Qatari bourse rises by 35.37 points

01/02/2011 00:00 AST

Qatar Exchange was slightly up yesterday adding 35.37 points or 0.41 percent to 8,745.14 points from the previous closing of 8,709.77.

The volume of shares traded fell to 11,417,624 from 25,762,576 Sunday and the value of shares down to QR423,495,165.45 from QR1,017,308,017.60 on Sunday.

Top gainers were Doha Bank which was up 2.53 percent to QR60.80, Industries Qatar rose 0.96 percent to QR136.40, Barwa gained 0.57 percent to QR35.50, Nakilat by 0.54 percent to QR18.60 and Rayan which was up 0.50 percent to QR20.10.

The banking and financial sector gained 26.08 and the insurance sector rose 66.54 points. The industrial sector up 138.30 points and the services sector was added 25.45 points.

Meanwhile, Middle East markets opened higher before some benchmarks gave back gains as the unrest convulsing Egypt spurred renewed selling in volatile trade.

Protesters have intensified their efforts to force Egypt’s President Hosni Mubarak to quit as world leaders struggled to solve a crisis that has torn up the Middle East political map.

“Egypt is at the centre of everybody’s radar and the market is trying to find a level that makes sense for what is happening in Egypt and the ramifications for the region,” said Tarik Lotfy, Arqaam Capital Head of Mena equities in Dubai.

Egypt’s bourse will be closed for a fifth day on Tuesday, but Middle East markets have tumbled this week, with Saudi ArabiaDubai, Abu Dhabi and Oman all making their largest daily declines in at least eight months and although some stocks have since trimmed losses, more volatility is forecast.

Yesterday trading volumes were lower than a day earlier, but remained above the January average.

In Dubai, Emaar Properties dropped 1.9 percent. The UAE’s largest developer has nearly a fifth of its land bank in Egypt. Contractor Drake & Scull fell 1.5 percent and builder Arabtec slid 1.2 percent. Both are active in Egypt.

Dubai’s index fell 0.6 percent to a 21-week low, taking its losses to 4.9 percent in two sessions.

“When you get a down day like yesterday, invariably some people will come in for some bottom fishing, which is what happened at the open, but most investors are cautious, so there wasn’t much follow through,” added Arqaam’s Lotfy.

Saudi Arabia’s bourse, the largest in the Gulf Arab region, was under renewed selling pressure, giving back early gains to leave the kingdom’s index down 5.3 percent this week as of 1113 GMT as rising oil prices did little to bolster sentiment in the world’s top crude exporter.

“Markets don’t like uncertainty and therefore I don’t see long-term money coming back despite compelling valuations,” said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.

Abu Dhabi and Oman rose 1 and 1.6 percent, but confidence remains fragile.

“If things turn nasty (in Egypt) then foreigners will accelerate their selling in the region,” said Adel Nasr, United Securities brokerage manager in Muscat.

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Reuters