22/06/2010 00:00 AST
Qatar Exchange pursued its upswing trend yesterday adding 74.32 points or 1.05 percent to 7,123.72 points from 7,049.40 on Sunday.
The volume of shares traded increased to 7,729,031 from 4,791,315 on Sunday and the value of shares rose to QR237,772,723.30 from QR136,085,190.45 on Sunday.
Top gainers were National Leasing which its share was up 3.21 percent to QR29.20, Commercial Bank of Qatar which gained 2.29 percent to QR67.50, Barwa which rose 1.33 percent to QR30.50 and Rayan which was up 0.70 percent to QR14.40.
The banking and financial sector added 92.70 points and the insurance sector was up 146.94 points.
The industrial sector rose 36.15 points and the services sector was up 69.62 points.
Meanwhile, Middle East markets extended gains yesterday, boosted by rising commodity prices and positive sentiment internationally, with Oman’s index rallying to end over 2 percent higher.
World stocks hit a five-week high, oil jumped and the euro rose briefly yesterday after China’s pledge to allow a more flexible yuan exchange rate, easing tensions with the West and boosting confidence in the global economy.
“The move appears to reflect increased confidence that the Chinese and world economies are growing in a stable and sustainable fashion,” UBS said in a note to clients.
The positive sentiment trickled down onto the trading floors of middle east bourses, with Dubai’s index, Abu Dhabi, Qatar and Oman all ending higher.
Bluechips and banking stocks were picked up by investors in Oman. Bank Dhofar rose 5.4 percent and Galfar Engineering advanced five percent.
“In line with global market trend, the index climbed the most in this month after China’s yuan decision, and the speculators are back in action and focusing on stocks which were earlier oversold,” said Osama Ibrahim Al Qinna, head of brokerage at Oman Arab Bank.
“The upbeat sentiment in the region — due to surge in oil prices — is pushing up the volumes to new levels. We need to see follow through to the upside in the next few days to see if this recovery is sustainable.”
Real estate stocks boosted trading on both bourses in the United Arab Emirates, with Dubai’s bellwether developer Emaar Properties rose 2.7 percent, extending its 8.6 percent surge in Sunday’s session, to end at 3.39 dirhams after an intraday high of Dh3.42.
“The trend remains bullish,” said Shiv Prakash, equity analyst at MAC Capital Advisors.
“The stock closed above the 14 day simple moving average and the next resistance is seen near the neckline levels of 3.50 dirham. One can book the gains near the neckline resistance levels.”
In Abu Dhabi, Aldar Properties rose 3.2 percent and Sorouh advanced 2.6 percent.
“Markets are expected to continue the bounce in the next tradinng session as well,” Prakash said.
Majority government-owned Aabar Investments ended 1.9 percent higher. A statement issued after trading hours said the company would discuss a date on June 24 for an extraordinary general meeting to consider delisting.
Agencies
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