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
 Sep 22 2014 - Kuwait make strong start at AsiadArab Times
(MENAFN - Arab Times)  KUWAIT CITY Sept 20 (Agencies): Kuwaiti national teams for volleyball handball and basketball had a powerful start at the 17th Asian Games which officially started two ...

 Sep 22 2014 - West Ham 'inflict' fresh EPL misery on LiverpoolArab Times
(MENAFN - Arab Times) LONDON Sept 20 (AFP): Liverpool suffered a second successive Premier League defeat after losing 3-1 away to West Ham on Saturday. Brendan Rodgers's side had lost 1-0 at home to ...

 Sep 22 2014 - Ronaldo Bale combine for 5 in 8-2 routArab Times
(MENAFN - Arab Times) MADRID Sept 20 (AFP): Cristiano Ronaldo scored a hat-trick as Real Madrid equalled their biggest ever away win in La Liga with a 8-2 thrashing of Deportivo la Coruna on ...

 Sep 22 2014 - N.Korean lifter breaks recordArab Times
(MENAFN - Arab Times) INCHEON South Korea Sept 20 (Agencies): Hosts South Korea were the Asian Games' surprise first-day medal leaders on Saturday but they had to share the limelight with China and ...

 Sep 22 2014 - 'Enjoying the return to music'Arab Times
(MENAFN - Arab Times) NEW YORK Sept 20 (AFP): Releasing a new album near his 80th birthday Leonard Cohen cheekily addresses his age in the very first song intoning 'It's not because I'm old ... I ...

 Sep 22 2014 - QFC Authority Seeks Public View on Rule ChangesQatar News Agency
(MENAFN - QNA) Qatar Financial Centre (QFC) Regulatory Authority has released a consultation paper seeking public comment on proposed rule changes that amend the approved individuals regime (AI ...

 Sep 22 2014 - $88.5 Million Grant from Qatar for 'Recovery, Reconstruction' in DarfurQatar News Agency
(MENAFN - QNA) Qatar signed Monday an agreement at the Permanent Mission of the State of Qatar to the United Nations, to provide a grant of $88.5 million to the United Nations multi-partner trust ...

 Sep 22 2014 - HE the Premier Meets US AmbassadorQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met on Monday morning with HE Ambassador of the United States of America to Qatar Dana ...

 Sep 22 2014 - Kyrgyzstan Parliament Speaker Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Kyrgyzstan Parliament Speaker Asylbek Jeenbekov met Monday with Qatari Ambassador to Kyrgyzstan Mohammed Arar Omeer Alramazani Al-Nuaimi. They discussed bilateral relations and the ...

 Sep 22 2014 - CMU Qatar Opens 11th Year With Record 427 StudentsQatar News Agency
(MENAFN - QNA) Carnegie Mellon University in Qatar welcomed 112 new students for the 2014-2015 academic year, growing from an inaugural class of 41 students in 2004 to 427 students from 40 different ...

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

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