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MENAFN - The Peninsula - 29/01/2014
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(MENAFN - The Peninsula) Qatar Exchange index lost 75.61 points, or 0.67 percent, yesterday to reach 11,170.25 points from the previous closing of 11,245.86 points yesterday



The volume of shares fell to 7,747,626 from Monday 8,717,748 and the value of shares decreased to QR451,078,249.96 from QR525,331,411.06 on Monday



Among the top losers were Qatar National Bank whose share was down 1.61 percent to QR183.00, Commercial Bank of Qatar lost 1.24 percent to QR71.50, Ooredoo fell 4.23 percent to QR149.40 and Islamic Holding decreased by 1.62 percent to QR45.65



The Banking and Financial sector index lost 0.84 percent while Consumer Goods and Services sector index added 0.33 percent. The Industrial sector was up 0.06 percent while insurance sector gained 0.94 percent points



Meanwhile, Egypt's stock market climbed to a 44-month high yesterday after the army chief was given the green light to run for president, while markets in the United Arab Emirates snapped a two-session decline.



The Supreme Council of the Armed Forces cleared Field Marshal Abdel Fattah Al Sisi to run in upcoming elections, which he looks sure to win. Many Egyptians see him as the best chance for political stability.



"Sisi still didn't officially announce his bid for presidency, but all roads are leading in that direction because of popular demand," said Mohamed Radwan, director of international sales at Pharos Securities in Cairo.



"People are more comfortable having Sisi as president rather than anyone else because it creates a sense of stability."



Sentiment was also helped by Finance Minister Ahmed Galal saying the interim government would soon launch a second stimulus package of about the same size as the first one, 30bn Egyptian pounds (4.3bn).



In a sign that Sisi may have to face a growing Islamist militant campaign, gunmen killed a senior Egyptian Interior Ministry official outside his home in Cairo on Tuesday, according to security officials.



But for now at least, many investors feel the level of violence is tolerable. Cairo's benchmark index rose 1.5 percent to 7,368 points, its highest level since May 2010.



It climbed above strong technical resistance at 7,248 points, the January 2011 high; a weekly close above that level would confirm a break. The index faces another major resistance at 7,693 points, the peak in April 2010



Shares in EFG-Hermes rose 3.3 percent after the investment bank said it was arranging three initial public offers of shares with a combined value of over 300m this year - Egypt's first IPOs since 2010.



In the United Arab Emirates, Dubai's bourse jumped 3.2 percent to 3,805 points, halting a two-day drop that was triggered by the global sell-off in emerging markets. It ended just short of Thursday's five-year, intra-day peak 3,826 points



Blue chip Emaar Properties jumped 6.3 percent to 8.24 dirhams, its highest close since September 2008, after EFG-Hermes raised its price target for the stock to 10.1 dirhams and upgraded it to a 'buy', citing improved sentiment towards growth stocks in the region and the strengths of Emaar's own business, which saw strong gains in leasing and hospitality revenues during the first nine months of last yea

 


The Peninsula




  MENA News Headlines
 Apr 17 2015 - UAE's Emaar Properties expects USD1.01b net profit in 2015MENAFN
(MENAFN) Dubai-based Emaar Properties expects an accumulated net profit of about USD1.01 billion in 2015, showing an increase over analysts' forecasts, according to a corporate presentation, Reuters ...

 Apr 17 2015 - UAE imports USD199.3m of Swedish woodMENAFN
(MENAFN) The UAE imported a total of USD199.3 million worth of wood from Sweden, marking 25 percent of the European country's wood exports to the region, Emirates News Agency reported.Sweden exported ...

 Apr 17 2015 - Tunisia signs USD106.31m loan with European CommissionMENAFN
(MENAFN) The government of Tunisia is set to receive USD106.31 million loan from the European Commission who approved the payment on behalf of the EU, Kuwait News Agency reported.The sum comprises ...

 Apr 17 2015 - Al Rayyan and Al Ahli register winsThe Peninsula
(MENAFN - The Peninsula) Cage Calvin (right) of Al Wakrah attempts to break through the Al Rayyan defence during the Qatar Basketball Cup 2015 at Al Gharafa Stadium yesterday. Al Rayyan won 102-74. ...

 Apr 17 2015 - Ice-hockey: Czech star Jaroslav Holik dies aged 72The Peninsula
(MENAFN - The Peninsula) Prague - Czech ice-hockey legend Jaroslav Holik, who led his country's under-20 team to world titles in 2000 and 2001 as a coach, has died at the age of 72, local media said ...

 Apr 17 2015 - Figure skating: World Team Trophy resultsThe Peninsula
(MENAFN - The Peninsula) Tokyo - Results from figure skating's World Team Trophy in Tokyo on Friday:Pairs short programme1. Sui Wenjing/Han Cong (CHN) 71.20 points2. Meagan Duhamel/Eric Radford (CAN) ...

 Apr 17 2015 - Qatar Exchange gains 113.62 points regional bourses bullishThe Peninsula
(MENAFN - The Peninsula) Qatar Exchange index continued its green run yesterday, gaining 113.62 points, or 0.96 percent when the bourse closed trading at 11,947.45 points. Indices of all sectors made ...

 Apr 17 2015 - Qatari stocks break 12,000 mark, up 0.3pThe Peninsula
(MENAFN - The Peninsula) Qatari stocks broke the psychological 12,000 mark in intraday trade yesterday before finishing slightly lower at 11,987, up 0.3 percent from the previous session. The ...

 Apr 17 2015 - Building raw materials to be cheaper soonThe Peninsula
(MENAFN - The Peninsula) The basic building raw materials such as gabbro and limestone in the local market are likely to become cheaper in the near future due to stiff competition among importers, ...

 Apr 17 2015 - Barwa buys Saudi residential compound in SR300m dealThe Peninsula
(MENAFN - The Peninsula) The First Investor (TFI), the investment banking division of Barwa Bank Group (BBG), announced the acquisition of a residential compound in Riyadh by Manazel Compounds Real ...

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