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MENAFN - The Peninsula - 07/10/2010

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(MENAFN - The Peninsula) Qatar Exchange was up yesterday adding 43.05 points or 0.56 percent to 7,749.86 points from 7,706.81 on Tuesday. The volume of shares traded up to 10,614,854 from 4,992,996 on Tuesday and the value of shares rose to QR375,479,929.70 from QR196,719,370.80 on Tuesday.

Top gainers were National Leasing which was up by2.10 percent to QR38.90, Commercial Bank of Qatar up by 1.37 percent to QR89.00, Rayan by 1.28 percent to QR15.80 and Doha Bank by 1.12 percent to QR54.10.

The banking and financial sector gained 96.78 points and the insurance sector added 15.94 points. The industrial sector was down by 129.65 points and the services sector gained 25.39 points.

Qatar National Bank (QNB), the Gulf states largest lender by market capitalisation, posted a 41.5 percent jump in third-quarter net profit on Wednesday on increased loans, financing activities and deposits. The results were released after market close.

Net profit in the three months to September 30 rose to QR1.5bn (412m), according to Reuters calculations.

Meanwhile, most Middle East markets rose yesterday, in line with the performance of global markets, as speculation grows of more stimulus plans to reinvigorate the economy.

Dubais index was the strongest performer in the region, advancing 0.9 percent, while only Omans bourse edged slightly lower.

The hope is for a good year-ending, said Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker, adding that the performance of global stocks was also fuelling optimism.

The Bank of Japan unexpectedly cut interest rates, sparking speculation that other governments would follow suit.

Domestic real estate-related stocks benefited most from the regained confidence, with heavyweight Emaar Properties moving 0.8 percent higher.

Some analysts said there was nevertheless some caution amid investors who are gearing up for the third-quarter results.

Investors expect third-quarter results to be stable for the big fish and for the small its going to be mellow, Jayabhanu said.

In Oman, for instance, Omantel fell 0.2 percent, due to a late sell-off. Bank Muscat gave up most of its early gains and ended only 0.2 percent higher.

We noticed that there are few buyers on selective stocks, said Gunjan Gupta at Oman Arab Bank, also adding that investors are waiting for third-quarter earnings.

Saudi stocks rose boosted by firm oil prices and a more positive global economic outlook.

Saudi telecom stocks ended higher amid various consolidation scenarios in the wider region.

The index gained 0.3 percent to 6,418 points.

Zain KSA and Saudi Telecom climbed 1.2 percent and 1.1 percent respectively.

Crude oil retreated from a five-month high of 83.33 a barrel reached earlier yesterday, because of nervousness ahead of the release of US inventory data at 1430 GMT.

Lebanons BLOM index closed down 0.2 percent at 1,415 points, weighed down by real estate firm Solidere. The real estate firms A share fell 1.2 percent and its B share ended down 0.3 percent.

In the next few days, regional markets could continue to rise if the global context remains favourable. If global markets will further surge we ll see it continuing here, said Adel Nasr, United Securities brokerage manager.


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