MENAFN - The Peninsula
Qatar Exchange touches new six-week high
(MENAFN - The Peninsula) Qatar Exchange pursued its upswing trend yesterday adding 20 points or 0.24 percent to 8,501.68 points, a fresh six-week high, from 8,481.68 on Monday.
The volume of shares traded down to 3,305,654 from 3,819,623 on Monday and the value of shares fell to QR125.942 from QR168.555 on Monday.
Top gainers were Qatar Islamic Bank which was up 1.52 percent to QR80, International Islamic Bank by 1.48 percent to QR48, Electricity & Water up by 1.05 percent to QR144.40, Mazaya by 1.70 percent to QR8.96 and Qatar Oman by 0.71 percent to QR8.56.
The Banking and Financial sector gained 30.61 points while the Insurance sector lost 60.51 points. The Industrial sector rose 12.95 points and the Services sector added 20.07 points.
Meanwhile, Abu Dhabi's benchmark rose for a third session on Tuesday, supported by banks but muted trade hindered significant moves as investors wait for new catalysts, while most other Gulf markets also gained.
The emirate's index climbed 0.5 percent to a two-week high. Abu Dhabi Commercial Bank rose 2.2 percent and Abu Dhabi Islamic Bank added 2.4 percent.
"The markets have done pretty well to consolidate -- we're probably four weeks away from major earnings results and it will be sideways and drifty until then," said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.
"People are positioned for the results, but need evidence of earnings growth before building new positions."
Dubai's index gained 0.2 percent to hit a two-week high, but volumes slumped to a three-week low.
Logistics operator Aramex rose 0.6 percent, Dubai Financial Market gained 0.8 percent and Emirates NBD climbed 1.6 percent.
In Qatar gainers outnumbered losers 12 to six, with Qatar Islamic Bank up 1.5 percent and Industries Qatar climbing 0.4 percent.
However, investors are uncertain about how a central bank ruling will affect conventional lenders' profits.
Qatar's central bank in February ordered all commercial banks to shut down their Islamic banking operations by the end of 2011.
"People are slightly confused with the new regulations and what the likely impact of that will be," said Ibrahim Masood, senior investment officer at Mashreq Bank. "It would have altered profitability significantly and there's not a lot to go on other than banks."
Islamic banks should gain market share following the rule change.
Oman's shares also rose, up for a fourth session.
The benchmark ended 0.3 percent higher, extending gains since reaching a 23-month low on June 28
Investors picked up beaten-down stocks ahead of second-quarter earnings disclosures.
"The market will remain at the same levels for the next few days, waiting any positive results for the second quarter," said Osama Ibrahim Al Qinna, head of brokerage at Oman Arab Bank.
"Resistance is at 6,080 level and support at 5,816."
Oman Telecommunications Co (Omantel) gained 0.5 percent and National Bank of Oman rose 0.3 percent. Gainers outnumbered losers 14 to five.
Elsewhere, Kuwait's index ended 0.3 percent higher, rising for a second session since Sunday's four-month low. Mobile operator Zain climbed 2 percent, Kuwait Finance House gained 2.1 percent and National Industries Group advanced 4.5 percent.
Egypt's index ended 0.2 percent higher yesterday.
Abu Dhabi: The index climbed 0.5 percent to 2,729 points.
Kuwait: The measure gained 0.3 percent to 6,214 points.
Oman: The index advanced 0.3 percent to 5,950 points.
Egypt: The measure climbed 0.2 percent to 5,439 points.
Dubai: The index rose 0.2 percent to 1,559 points.
Qatar: The benchmark gained 0.3 percent to 8,502 points.
MENA News Headlines
|Mar 15 2014||Saudi MERS death toll rises to 63 ,AFP|
(MENAFN - AFP) Saudi health authorities said Saturday a young man had died from the MERS coronavirus, bringing the death toll from the respiratory disease in the worst-hit country to 63.
|Mar 15 2014||Oman's budget surplus down to USD700m in Jan ,MENAFN|
|(MENAFN) Official data by the Omani government show that the country's budget surplus shrank in January, Arabian Business reported.
The data reveals that the budget surplus went down to USD700.5 ...|
|Mar 15 2014||Al Hokair sets 2016 as completion date for Dubailand project ,MENAFN|
|(MENAFN) A senior executive at Saudi-based Al Hokair Group announced that its Al Sahara Kingdom hotel and entertainment project in Dubailand should open in "a couple of years", Arabian Business ...|
|Mar 15 2014||Fizzy to receive USD333m fund from UAE firm ,MENAFN|
|(MENAFN) UK-based Fizzy announced that it has received a new capital commitment of USD333 million from an Abu Dhabi-owned company, Arabian Business reported.
The company said the fund had come ...|
|Mar 15 2014||Dubai approves bridge to link Bluewaters, mainland ,MENAFN|
|(MENAFN) Dubai has approved plans to build a bridge linking the USD1.6 billion Bluewaters Island project with the mainland, Arabian Business reported.
The emirate's transport authority said the ...|
|Mar 15 2014||Six people dead, some 43 injured in Lebanese Tripoli clashes ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Six people were killed and 43 injured as armed clashes intensified in the Lebanese northern city of Tripoli on Friday.
An informed source told KUNA that ...|
|Mar 15 2014||Israel responsible for lives of Palestinian prisoners on hunger strike --minister ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Palestinian Minister of Prisoners and Detainees Issa Qaraqeh held Israeli authorities responsible for the lives of nine Palestinian prisoners who have been on a ...|
|Mar 15 2014||Pres. Abbas grants Al-Babtain Palestine Order of Merit ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Palestinian President Mahmoud Abbas granted here on Thursday the Palestine Order of Merit for culture, sciences and arts to Kuwaiti poet and literary man ...|
|Mar 15 2014||Kuwait participates in Greece Energy Conf. ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Kuwait took part in a two-day Greece Energy Conference which concluded in the capital Athens on Friday, where participants discussing ways to develop the energy ...|
|Mar 15 2014||Saudi Al-Ahli wins GCC Volleyball Clubs" title ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Saudi volleyball Al-Ahli team won the title of GCC Volleyball Clubs championship after defeating Qatari Al-Rayyan team three sets to one on Friday.
|Mar 15 2014||U.S.-Arab ties, Arab Spring feature high on 2nd U.S. Ambassadors Forum ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) The National U.S.-Arab Chamber of Commerce (NUSACC), in partnership with the U.S. Department of State hosted here Thursday night the Second Annual U.S. ...|
|Mar 15 2014||Kuwait Investment Forum kick-starts Saturday ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) The Kuwait Investment Forum is to be held here on Saturday, focusing on how to create an attractive investment atmosphere in the country.
Speakers at the ...|
|Mar 15 2014||Princess Astrid of Belgium leads large trade delegation to Saudi Arabia, Oman ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Princess Astrid, representing King Philippe of Belgium, will preside over a trade mission to Saudi Arabia and Oman from 15 to 21 March, the Royal Palace has ...|
|Mar 15 2014||Obama, Abbas to review progress in Israeli-Palestinian talks ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) President Barack Obama will welcome Palestinian Authority President Mahmoud Abbas to the White House on Monday, and Obama looks forward to reviewing with Abbas ...|
|Mar 15 2014||EU to bolster financial aid to Tunisia - EU official ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) European Commissioner for Enlargement and European Neighbourhood Policy Stefan Fule said Friday that the European Union (EU) will boost its financial aid for this ...|
|Mar 15 2014||Kuwait reaffirms keenness to fighting drugs ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Kuwait Friday welcomed the UN General Assembly's decision to hold a special session in 2016 regarding the problem of drugs in the world.
Kuwait is committed to ...|
|Mar 15 2014||Kuwait renews support for international efforts to aid Syrians ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait has renewed its support for the 2139 (2014) United Nations Resolution on Syria, which essentially calls on parties of the conflict to allow ...|
|Mar 15 2014||Lebanon"s March 14 Bloc marks 9th anniversary Independence Intifada ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) The Lebanese March 14 Bloc commemorated the ninth anniversary of the "Independence Intifada" at the Biel Center in Beirut on Friday.
Representatives of the ...|
|Mar 15 2014||EU, Kuwait begin discussions on Schengen visa waiver ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) Senior officials from Kuwait's foreign and interior ministries have ended a two-day visit to Brussels after discussions and meetings with EU officials that ...|
|Mar 15 2014||Kuwaiti MP says visit to Japan to cement ties, achieve concrete outcomes ,Kuwait News Agency (KUNA)|
|(MENAFN - Kuwait News Agency (KUNA)) The visit of Kuwait-Japan Parliamentary Friendship League to Japan represented an opportunity to enhance relations between the two nations in all domains, head of ...|