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.

HIGHLIGHTS

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.