Qatari bourse index gains 9.64 points


(MENAFN- The Peninsula) Qatar Exchange index gained 9.64 points, or 0.08 percent, when trading closed at 12,409.13 points yesterday compared to 12,399.49 on Monday.

The market capitalisation increased to QR658.77bn from QR658.52bn registered on Monday.

The traded value increased to QR535.46m with a volume of 13,853,332 shares from 6,190 transactions compared with QR483.06m with a volume of 13,803,447 shares from 5,456 transactions on Monday.

Real estate index was the top gainer today, up 1.55 percent to 3,008.38 points while telecom index fell the most by 0.98 percent to 1,254.08 points.

The Total Return Index gained 0.08 percent. Al Rayan Islamic Index gained 0.11 percent and All Share Index gained 0.12 percent.

Meanwhile, shares in Saudi Arabian Mining Co (Ma'aden) helped lift the Riyadh bourse yesterday as they surged to a record high, while other Gulf markets barely moved and profit-taking continued in Egypt.

Saudi Arabia's index rose 0.8 percent and Ma'aden gained 6.4 percent to SR47.90, becoming the most heavily traded stock and breaking through technical resistance at SR46.30, where it had peaked in March and April.

Al Rajhi Capital this week raised Ma'aden's target price to SR52 from SR41, citing its growing output and an improving business outlook. Ma'aden said this month that its massive smelter run jointly with US group Alcoa, which had experienced several technical glitches on start-up, would produce above its initial capacity target this year.

Dairy firm Almarai rose 1.4 percent after its board approved a capital investment plan for 2016-2020 which will reach SR21bn ($5.6bn).

The firm said it wanted to double consolidated sales in the period and expand its activities in farming, manufacturing, distribution and logistics.

Foodmaker Savola Group, which has a 36.5 percent stake in Almarai, rose 0.9 percent.

Other Gulf markets were trendless and barely moved yesterday. Dubai's index edged down 0.2 percent as most stocks declined in low-volume trading.

But retail and restaurant start-up Marka surged 5.7 percent after a company executive said it expected to turn profitable in 2016, even though the firm had earlier targeted profitability in the fourth quarter of 2015.

Marka also announced the completion of its first international investment: a 65 percent acquisition in Icons, a football memorabilia company, for Dh15.3m ($4.2m).

Abu Dhabi's bourse slipped 0.2 percent but Abu Dhabi Commercial Bank climbed 0.6 percent. MSCI increased the stock's weighting in its emerging markets index in its latest review, which will take effect at the end of this month.

Another stock upgraded by MSCI, Ezdan Holding, rose 1.5 percent and was the main support for Qatar's index , which inched up 0.1 percent. Ezdan will join the emerging markets benchmark for the first time.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.