Qatari bourse index drops 30.66 points

Date

9/16/2015 1:36:16 AM

(MENAFN- The Peninsula)

Doha: Qatar Exchange (QE) index dropped 30.66 points or 0.27 percent yesterday when it closed at 11503.66 points.

The market capitalisation decreased to QR605628bn from QR607.355bn registered on Monday.

The daily turnover decreased to QR199309m with a volume of 5209807 shares from 3286 transactions compared with QR263.139m with a volume of 7502731 shares from 4182 transactions on Monday.

Indices of all three sectors ended in green and four sectors ended in red. Banks and financial companies lost 0.32 percent to 3108.24 points. Consumer Goods & Services index declined 0.99 percent to 6629.61 points. While insurance index added 0.97 percent to 4560.52 points yesterday.

The Total Return index decreased to 2.27 percent to 17880.78 Al Rayan Islamic Index fell 0.23 percent to 4373.05 points and All Share Index was down 0.25 percent to 3053.77 points.

Meanwhile Egypt’s stock market rose for a third day in a row yesterday supported by foreign inflows while Gulf markets were mixed as oil prices remained volatile.

The Cairo index edged up 0.2 percent as Commercial International Bank the country’s biggest listed lender rose 1.0 percent to 51.00 pounds.

Pharos Capital yesterday raised its target price for the stock by four percent to 61.14 pounds citing income tax rate cuts announced last month.

Qalaa Holdings rose 1.9 percent extending a leg up initiated on Monday after Saudi Arabia’s Halwani Brothers made an offer to buy one of Qalaa’s subsidiaries.

Beltone Financial Holding one of the largest investment banks in Egypt surged 4.2 percent after announcing it had completed a capital increase worth 200m pounds ($25.5m).

According to stock exchange data non-Arab institutions and Arab retail investors were both net buyers yesterday. Foreigners were also net buyers in the previous session.

Markets in United Arab Emirates rose as local telecommunications company Etisalat climbed 1.8 percent in its highest daily trading volume on record having opened up to foreign and institutional investors.

The Abu Dhabi stock exchange where Etisalat is listed edged up 0.4 percent.

As the biggest listed company in the UAE Etisalat is now very likely to secure a place in emerging market indexes attracting global funds. Previously only local retail investors could buy the stock.

Dubai’s benchmark stock index rose 0.7 percent supported by a rebound in a number of stocks after several days of declines. Property developer DAMAC jumped 3.5 percent ahead of a shareholder meeting later in the day which will vote on the firm’s first cash dividend since it listed in Dubai in January.

Saudi Arabia’s main index was nearly flat as banks offset losses in other sectors. National Commercial Bank and Al Rajhi climbed 1.4 percent each and were the main support for the market ahead of this week’s meeting of the US Federal Reserve which could result in a rise in interest rates.

QNA/Reuters

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