting investors to build positions on weakness.” Dubai’s benchmark slipped 0.3 percent after a choppy session in which it briefly touched a five-year high.
Profit-taking in bellwether Emaar Properties shares weighed — the stock fell 1.7 percent, coming off a five-year high following Tuesday’s 6.3 percent surge on what traders said was speculation over a development project in Dubai.
Elsewhere, Oman’s Bank Muscat added 0.6 percent after saying it proposed a 40 percent dividend for 2013, 25 percent in cash and 15 percent in mandatory convertible bonds.
Agencies
