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 - Kuwait- Equates wins two regional sustainability awardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's EQUATE Petrochemical Company has won two regional sustainability awards in recognition for its social responsibility and national cadres' skills ...

 Oct 23 2014 - Moroccan horse showThe Peninsula
(MENAFN - The Peninsula) Moroccan horsemen perform during the 7th edition of the "Salon du Cheval" (horse show) in the port city of El Jadida. ...

 Oct 23 2014 - Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3MENAFN
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same ...

 Oct 23 2014 - Qatar- Lekhwiya defeat Al Wakra, Wolves heldThe Peninsula
(MENAFN - The Peninsula) Lekhwiya defeated Al Wakra 2-0 at their home ground here yesterday while Al Sadd were held 1-1 by Al Sailiya.Vadimir Weiss scored in the 68th minute for Lekhwiya and Ahmed ...

 Oct 23 2014 - Ooredoo Kuwait net profit falls by almost half in Q3MENAFN
(MENAFN) Ooredoo Kuwait, the country's No.3 telecom operator by subscribers, announced that its net profit fell by nearly half during the July-September period, Gulf Business reported.The ...

 Oct 23 2014 - Coach asks Qatar to give it all against DPR KoreaThe Peninsula
(MENAFN - The Peninsula) Qatar's coach Felix Sanchez Bas has called on his players to give their all one-last time ahead of today's AFC U-19 Championship final against three-time winners DPR Korea. ...

 Oct 23 2014 - Qatar- Handball: Doha gears up for Asian Club LeagueThe Peninsula
(MENAFN - The Peninsula) Defending champions Al Jaish - thanks to the draw - have managed to avoid a meeting with local opponents Lekhwiya and Al Gharafa in the group stage of the 17th Asian Clubs ...

 Oct 23 2014 - QIMC posts USD38.88m net profit in SeptemberMENAFN
(MENAFN) Qatar Industrial Manufacturing Company (QIMC) revealed the interim financial statements for the period ending in September 30, this year, QNA reported.The interim financial statements ...

 Oct 23 2014 - Qatar will deliver an impressive 2022 World Cup, says BrescianoThe Peninsula
(MENAFN - The Peninsula) Australian midfielder Mark Bresciano is confident that Qatar will deliver an 'impressive' World Cup eight years down the line.Bresciano, who has been playing for the last two ...

 Oct 23 2014 - Qatar- QP hosts team from Kuwait Oil CompanyThe Peninsula
(MENAFN - The Peninsula) Qatar Petroleum (QP) recently hosted a delegation from Kuwait Oil Company (KOC) who visited Qatar to gain insights on QP's marine activities and port operations.Mubarak ...

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