Doha: Qatar Exchange pursued its upswing trend yesterday, adding 21.69 points (or 0.25 percent) to advance to 8,769.20 points from 8,747.51 on Tuesday.
Among the top gainers were Barwa Real Estate Company which was up 0.91 percent to QR27.75, Qatar Telecom rose 3.11 percent to QR116, General Insurance gained 3.30 percent to QR45.45 and United Development Company was up by 0.84 percent to QR18.10.
The banking and financial sector index lost 0.31 points, the consumer goods and services sector index fell 0.28 points, the industrial sector gained 0.30 points while the insurance sector rose 0.54 points.
Meanwhile, Egypt’s bourse made its largest decline in more than a week yesterday as continuing political instability and foreign reserves falling to critical levels weighed on investor sentiment, while Gulf markets were mixed.
Cairo’s benchmark index dropped 1.8 percent, snapping a five-session winning streak in its biggest daily drop since January 29. Analysts had expected selling pressure after figures released late on Tuesday showed the country’s foreign reserves fell to $13.6bn in January, below the $15bn level which the government has said would be enough to cover three months of imports.
Orascom Telecom and Palm Hills Development Co led the drop, losing 4.3 and 2.8 percent respectively.
Elsewhere, Saudi Arabia’s index slipped 0.1 percent after optimism over a new Capital Market Authority (CMA) chairman proved short-lived.
The King appointed Mohammed bin Abdulmalik Al Sheikh as the new chairman for the CMA in a royal decree late Tuesday. Analysts and traders said Tuweijri had been expected to leave as his term ended. They said the change was not necessarily related to Saudi Arabia’s preparations to open its stock market more fully to foreign investors, which have been in progress for years. The government has not yet set a date for the opening.
Nevertheless, the appointment is generally being seen as positive, given Al Sheikh’s professional background.
“The new chairman has a legal background related to securities and companies looking to go public - the market is receiving the decision positively,” said Mohammad Omran, a Riyadh-based independent financial analyst. Al Sheikh could also drive a legal structure overhaul in the capital market, he added.
In Dubai, the index gained 0.1 percent, as company earnings bolster sentiment. Emaar Properties and Drake & Scull added 0.2 and 2.2 percent respectively.
Emaar’s fourth-quarter profit missed estimates but many analysts remain upbeat about the property developer’s prospects as it diversifies into retail and hospitality. It shares are up 27 percent in 2013. The market rose for a ninth session in the last 10 and hit a 37-month high last week.
“Medium to long-term money is back because investors found a success story in Dubai - a good chunk of allocation from foreigners was in Emaar,” said Reda Gomaa, portfolio manager at Mashreq.
Abu Dhabi’s benchmark slipped 0.1 percent, down from Tuesday’s 34-month high. Shares in Union National Bank tumbled 8.5 percent to a nine-day low after the lender’s fourth-quarter profit fell well short of estimates.
Elsewhere, Kuwait’s index also declined, losing 0.7 percent. It stalled its early-year surge following the jailing of three opposition lawmakers. QNA/Reuters
