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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
 Oct 26 2014 - Qatar- GCC finance ministers, central bank chiefs meet to discuss joint strategyThe Peninsula
(MENAFN - The Peninsula) GCC ministers of financial and economic affairs and central banks' governors began here yesterday a joint meeting, aimed at reaching common perspective regarding key issues ...

 Oct 26 2014 - 'Foreign hands' behind Sinai attack, says SisiThe Peninsula
(MENAFN - The Peninsula) Egypt's President Abdel Fattah Al Sisi said yesterday that an assault on an army checkpoint in the Sinai Peninsula that killed 30 troops was a "foreign-funded operation" and ...

 Oct 26 2014 - Clashes in Jerusalem funeral delayedThe Peninsula
(MENAFN - The Peninsula) Israeli police clashed with Palestinians across east Jerusalem yesterday ahead of a potentially explosive funeral that was delayed for a day and tight security conditions ...

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(MENAFN - The Peninsula) Iraqi security forces made significant gains against Islamic State in a strategic area near Baghdad yesterday and Kurdish fighters retook a northern town after heavy ...

 Oct 26 2014 - Qatar- HMC presents Stars of Excellence awardsThe Peninsula
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 Oct 26 2014 - Qatar- Documentary on forced disappearances in Sri Lanka to be shown todayThe Peninsula
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 Oct 26 2014 - Qatar- Shisha research forum opens todayThe Peninsula
(MENAFN - The Peninsula) The Second International Conference on Water-Pipe Tobacco Smoking (Shisha) Research opens today to describe and analyse 'collision of two epidemics' of water-pipe and ...

 Oct 26 2014 - Qatar- WMDs workshop held for university studentsThe Peninsula
(MENAFN - The Peninsula) To raise awareness among university students about the dangers associated with nuclear, biological, and chemical weapons, Georgetown University in Qatar (GU-Q) held the ...

 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

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