Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- QE extends rally, highest close since June 2008  Join our daily free Newsletter

MENAFN - The Peninsula - 08/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Exchange index rose 1 percent yesterday to end at 12,217 points, its highest close since June 2008, as blue-chip stocks led gains.

Qatar's adoption of a record 60bn state budget last month sparked the latest rally. The benchmark is now up 18 percent in 2014 and is the second-best performing Gulf index behind Dubai, which has gained 38 percent.

Extending its rally on the 10th straight session, the index added 118.29 points to advance to 12,216.75 points. The volume of the shares traded fell to 32 million from the previous session's 38 million and the value of shares increased to QR1.24bn from QR1.18bn

Among the top gainers were Ooredoo, Rayan and National Leasing. Ooredoo was up 3.36 percent to QR147.80. Rayan gained 2.59 percent to QR43.50 and National Leasing added 0.99 percent to QR30.70 .

The banking and financial sector index was gained 0.81 points while consumer goods and services sector index up 0.65 points. The industrial sector was added 0.22 points while insurance sector dropped 0.34 points.

Elsewhere in the region, property and banking stocks lifted markets in the United Arab Emirates, while petrochemical and retail names weighed on Saudi Arabia's bourse.

Dubai's bourse rose 1.4 percent to 4,654 points, recovering from a minor pull-back on Sunday.

Bourse operator DFM gained 0.6 percent on above-average volumes after a top Dubai economic policymaker said an agreement to merge it with the Abu Dhabi Securities Exchange had been reached in principle, although nothing had been finalised.

DFM also said last month its trading volumes this year had grown 425 percent year-on-year, which was likely to translate into higher income. HSBC forecast DFM's first-quarter profit will jump 647 percent to Dh202m (55m). "I think investors are starting to price in (expected) first-quarter numbers," said Sanyalak Manibhandu, manager of research at NBAD Securities.

Dubai Islamic Bank added 2.2 percent. The bank owns a 41 percent stake in developer Deyaar, whose shares have soared following its decision to allow foreign ownership of the stock.

Developers Emaar Properties and Union Properties along with contractors Arabtec and Drake and Scull were among Dubai's other notable gainers.

Residential property prices in the emirate grew 33 percent year-on-year in the first quarter, according to a report from property consultancy Jones Lang LaSalle. It forecast further price and rent increases across all property sectors this year.

Real estate investment trust Emirates REIT IPO will further test investor appetite for the sector when it starts trading on NASDAQ Dubai today.

Abu Dhabi's bourse scaled the psychologically-important level of 5,000 points, rising 0.9 percent to 5,012.

Saudi Arabia's bourse slipped 0.3 percent to 9,508 points. Heavyweight petrochemicals producer SABIC fell 0.6 percent as global oil prices eased on expectations of increased Libyan supplies. Other petrochemicals also dipped.

But the biggest loser was the retail sector, which dropped 1.1 percent. Jarir Marketing fell 1.2 percent after its first quarter profit slightly missed analysts' forecasts.

Egypt's bourse, which has been in profit-taking mode since late March, edged lower in early trade but then recovered to close up 0.1 percent at 7,530 points as telecom stocks led.

 


The Peninsula




  MENA News Headlines
 Dec 28 2014 - Saudi's RCJY signs USD107.43m dealsMENAFN
(MENAFN) The Royal Commission for Jubail and Yanbu (RCJY) announced it has signed two contracts worth USD107.43 for the construction of a residential complex for the commission staff in Ras Al-Khair ...

 Dec 28 2014 - Saudi GOSI investments hit USD14.37b in 2014MENAFN
(MENAFN) The General Organization for Social Insurance (GOSI) announced that the value of its domestic investments has exceeded USD14.37 billion in 2014, which were circulated in nearly 68 companies, ...

 Dec 28 2014 - ME tourism grows strongly after slumpMENAFN
(MENAFN) After three years of decreasing figures, tourism numbers have rebounded this year, with data from a United National agency showing 4 percent growth in the first 10 months of 2014, Arabian ...

 Dec 28 2014 - Dubai's Danube invests USD81m on tower projectMENAFN
(MENAFN) Dubai's Danube Properties announced that it will be investing USD81.6 million on its affordable luxury apartment project 'Glitz by Danube', Arabian Business reported.The project will include ...

 Dec 28 2014 - Dubai's DI to invest USD2.7b on property projectsMENAFN
(MENAFN) Dubai Investments PJSC announced it has plans to invest USD2.7 billion in real-estate projects in the next five years, due to the increase in demand for property in the emirate, Gulf ...

 Dec 28 2014 - Jewish settlers storm Al Aqsa MosqueJordan News Agency
(MENAFN - Jordan News Agency)  Groups of Jewish settlers on Sunday stormed Al Aqsa Mosque yards via the Al-Magarbah Gate.The settlers toured in groups the Mosque's yards in a provocative manner under ...

 Dec 28 2014 - Public Holiday announced for Prophet Mohammad's BirthdayJordan News Agency
(MENAFN - Jordan News Agency)  All ministries, government departments and public institutions will observe a holiday on Saturday, 12 Rabi' al Awwal, 1436 Hijri corresponding to January 3, 2015, on ...

 Dec 28 2014 - Jordan to observe holiday on New Year's DayJordan News Agency
(MENAFN - Jordan News Agency)  All ministries, public departments and institutions will observe a holiday on Thursday, January 1, 2015 on the occasion of the New Year's Day, according to a ...

 Dec 28 2014 - Cold weather forecast over next two daysJordan News Agency
(MENAFN - Jordan News Agency)  A slight drop in temperatures is expected today and the weather will be cold in the hilly areas but fair in the Jordan Valley and Aqaba.According to the Jordan ...

 Dec 28 2014 - Israeli forces arrest 11 Palestinians in West BankJordan News Agency
(MENAFN - Jordan News Agency)  Israeli occupation forces on Sunday arrested 11 Palestinians from various parts of the occupied West Bank.Palestinian sources reported that the occupation forces ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help