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
 Jun 25 2016 - Clouds Interiors, an Interior Design Company in Doha Qatar, is Now Offering Office Interior DesignsMENAFN Press
(MENAFN Press) --> DOHA, Qatar, June 25, 2016 /PRNewswire/ -- The founders of Clouds Interiors, a company that offers interior design Qatar business owners can rely on, are pleased to announce that ...

 Jun 25 2016 - IOM Responds to Malaria Upsurge in Bentiu, South SudanMENAFN Press
(MENAFN Press) IOM Responds to Malaria Upsurge in Bentiu, South Sudan GENEVA, Switzerland, June 24, 2016/APO (African Press Organization)/ -- IOM is scaling up resources to respond to an upsurge in ...

 Jun 25 2016 - Mediterranean Migrant Arrivals in 2016: 214,861 Deaths: 2,861MENAFN Press
(MENAFN Press) Mediterranean Migrant Arrivals in 2016: 214,861; Deaths: 2,861 GENEVA, Switzerland, June 24, 2016/APO/ -- IOM reports an estimated 214,861 migrants and refugees entered Europe by sea ...

 Jun 25 2016 - New Fantasy Novel by D.L. Jordan Hailed as the Next Harry PotterMENAFN Press
(MENAFN Press) The Genesis of Destiny, a book by author D.L. Jordan is being compared to Harry Potter and is set to captivate young adults and adults alike. The Genesis of Destiny: Book 1: The ...

 Jun 25 2016 - Thousands of Nigerian Refugees Fleeing Boko Haram in 'Dire Health Situation'Morocco World News
(MENAFN - Morocco World News) Medicins Sans Frontieres reported Thursday that almost 200 Nigerian refugees have died from starvation and malnutrition in the past month while in the Bama refugee camp. ...

 Jun 25 2016 - AfDB Approves $134 Million Loan to Support Morocco's Social Sectors GovernanceMorocco World News
(MENAFN - Morocco World News) ;">Abidjan – The African Development Bank (AfDB) approved, Wednesday in Abidjan, a loan of $134.65 million to support Morocco''s social sectors governance. The ...

 Jun 25 2016 - The Moroccan Antiquated TelevisionMorocco World News
(MENAFN - Morocco World News) Some years ago, the late Larbi Messari, journalist, newspaper editor and former minister of communication told the press that Moroccans were ''audio-visual migrants'' ...

 Jun 25 2016 - SCOTUS Ruling on SDVOSBVOSB Companies Serving the Dept of Veterans AffairsMENAFN Press
(MENAFN Press) SCOTUS Ruling on SDVOSB / VOSB Companies Serving the Dept of Veterans Affairs Centered by Patient Care, Driven by Innovation Veterans Serving Veterans Our team has decades of ...

 Jun 25 2016 - Adipic Acid Market Research Value Analysis and Forecasts to 2021MENAFN Press
(MENAFN Press) Adipic Acid Market Research Value Analysis and Forecasts to 2021 ReportsWeb added report on "Global Adipic Acid Consumption 2016 Market Research Report'', the report comprises ...

 Jun 25 2016 - Jordan to sign deal with EU for energy projects at USD101.51mnMENAFN
(MENAFN) Jordan will sign a deal with the EU granting the kingdom almost USD101.51mn in order to support renewable energy projects.Furthemore, the grant will fund the second phase of the renewable ...

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