Qatar Exchange index gains 114.24 points

(MENAFN- The Peninsula) Qatar Exchange index swung back into the green yesterday, gaining 114.24 points, or 0.97 percent, when it closed trading at 11,892.15 points.

The traded value decreased to QR309.13m with a volume of 7,239,211 shares from 4,584 transactions compared to QR383.67m with a volume of 7,084,526 shares from 4,518 transactions.

Indices of all sectors advanced today with real estate gaining the most, up 2.11 percent to 2,571.77 points.

Industries gained 1.47 percent (3,902.4 points), transport 0.84 percent (2,427.18 points), consumer goods and services 0.75 percent (7,078.58 points), banks and financial services 0.30 percent (3,172.41 points), telecoms 0.57 percent (1,343.81 points) and insurance 0.16 percent (4,056.09 points).

Meanwhile, positive earnings reports and stronger oil boosted most other major regional markets yesterday, while stocks in energy-importing Egypt were soft.

The main Saudi index jumped 2.2 percent to 9,164 points, a three-week closing high, as National Commercial Bank (NCB), the kingdom's biggest lender, climbed 2.3 percent.

NCB posted a 2.8 percent rise in first-quarter net profit to 2.61 billion riyals ($696 million), above SICO Bahrain's forecast of 2.15 billion riyals.

Rival lender Bank Al Jazira surged 4.1 percent after its first-quarter profit rose 43 percent, well ahead of the estimate of Albilad Capital, which had predicted a 13 percent increase.

Petrochemicals giant Saudi Basic Industries (Sabic) rose two percent as oil prices climbed, although its subsidiary Saudi Arabia Fertilizers Co (SAFCO) fell 1.5 percent after its first-quarter net profit tumbled 30 percent.

Dubai's index jumped 3.0 percent on its heaviest trading volume this year, hitting a two-month closing high of 3,942 points and posting its biggest daily gain in 10 weeks. It now faces strong technical resistance at the late December peak of 4,008 points, from which it has pulled back three times in recent months.

Dubai Islamic Bank (DIB) was the main support, surging 5.3 percent to Dh6.75 in active trade. DIB's net profit attributable to shareholders rose 33.9 percent year-on-year to Dh816.7m ($222.4m), beating analysts' estimates; EFG Hermes had forecast Dh751.21m and HSBC had expected Dh677m.

The stock rose above its 100-day average, now at 6.56 dirhams, for the first time since November; it faces resistance at the March peak of 6.84 dirhams.