Doha / QATAR: Qatar Exchange index slipped 7.92 points, or 0.08 percent, yesterday to 9,723.64 points from the previous closing of 9,731.56 points.
The volume of the shares down to 6,009,280 from 8,432,880 on Monday and the value of shares decreased to QR293,275,183.07 from QR 362,768,521.33 on Monday. Among the top losers were Qatar National Bank whose share dropped 0.36 percent to QR166.10, International Islamic Bank lost 0.35 percent to QR56.80, Electricity & Water fell 1.85 percent to QR154.10 and Commercial Bank of Qatar down by 0.74 percent to QR67.
The Banking and Financial sector index lost 0.20 percent while Consumer Goods and Services sector index dropped 0.19 percent. The industrial sector lost 0.46 percent while insurance sector added 1.07 percent.
Meanwhile, Egypt’s bourse surged yesterday after the government announced plans to increase spending in an economic stimulus package by a third to 29.6bn Egyptian pounds ($4.3bn), and to implement a minimum wage scheme in January.
Cairo’s benchmark index rose 1.8 percent to 6,201 points, its highest level since January 2011; it posted its sixth consecutive daily gain.
This week the index broke above major technical resistance at 6,025 points, the September 2012 peak; that leaves no major chart barrier before 7,248, the January 2011 peak hit before the revolution which toppled Hosni Mubarak. The market is up 74 percent from its post-revolution low, reached in late 2011.
“The sentiment on the market has improved in the last three months — the news of increased spending and minimum wage feeds into that,” said Simon Kitchen, director of regional strategy and research at EFG-Hermes in Cairo.
“My problem with the stimulus package and minimum wage increase is how this will be financed. It’s not clear how they will bring the deficit down and find finances for the spending and the minimum wages.”
Saudi Arabia, Kuwait and the United Arab Emirates promised a combined $12bn in loans, grants and fuel shipments after the army, prompted by mass protests, overthrew the country’s first democratically elected president Mohammed Mursi on July 3.
Shares in Telecom Egypt rose 2.5 percent, and gained as much as 5 percent intra-day, after Bloomberg reported that Vodafone had expressed interest in buying Telecom Egypt’s 45 percent stake in Vodafone Egypt ; it said no offer had been made and that the Egyptian government had not decided how it would respond to one.
In Saudi Arabia, shares in Saudi Basic Industries Corp (Sabic) rose 1.0 percent after a second subsidiary posted estimate-beating earnings for the third quarter.
Yanbu National Petrochemical Co reported a doubling of its third-quarter net profit. But its shares ended 0.8 percent lower after an intra-day surge which took the stock to its highest level since January 2008. The main Saudi stock index eased 0.01 percent.
In the United Arab Emirates, shares in Dubai telecommunications operator du gained 2.2 percent to Dh6.5, a near two-month high. The stock rose to Dh6.7 intra-day on unconfirmed market talk that a significant shareholder might sell its stake at a higher than market price.
Sources: The Peninsula, Gulf Times, The Caye Global News
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