DOHA: Qatari stock market staged a relief rally, snapping a three straight weeks of bearish trend. Driven by real estate and banks, the benchmark index gained 87.76 points, or 0.75 percent to close the week at 11,858.01 points.
During the week, trading value rose by 14.67 percent to QR1.01bn. Volume increased by 9.57 percent to over 19 million shares, while number of transactions was up by 0.43 percent to 15,853 transactions. Market capitalisation rose by 0.34 percent to reach QR626bn from QR624bn recorded at the end of previous week.
Commercial Bank and Barwa Real Estate were the top gainers of the week. Commercial Bank surged 5.39 percent, while Barwa jumped 4.95 percent.
Among the sector indices, the banks and financial services led trading value, accounting for 45.94 percent of the week’s total traded value, followed by Industrials, real estate and insurance sector. The banks and financial sector also led the trading volume accounting for 37.21 percent of the total traded volume, followed by the industrials and telecoms. QNB, which shed 0.77 percent, was the value leader of the week, while Masraf Al Rayan led the volume. QNB accounted for 13.15 percent of the total traded value. Masraf Al Rayan, accounted for 12.48 percent of total traded value.
The benchmark index added 0.72 percent yesterday. Real estate was the main support. The sector advanced 1.74 percent, with Barwa increasing the most by 2.63 percent .Ezdan advanced 1.59 percent and UDC edged 0.78 percent.
Of the 42 traded companies yesterday, 26 declined and 15 advanced, while 2 remained unchanged.
Most Middle East stock markets edged down yesterday as a brief rebound in oil prices failed to improve investor sentiment and a series of disappointing earnings announcements.
Saudi Arabia’s main index slipped 0.3 percent, with most stocks giving up early gains and sliding into negative territory.
The kingdom’s biggest listed foodmaker, Savola Group , edged down 2.6 percent and National Commercial Bank, the largest Saudi Arabian lender, lost 0.6 percent, Reuters reported.
Dubai’s index fell 0.9 percent and Emaar Properties , the emirate’s largest listed developer, lost 1.8 percent, becoming the main drag on the benchmark.
Abu Dhabi’s bourse lost 0.7 percent and Abu Dhabi National Energy Company (TAQA) tumbled 4.3 percent after swinging to a net loss of Dh421m in the second quarter. Egypt’s bourse edged down 0.4 percent with most stocks declining. Property developer Amer Group dropped 2.0 percent after posting a 98 percent drop in second-quarter profit.
