DOHA: Qatar stocks closed 1.69 percent up and finished at 10,316.67 yesterday with most sectors ending in the green.
QNB gained 2.6 % and Ezdan Real Estate advanced 3.94%. Barwa Real Estate, the most heavily traded stock, gained 3.99% as Ooredoo went up 3.5 %.
Industries Qatar (IQ) increased 0.8% and Doha Bank was up 0.7%. QIB and Al Rayan ended 0.4% higher each. CBQ was 0.2% higher and Qatar Navigation went up 1.2 5%. Qatar Electricity & Water gained 2% and Qatar Insurance was 0.6% higher. Al Meera declined 3.3% and Qatar Fuel decreased 0.6%. Nationals were net sellers.
Saudi Arabia’s stock market fell sharply yesterday as petrochemical stocks sagged and the central bank reported weak economic data, but most major markets in the region gained.
The Saudi index fell 1.5% to 6,177 points, closing below its mid-March low of 6,202 points, which suggested an uptrend since mid-February may have ended. Trading turnover shrank, a sign that investors were pulling out of the market.
Petrochemical heavyweight Saudi Basic Industries tumbled 3.0 percent after the price of Brent crude oil fell back below $40 a barrel.
Alinma Bank, the most heavily traded stock, tumbled 4.8 percent as it went ex-dividend.
Hospital operator Middle East Healthcare jumped its 10 percent daily limit to 70.25 riyals as it listed on the market, after raising 1.77 billion riyals ($471m) by selling 27.61 million shares or 30 percent of its capital at 64 riyals per share.
It had originally intended to complete its initial public offer in early February but rescheduled the offer to March after the market plunged. Saudi IPOs are customarily priced attractively for retail investors, and the stocks often rise their 10 percent limits for several days after listing.
Central bank data released on Tuesday showed Saudi Arabia’s M3 money supply shrank from a year earlier in February for the first time in more than a decade – a fresh sign that the economy is slowing sharply because of low oil prices.
Dubai’s stock index rose 0.3% to 3,275 points, holding technical support on its mid-March low of 3,253 points. But trading volume shrank to modest levels.
Dubai Parks & Resorts, the most heavily traded stock, rebounded 3.3% after tumbling more than 10% over the past two days after proposing to boost its capital by Dh1.68bn ($458m) through a rights issue to finance development of a Six Flags theme park.
Its rights issue, and similar moves by other companies in recent weeks, have created concern about the market’s ability to absorb the cash calls at a time of slowing economic growth in the region.
Abu Dhabi’s index climbed 0.9 percent as telecommunications firm Etisalat rose 2.5%. Aldar Properties rose 1.1% after telling local media that it planned to launch a “major development” on Yas Island. Details would be announced later, it said.
Egypt’s index rose 1.0% as the most heavily traded stock, Egyptian billionaire Naguib Sawiris’s Orascom Telecom Media, added 2.6%.
