Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Exchange index drops 22.68 points  Join our daily free Newsletter

MENAFN - The Peninsula - 25/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Exchange index dropped slightly yesterday, down 22.68 points, or 0.16 percent, as it closed trading at 13,753.51 points.

The trading value was QR521.74m with a volume of 10,123,024 shares changing hands yesterday from 5,527 transactions.

From the 42 listed companies 14 made gains yesterday, 27 declined and two remained unchanged.

Qatar's benchmark slipped Thursday's all-time closing high as shares in Islamic lenders Masraf Al Rayan and Qatar Islamic Bank fell 1.6 and 1.5 percent.

Leading conventional lender Qatar National Bank was the main support, however, gaining 1.2 percent. The stock's weight in MSCI's emerging market index will double from the end of this month.

Shares in conglomerate Industries Qatar, whose index weight will increase by the same margin, rose 0.5 percent.

Meanwhile, Saudi Arabia's banking stocks, poised to benefit from the expected increase of interest rates in the United States, continued to boost the kingdom's market on Sunday, while property developers buoyed Egypt's bourse.

The main Saudi index rose 1.6 percent to 10,903 points, a level last seen in January 2008. Alinma Bank was the main support, surging 9.7 percent, while shares in Bank Albilad jumped 7.7 percent.

Analysts say banks in Saudi Arabia, whose currency is pegged to the dollar, are likely to benefit from the eventual increase in US interest rates, which will widen their margins.

Federal Reserve Chair Janet Yellen indicated on Friday that the Fed might have to raise rates sooner and more quickly than expected.

According to Naveed Ahmed, investment director at Gulf Finance House in Bahrain, Saudi bank shares are also more liquid compared to stocks in many other sectors, and are thus better positioned to capture the positive momentum from the planned opening of the market to direct foreign investment.

Saudi Arabia's index has risen 12 percent since the Capital Market Authority said in late July that it would allow direct foreign ownership of local stocks early next year.

On Thursday, the CMA published draft regulations which would cap total foreign ownership at 10 percent of the market's value and restrict foreign holdings of individual stocks.

Although some foreign fund managers criticised the rules as restrictive, local market players had largely expected the regulator to take such a conservative approach.

However, some analysts believe the current rally is now becoming stretched.

"I believe this rally won't last for long," said Turki Fadaak, research and advisory manager at AlBilad Capital in Riyadh.

"The banking index will probably remain flat within the next few days with some profit-taking in the overpriced stocks."

Egypt's bourse was the second-best performer in the region on Sunday, rising 1.3 percent to a fresh six-year closing high on the back of blue-chip property and financial sector stocks.

Developer Talaat Moustafa was the main support, jumping 5.0 percent to 10.80 pounds. Naeem Brokerage last week raised its target price for the stock to 13.24 pounds, citing strong second-quarter results.

Shares in brokerage Pioneers Holding jumped 3.2 percent. Last Wednesday, the firm reported a 55 percent rise in second-quarter net profit.

Dubai's property stocks also rose, helping the emirate's index gain 1.1 percent. Developers Emaar Properties and Union Properties added 0.5 and 3.7 percent respectively. Shares in builder Arabtec jumped 3.8 percent.

"What's happening to Arabtec is still to do with the speculation on who will buy the stake from (former chief executive) Hasan Ismaik," said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi.

Ismaik, who quit in June, owns a 27.90 percent stake in Arabtec and many investors hope he will sell it to a large state-owned entity such as Abu Dhabi state fund Aabar Investments, which already owns 18.94 percent of the firm.

Abu Dhabi's bourse added 0.6 percent. Shares in the emirate's largest listed developer, Aldar Properties, rose 2.1 percent after the firm said on Sunday it would lease 607 apartments to Cleveland Clinic Abu Dhabi. Aldar did not disclose the value of the deal.

 


The Peninsula




  MENA News Headlines
 Aug 5 2015 - Saudi- Ministry of Commerce and Industry approves establishment of 16 companies with SR 55.1 million capitalSaudi Press Agency
(MENAFN - Saudi Press Agency) The Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabiah approved the establishment of 16 closed joint stock companies during the last period with a capital ...

 Aug 5 2015 - 13 security personnel killed in Iraq suicide bombingSaudi Press Agency
(MENAFN - Saudi Press Agency) At least 13 security personnel were killed on Wednesday in a suicide car bombing in Iraq's eastern province ofDiyala, police said, according to dpa.Nine others were ...

 Aug 5 2015 - Fifth Saudi relief plane arrives in AdenSaudi Press Agency
(MENAFN - Saudi Press Agency) The 5th Saudi relief plane arrived today at Aden International Airport laden with 12 tons of medical supplies for patients with kidney failure accompanied by a team from ...

 Aug 5 2015 - Yemeni President confirms: victories of national army and resistance will not stop until purging all areas of coup forcesSaudi Press Agency
(MENAFN - Saudi Press Agency) President Abed Rabbo Mansour Hadi of the Republic of Yemen confirmed that the victories achieved by the national army and popular resistance in his country backed by the ...

 Aug 5 2015 - Emaar Misr logs net profit of USD66.48m in H1MENAFN
(MENAFN) Emaar Misr for Development announced its financial results for the first half of the current year ending June 30, registering a net profit of USD66.48 million.Revenues and net profit after ...

 Aug 5 2015 - Oman allocates USD8.2 for each electricity consumer in 2014MENAFN
(MENAFN) According to an electricity regulator, Total cost of electricity regulation in Oman reached USD8.2 per customer account. Authority believes that metrics compare favorably to international ...

 Aug 5 2015 - Oman's Mideast investment to record USD15b a yearMENAFN
(MENAFN) A report shows that Nearly USD15 billion per year will flow out of the Middle East into direct real estate globally in the near term. As a result of falling oil prices, The Middle Eastern ...

 Aug 5 2015 - Syrian FM arrives in Tehran for trilateral talksThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Syrian Foreign Minister Walid al Moualem arrived in Tehran on Tuesday to attend trilateral talks with the Iranian officials and Russian President Vladimir ...

 Aug 5 2015 - Abu Dhabi's Aldar net profit up 18.5 percent in Q2MENAFN
(MENAFN) Abu Dhabi's Aldar Properties announced logging a surge in its second-quarter net profit of 18.5 percent, attributed to higher recurring revenues, better margins and lower financing costs.The ...

 Aug 5 2015 - Kuwait- Municipality Rejects Response To QuestionsArab Times
(MENAFN - Arab Times) The Executive Board of Kuwait Municipality has refused to respond to the question of Municipal Council member Mane Al-Ajmi on the activities of the board, reports Al-Seyassah ...

more...


 






Google

Click to Apply

 
 

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