Quotes: US 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
 Oct 23 2014 - UAE's Mazaya net profit hits USD in 9MMENAFN
(MENAFN) Al Mazaya Holding Company announced that it recorded a net profit of USD20 million in the January-September period of this year, compared to USD 2.920 million recorded during the ...

 Oct 23 2014 - Saudi Arabia's ACWA to focus on renewable energy projectsMENAFN
(MENAFN) ACWA Power, the Saudi Arabia-based power and water project developer, announced it is planning to secure financing for USD15 billion worth of projects, nearly half of which are in renewable ...

 Oct 23 2014 - UAE's Masdar to build USD125m wind farm in OmanMENAFN
(MENAFN) Masdar, the Abu Dhabi energy company, announced it is planning to build a 50-megawatt wind farm in Oman, which will help the sultanate with providing 16.000 homes with clean energy, Arab ...

 Oct 23 2014 - UAE's Deyaar net profit hits USD52.54m in 9MMENAFN
(MENAFN) Deyaar Development announced it registered a net profit of USD52.54 million during the January-September period, compared to USD23.72 million registered during the corresponding period last ...

 Oct 23 2014 - Saudi Aramco, Chinese Sepco sign a dealMENAFN
(MENAFN) Saudi Aramco announced it has signed a contract with China's Shandong Electric Power Construction Corporation (Sepco) for a project involving the expanding of the capacity of the main gas ...

 Oct 23 2014 - Qatar Airways to launch new service to BangkokMENAFN
(MENAFN) Qatar Airways announced it will be launching a new service on its new A380 aircraft to Bangkok starting next January following its successful launch of the service to London's Heathrow ...

 Oct 23 2014 - 18m vehicles likely on Saudi roads by year-endArab News
(MENAFN - Arab News) Eighteen million licensed vehicles are likely to be on Saudi roads by the end of this year from 17 million last year according to a study published by Al-Eqtisadiah daily. The ...

 Oct 23 2014 - Qatar Digital Library launchedThe Peninsula
(MENAFN - The Peninsula) Over half a million pages of archives and manuscripts on the history of Qatar and the Gulf and Arab Islamic sciences are available free online with the launch of Qatar ...

 Oct 23 2014 - Qatar- Deals with Turkey agencies to educate Syrian refugeesThe Peninsula
(MENAFN - The Peninsula) H H Sheikha Moza bint Nasser, Chairperson, Education Above All, yesterday witnessed the signing of two memorandums of understanding between EAA and two Turkish development ...

 Oct 22 2014 - Saudi- Pak expats recall soldiers' braveryArab News
(MENAFN - Arab News) Mavra a Riyadh-based women's literary and cultural organization celebrated Pakistan Defense Day aimed at paying tribute to the country's armed forces.In the first part of the ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help