Doha: Qatar Exchange index was bullish yesterday adding 48.95 points or 0.54 percent to advance to 9,085.90 points from 9,036.95 on Tuesday.
The volume of the shares traded fell to 10,195,678 from 12,456,857 on Tuesday, and the value of shares decreased to QR346,502,883.46 from QR400,158,536.81 on Tuesday.
Among the top gainers were Commercial Bank of Qatar which was up 0.73 percent to QR69.00, Barwa Real Estate rose 0.97 percent to QR26.05, Qatar Telecom gained 1.35 percent to QR120.50 and Qatar Navigation was up by 2.94 percent to Q73.60.
The banking and financial sector index was up 0.28 points while consumer goods and services sector index rose 0.26 points. The industrial sector was added 0.12 points while insurance sector gained 0.60 points.
Meanwhile, Kuwait’s rally stalled yesterday as investors booked profits in bluechip and mid-cap stocks, while other Middle East markets were mixed in lacklustre trade.
Kuwait’s index fell 0.3 percent, easing from Tuesday’s near four-year high.
Telecom operator Zain and National Bank of Kuwait shed one and 1.4 percent respectively. Small-caps again dominated trade.
Fouad Abdulrahman Alhadlaq, deputy general manager at Al Dar Asset Management, said companies with weak fundamentals have been the biggest gainers in the market’s surge, which is a worry because valuations look stretched.
“You have to be more careful if you go after small to mid-sized companies,” he said.
In Saudi Arabia, the benchmark rose for a sixth straight session to hit a fresh one-year high.
Banking shares gained as they played catch up to other sectors. Riyad Bank and Banque Saudi Fransi added 1.1 and one percent respectively. Banks had underformed of late due to weak earnings.
Retail shares also rose with the sector’s benchmark adding 0.5 percent.
“Sectors driven by local demand will be outperformers this year - their year-to-date performance will continue, but with the occasional correction,” said Faisal Al Othman, portfolio manager at Riyadh-based Arab National Bank.
Barwa Real Estate climbed 1 percent after a court reversed last year’s ruling that ordered Barwa’s Sudan subsidiary and The Green City Company to pay $31m in compensation for Dreamland Construction in Sudan.
Alijarah Holding (National Leasing) rose two percent and large-caps also advanced.
Elsewhere, Dubai’s measure rose for a first day in three in heavy trade as buyers returned. The index climbed 0.2 percent to extend 2013 gains to 43.2 percent.
Builder Arabtec ended flat, halting two sessions of losses after the firm said it had resolved a labour dispute.
Abu Dhabi’s index slipped 0.2 percent, down for a third session since Monday’s 54-month high.
Agencies
