(MENAFN- The Peninsula) Qatar Exchange index gained 85.31 points or 0.68 percent when it closed at 12,692.91 points here yesterday. The traded value increased to QR625.64m with a volume of 16,348,739 shares from 6,912 transactions.
The real estate index topped all sectors, up 1.45 percent when it closed at 2,583.38 points. The insurance sector followed next, up 1.33 percent to 4,013.64 points. The banking and financial services sector was also among gainers, up 0.77 percent to 3,304.07 points while the consumer goods and services sector gained 0.68 percent to 7,473.31 points.
The telecoms and transport sectors dropped 0.34 percent and 0.10 percent respectively. Shares of 22 companies closed higher while 16 went down and four remained unchanged.
All real estate companies made fair gains. Barwa's share closed at QR49.20, Ezdan (QR17.45) and Mazaya Qatar (QR21). United Development Company shares closed down to QR24.50. In the consumer goods sector, Medicare shares jumped to QR144 from QR136.40 on Thursday.
Meanwhile, a stronger oil price, bets on fourth-quarter results and dividends as well as positive news from local companies lifted most Gulf stock markets yesterday.
Oil closed higher for a second straight week on Friday after another drop in the US rig count, with Brent crude hitting a 2015 high above $60 a barrel.
The main Saudi index jumped 2.3 percent as petrochemicals giant Saudi Basic Industries Corp, which would benefit from higher oil prices, advanced by the same amount.
Property firm Jabal Omar surged 7.1 percent, extending a leg-up which started last week after the company said it had swung to a quarterly profit of SR149.3m from a loss of SR2.5m a year earlier.
Saudi Electricity Co, the biggest listed utility in the Gulf, surged its daily 10 percent limit. The firm usually announces its annual dividend in the second half of February and investors may be betting on a generous payout.
Also, the stock gained this month after Saudi Arabia's central bank governor called for reforms to the country's lavish system of energy and water subsidies; higher electricity tariffs could benefit the company's bottom line, though the governor gave no indication that the government actually planned concrete action.
Dubai's index added 1.5 percent on the back of gains by developer Emaar Properties, which surged 4.6 percent ahead of its fourth-quarter earnings announcement.
After the close, Emaar said its profit for the quarter had risen 14 percent to Dh861.4m, slightly ahead of OAB Invest's forecast of DH828.8m.
Meanwhile, Air Arabia fell 1.8 percent after reporting a 30 percent fall in fourth-quarter net profit, which it blamed on fuel hedging and oil's sharp drop at the end of last year.
Engineering firm Drake and Scull fell 1.1 percent after posting a 70 percent drop in fourth-quarter profit.
Abu Dhabi's benchmark rose 1.5 percent as most stocks gained. Developer Aldar Properties, which last week posted a 61 percent increase in fourth-quarter profit, surged 5.8 percent.
Oman's Bank Nizwa jumped 2.3 percent after United Finance Co said its board had agreed in principle to merge with Nizwa. Oman's index edged up 0.3 percent.
Egypt's market added 0.4 percent amid a mixed performance by local stocks. Real estate firm Medinet Nasr Housing and Development rose 1.4 percent after calling a shareholder meeting for March 5 to discuss a capital increase. The company reported a 16 percent increase in 2014 net profit last week to 215m pounds, beating analysts' average estimate of 187 million pounds.
HIGHLIGHTS
SAUDI ARABIA: The index jumped 2.3 percent to 9,467 points.
DUBAI: The index rose 1.5 percent to 3,963 points.
ABU DHABI: The index added 1.5 percent to 4,695 points.
EGYPT: The index edged up 0.4 percent to 9,790 points.
KUWAIT: The index edged down 0.1 percent to 6,690 points.
OMAN: The index edged up 0.3 percent to 6,675 points.
BAHRAIN: The index edged down 0.4 percent to 1,441 points.
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