Qatari bourse index gains 30.56 points


(MENAFN- The Peninsula) Qatar Stock Exchange index gained 30.56 points, or 0.25 percent, when the bourse closed trading at 12,195.04 points yesterday.

The market capitalisation increased to QR655.99bn from QR653.76bn registered on Thursday.

The traded value dropped to QR256.32m with a volume of 7,064,080 shares from 4,318 transactions compared to QR441.65m with a volume of 8,517,242 shares from 5,545 transactions on Thursday.

Indices of five sectors gained and two dropped yesterday.

Transport index gained the most today, up 1.56 percent to 2,541.95 points.

Telecoms index dropped the most, 0.11 percent, to 1,303.43 points and insurance index declined 0.20 percent to 4,177.06 points.

QSE Total Return Index gained 0.25 percent (18,951.73 points). QSE Al Rayan Islamic Index gained 1.10 percent (4,667.91 points). QSE All Share Index gained 0.34 percent (3,261.62 points).

Meanwhile, Saudi Arabia's stock market edged down yesterday after reports that the Saudi-led coalition fighting Houthi rebels in Yemen had deployed ground troops there, while Dubai pulled back after failing to break through major technical resistance.

The Yemen conflict has so far had no visible impact on Saudi Arabia's economy, and it has remained within Yemen's borders. However, it is a concern for some Gulf investors who see a risk, however small, of an escalation into a regional conflict.

The main Saudi index gave up early gains and edged down 0.7 percent to 9,764 points as most stocks declined. Petrochemicals giant Saudi Basic Industries (SABIC) fell 0.9 percent even though oil hit a new 2015 high of $66.93 per barrel on Thursday.

Middle East Paper Co surged its daily 10 percent limit upon listing yesterday after a heavily oversubscribed SR450m ($120m) initial public offer. Saudi Arabian share offers are usually heavily discounted, prompting stocks to surge afterwards, sometimes for several days in a row.

Dubai's index dropped 2.3 percent to 4,132 points after initially inching above a strong chart barrier at its 200-day average, now at 4,244 points. Heavyweight Emaar Properties tumbled 3.6 percent.

After trading closed, Emaar reported a seven percent increase in first-quarter net profit to Dh1.03bn ($280.4m), beating the estimate of SICO Bahrain, which had expected a decline to Dh856.8m.

Dubai's index gained 20 percent last month as oil prices rebounded and the emirate's banks posted better-than-expected first-quarter earnings. The benchmark has strong technical support around 4,000 points, where it peaked repeatedly between December and February.

Abu Dhabi, which largely shares its investor base with Dubai, fell 0.6 percent.

Kuwait's index edged up 0.2 percent. Kuwait Projects Co (KIPCO), the Gulf state's largest investment company, climbed 1.5 percent after reporting a 17 percent rise in first-quarter net profit on Saturday.

Egypt's market fell 1.3 percent after the country's finance minister said on Thursday that discussions over amendments to the capital gains and dividends tax concerned only the payment mechanism.


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