Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Exchange index adds 37.4 points  Join our daily free Newsletter

MENAFN - The Peninsula - 20/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Exchange index went up marginally by 37.4 points when trading closed yesterday at 13,682.04 points, up 0.27 percent on previous day's closing of 13,644.64.

The trading value reached QR943,803,146.75 with volume of 20,587,458 shares changing hands from 8,580 transactions yesterday.

Medicare topped gainers, up a significant 5.71 percent, to close at QR135.20 from Monday's QR127.90. Qatar National Bank share was up 1.54 percent to QR 197.30.

Retail major Al Meera dropped QR3.30 when it closed at QR191.70.

Meanwhile, Egyptian property developer SODIC helped Cairo's bourse rebound yesterday as foreign institutions bought into the country's buoyant real estate sector.

Gulf markets were also mostly upbeat as buying demand increased slightly, but trading remained in a summer lull.

SODIC's shares surged 8.7 percent to a six-year peak of 47.30 Egyptian pounds. Last week, the firm - also called Sixth of October Development and Investment Co - posted a 14 percent rise in second-quarter profit.

The stock rose above resistance at 45.0-46.8 pounds and does not face any major hurdles until 63 pounds, according to a note from Pharos Securities. It peaked in December 2010, shortly before the revolution that ousted Hosni Mubarak, at 46.80 pounds.

"Egypt's real estate companies have reported good quarterly numbers, especially in terms of booking new sales and improving their balance sheets," said Harshjit Oza, a property and banking analyst at Naeem Brokerage in Cairo.

"This has come from strong off-plan sales and an improvement in their collection of receivables."

Other property stocks also gained. Talaat Moustafa, which posted a double-digit increase in half-year profit last week, rose 5.5 percent, while Palm Hills Development Co climbed 1.6 percent.

"Foreign flows are returning to real estate stocks, having been absent since the revolution - foreign institutional buying was the trigger for today's rally, with local investors then following suit," said Oza.

Demographic factors such as urbanisation, population growth and most importantly a trend of families moving to the outskirts of Cairo, where most new developments are located, are driving real estate demand anprices, he added. Property is also seen as a hedge against currency devaluation and inflation.

Egypt's main index rose 0.9 percent to 9,396 points, clawing back some of Monday's 1.4 percent decline, which was its largest drop in eight weeks.
Dubai's index rose 0.6 percent to a two-week high and volumes reached a similar milestone, topping 200 million shares for only the fourth time this month.

Trading was concentrated in a handful of mid-cap stocks that are usually the prime targets for retail day traders chasing a quick profit, so Tuesday's gains may not indicate the start of a sustained rally.

Builder Arabtec and Union Properties accounted for nearly half of all shares changing hands, rising 0.5 and 1.4 percent respectively.

"Volumes are up slightly today, but i don't see any major short-term catalysts until the run-up to Q3 results," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.

"UAE markets are based on retail traders, who mostly follow technical analysis so you tend to see activity in stocks based purely on technical trends."

Abu Dhabi was near-flat, edging up 0.04 percent to be within a few points of a new 10-week high.

"UAE markets are trading at a premium to other emerging markets but the country has a low debt-to-GDP ratio, it's a dollar-pegged (currency) and there's large-scale government infrastructure spending so I believe that premium is justified," said Adou.

Saudi Arabia's index rose 0.1 percent to reach a new six-and-a-half year peak, though the benchmark is now essentially moving sideways in much reduced volatility. It soared 8.5 percent from July 21 to Aug. 10 after plans were announced to allow direct foreign ownership of Saudi stocks. Since then it has traded in a 135-point, or 1.3 percent, range.

"Investors got excited about Saudi opening up to foreign investors and overall this is very positive, but I think the rally has been overdone - valuations are a bit stretched," said The National Investor's Adou. "It will bring more diversity in terms of investors, but the market is already very liquid."

The regulator is expected to announced draft rules covering the market opening, which will take place in the first half of next year, in coming days.

 


The Peninsula




  MENA News Headlines
 Aug 28 2016 - TeleTXT Storms the App Market with their TeleTXT MessengerMENAFN Press
(MENAFN Press) TeleTXT Messenger is a cross-platform mobile messaging app which allows you to send messages to TV and Radio channels without having to pay for SMS, beside this so many available ...

 Aug 28 2016 - SOUTH SUDAN: Nearly 50,000 internally displaced People cut off from Humanitarian Assistance due to Increased ViolenceMENAFN Press
(MENAFN Press) SOUTH SUDAN: Nearly 50,000 internally displaced People cut off from Humanitarian Assistance due to Increased Violence The medical-humanitarian organisation Doctors Without Borders ...

 Aug 28 2016 - Turkey Looks to Gulf Nations to Support TourismMENAFN Press
(MENAFN Press) In the lead up to the public holidays marking Eid Al Adha in September, the Turkish Ministry of Culture and Tourism is looking to visitors from Gulf countries to offset the recent ...

 Aug 28 2016 - Construction worker becomes the new millionaire of Al Ansari RewardsSummer Promotion 2016'MENAFN Press
(MENAFN Press) UAE, August 24, 2016– Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced the name of the third millionaire of ‘Al ...

 Aug 28 2016 - Sophos Expands Sophos Central Cloud-Based Management Platform with Sophos EmailMENAFN Press
(MENAFN Press) Sophos (LSE: SOPH), a global leader in network and endpoint security, today announced that Sophos Email is now available in its cloud-based Sophos Central management platform. ...

 Aug 28 2016 - Bloom Properties Set to Repeat its Success by Handing over Bloom Gardens Phase-3 Ahead of ScheduleMENAFN Press
(MENAFN Press) Abu Dhabi-UAE: 24 August, 2016 – Bloom Properties, a Bloom Holding subsidiary specialized in the development of integrated and sustainable communities, is set to deliver Phase ...

 Aug 28 2016 - Bentley Technology Enables Vic's Crane & Heavy Haul to Build and Deliver a 160-foot-long Process Vessel on Time and as Safely as PossibleMENAFN Press
(MENAFN Press) August 25, 2016: Flint Hills Resources chose Vic";s Crane & Heavy Haul to transport a 160-foot-long, 750,000-pound process vessel by barge and trailers to its Pine Bend Refinery in ...

 Aug 28 2016 - 20 Boxes of Donations from AFG Employees to Emirates Red CrescentMENAFN Press
(MENAFN Press) Al Fahim Group (AFG) has donated 20 boxes to the Emirates Red Crescent through the employee Box Appeal Campaign for the third consecutive year as part of its annual Ramadan CSR ...

 Aug 28 2016 - Red Hat Powers New Generation of High-performance virtualization based on open standards with Red Hat Virtualization 4MENAFN Press
(MENAFN Press) DUBAI, UAE, 25th AUGUST, 2016 – Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced the general availability of Red Hat ...

 Aug 28 2016 - Emirates NBD ClassicsAriane Haering and Benjamin Schmid in DUCTAC!MENAFN Press
(MENAFN Press) An enchanting evening of Western Classical Music with Benjamin Schmid and Ariane Haering. The Swiss-born pianist Ariane Haering has a richness of chamber music repertoire. ...

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