Doha: Qatar Exchange ended in the green yesterday adding 16.51 points (or 0.19 percent) to advance to 8,510.21 points from 8,493.70 on Thursday. Among the top gainers were Qatar National Bank which was up 0.22 percent to QR135.80, Industries Qatar rose 0.43 percent to QR140.70, Qatar Electricity and Water gained 0.75 percent to QR133.50 and Vodafone Qatar was up by 0.55 percent to QR9.10.
The banking and financial sector index was up 2.87 points, the consumer goods and services sector index lost 5.70 points, the industrial sector rose by 9.78 points while the insurance sector gained 0.85 points.
Meanwhile, Saudi Arabia’s bourse rebounded from a two-month low despite concerns over third-quarter earnings, while other Gulf markets were mixed in cautious trade. Bargain hunters returned to lift Saudi petrochemical stocks.
Saudi Basic Industries Corp gained 2.2 percent, although Bakheet Investment Group expects the petrochemicals and chemicals producer to post a 33 percent year-on-year drop in profit for the quarter. Third-quarter earnings are expected to be announced next week.
Yanbu National Petrochemical slipped 1.4 percent and Saudi Kayan Petrochemical shed 0.8 percent. “Many of the traders are worried about petrochemical companies’ results, especially Sabic because of lower demand from their main markets of Europe and the U.S.,” said Tarik Al Mady, an independent Riyadh-based analyst.
“People are not willing to take big risks right now, because things are volatile until the results are out.” The kingdom’s index closed 0.5 percent higher and is up 6.6 percent since the end of 2011.
But shares in Zain Saudi dropped 4.7 percent to hit an all-time closing low of SR10.25. On Saturday they sank 6.1 percent after the telecom operator said it had extended, for a second time, the maturity date of a SR9.75bn ($2.6bn) loan, disappointing investors who had hoped for a resolution to the financing issue.
The stock’s drop broke technical support at the 2011 low of 10.54 rials, hit in March and December that year, which may now act as resistance to any rebound. Banks edged up with the sector’s measure gaining 0.1 percent, while insurance stocks rallied - the sector’s index climbed 1.2 percent.
Elsewhere, Dubai’s index rose 0.6 percent, up for a second session since Wednesday’s two-week low. Most blue chips lagged as investors remain wary of euro zone and global growth concerns.
Contractor Arabtec gained 3.3 percent and Dubai Islamic Bank added 1 percent. Emaar Properties ended flat while courier firm Aramex fell 2.5 percent.
“It’s more of a consolidation day. Volatility is high in international markets, which is causing jitters,” said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.
Abu Dhabi’s index ticked up 0.1 percent. Banks supported the index, with First Gulf Bank up 0.6 percent and Abu Dhabi Islamic Bank gaining 0.9 percent.
Kuwait’s index finished 0.1 percent lower, easing away from Thursday’s 15-week high as investors booked gains. National Bank of Kuwait slipped 1 percent and telecom operator Zain, which owns 37 percent of Zain Saudi, shed 1.3 percent.
Local politics continues to dictate Kuwait’s market sentiment, with investors hoping against hope for an accord between the cabinet and parliament so that economic development projects can progress.
QNA/Reuters
