Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar stocks hit all-time high Tadawul edges up  Join our daily free Newsletter

MENAFN - Arab News - 05/09/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) DUBAI: Egypt's bourse hit a fresh six-year closing high on the back of Telecom Egypt on Thursday while Qatar National Bank lifted the Doha bourse to a new all-time high. Markets in the United Arab Emirates pulled back.

The Cairo index rose 0.2 percent to 9650 points as fixed-line monopoly Telecom Egypt surged 5.8 percent after the government approved a long-awaited plan to issue a unified landline and mobile telecommunications license.

The new license could allow Telecom Egypt to start reclaiming its market share which has been dented by mobile operators.

Another major support for the benchmark was property developer Talaat Moustafa Group (TMG) which rose 2.7 percent. Egypt's administrative court suspended on Wednesday the annulment of the allocation of 3 million square meters of land

to TMG's subsidiary in the Red Sea resort of Ain Sokhna state-run newspaper Al Ahram reported.

Qatar's index rose 1.1 percent to a new all-time closing high of 13986 points. It also reached a new intra-day peak of 14039 points but failed to hold above the psychologically important 14000-point level.

Qatar National Bank (QNB) jumped 2.6 percent and was the main support. QNB and Industries Qatar which added 1.1 percent will attract most fresh fund inflows if index

compiler MSCI decides to lift Qatar's weighting in its emerging market index during a scheduled review in November.

'Much of the fresh money coming into the market is foreign' said Akber Khan director of asset management at Al-Rayan Investment in Doha.

Investors are attracted by Qatar's 'extremely high dividend Yield' and the fact its population has been growing rapidly which is driving local service-focused companies. 'That combined with enormous infrastructure spend expected over the

next decade underpins earnings for a large proportion of listed companies' Khan said.

Dubai's bourse fell 1.0 percent after hitting resistance near its June high of 5192 points.

Heavyweight developer Emaar Properties slid 1.3 percent. The stock had surged 12.7 percent earlier this week after the firm said it would float its malls in September a move that will reward Emaar shareholders with priority allotment and a special dividend.

"Spinning off...will most likely raise the value of the Emaar Malls Group and if it is a success it could be the start of other Emaar operations also listing separately to maximize their valuations" Sachin Mohindra senior vice president and

portfolio manager at Invest AD Asset Management said in a note.

Abu Dhabi's benchmark slid 0.8 percent as that emirate's blue-chip banks were mixed. Abu Dhabi Commercial Bank rose 2.8 percent while First Gulf Bank fell 2.4 percent.

Saudi Arabia's main index up 0.07 percent to 11069 points.

Advanced Petrochemical Co. was the main support surging 9.7 percent.

The company on Thursday announced an interim dividend payment of SR1.0 per share for its third quarter and said it would invest in a project worth around 1 billion to produce propylene in South Korea.

 


Arab News




  MENA News Headlines
 May 22 2015 - Arab info. ministers agree to promote culture of toleranceKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab information ministers' council concluded its 46th session on Thursday with a final statement stressing the important role of mass media in promoting the ...

 May 22 2015 - Kuwait, Peru eye closer diplomatic ties, cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Head of the Kuwait's fourth parliamentary friendship committee MP Yousef Al-Zalzalah met with President of the Congress of the Republic of Peru Ana Maria ...

 May 22 2015 - Kuwaiti-Moroccan ties based on shared values - OfficialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Advisor to Kuwait's Amiri Diwan Mohammad Difullah Sharrar said his country and the Kingdom of Morocco share identical cultural and historical values that formed a ...

 May 22 2015 - Kuwaiti play wins gold at Free Theater FestivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwaiti play 'Hawel Marrah Okhra' (Try Again) won the golden award of the 10th Free Theater Festival on Thursday evening.The silver and bronze medals went to ...

 May 22 2015 - Kuwaitis proud of nat'l pavilion at Expo Milan 2015Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The spouse of Kuwait's General Consul in Milan and North Italy, Abdul-Nasser Bou-khaddour, praised here role of the Kuwaiti pavilion organizers in Expo Milan ...

 May 22 2015 - Kuwaiti Jiu Jitsu team participates in West Asia tournamentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Brazilian Jiu Jitsu team will head to Beirut, Lebanon on Thursday to take part in the three-day West Asia tournament.The Kuwaiti team includes seven ...

 May 22 2015 - Kuwait ranks 4th at Fazza wheelchair basketball tourneyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's national team lost their last game to Morocco's 44-71 at the the Seventh Fazza International Wheelchair Basketball Tournament, Dubai 2015, Wednesday ...

 May 22 2015 - OCA cancels Sri Lanka's hosting of Asian Youth Games 2017Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) President of the Olympic Council of Asia (OCA) Sheikh Ahmad Al-Fahad Al-Sabah announced Thursday that the Council has withdrawn the 3rd Asian Youth Games in 2017 ...

 May 22 2015 - Chinese peacekeeping troops head for LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A new batch of Chinese peacekeeping troops and a 30-member medical team left China for Lebanon Tuesday for peacekeeping mission, state-run China Central ...

 May 22 2015 - Seven airstrikes in Syria, 14 in Iraq target ISIL - coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition military forces continued to attack ISIL, conducting seven airstrikes in Syria and 14 in Iraq, the Combined Joint Task Force announced on Tuesday."In ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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