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 reguations 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
 May 30 2016 - International Freelance Marketplace Proffstore to Present an Innovative Service PIM at The Israel Mobile SummitMENAFN Press
(MENAFN Press) International freelance marketplace Proffstore is going to present an innovative service PIM on 14 June 2016 at The Israel Mobile Summit. On 14 June 2016 Israel Trade Fairs & ...

 May 30 2016 - GDP and other acronymsMENAFN Press
(MENAFN Press) GDP, Gross Domestic Product, is the macro-economic concept par excellence. However, it does not appear at the top of rankings of most used acronyms. Such rankings are established by ...

 May 30 2016 - Lexus Hybrid Owners: Thanks a Million!MENAFN Press
(MENAFN Press) Lexus announced it has sold over 1 million hybrid vehicles since the world's first luxury hybrid vehicle, the RX 400h, went on sale in April 2005. This major milestone has been ...

 May 30 2016 - The Perils of Media IslamMorocco World News
(MENAFN - Morocco World News) Contemporary media Islam has invented a new religious public sphere beyond governmental control across national borders, located in cyber spaces and on satellite ...

 May 30 2016 - Shams 1 wins at the 2016 MENASOL AwardsMENAFN Press
(MENAFN Press) Shams Power Company, developer and operator of the Shams 1 concentrated solar power (CSP) plant in Western Abu Dhabi, has been recognised for its contribution to local communities at ...

 May 30 2016 - Honeywell marks 40 years of aircraft maintenance services that reduce downtime and costsMENAFN Press
(MENAFN Press) Honeywell (NYSE: HON) is celebrating 40 years of providing maintenance service plans for airplane operators and owners of business jets. As one of the world's leading manufacturers of ...

 May 30 2016 - Remittances from UAE play an important role in Egypt & Jordan economiesMENAFN Press
(MENAFN Press) World Bank Group remittance data sees Egypt and Jordan emerge as key receivers of remittances within the MENA region. In 2015, Egypt received an estimated USD 19.7 billion in ...

 May 30 2016 - CUD partners with Provectus Middle East to lead sustainability agenda in higher educationMENAFN Press
(MENAFN Press) Canadian University Dubai (CUD) is set to boost its pioneering work in environmental development and green economy through a new partnership with sustainable solutions experts, ...

 May 30 2016 - GCC Committee for Undersecretaries of Post and Telecommunications successfully concludes 27th meeting in RiyadhMENAFN Press
(MENAFN Press) UAE, 29 May 2016 - A high-level delegation from the UAE Telecommunications Regulatory Authority (TRA) has discussed during its participation at the recently concluded 27th meeting of ...

 May 30 2016 - TP-LINK Outlines 2016 Strategy And Celebrates Top Performing PartnersMENAFN Press
(MENAFN Press) SOHO and SMB Networking Vendor Pays Tribute To Partner Excellence at the First ‎Partner ConneXion 2016 ‎ Duabi, UAE, May 29,2016:TP-LINK Technologies Co Ltd, a leading ...

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