Qatar share index crosses 7,000 mark Thursday, 29 July 2010 02:49

DOHA: Strong net buying support from foreign institutional investors pushed Qatari stocks up yesterday despite selling pressure from retail Qatari investors.

As a result, the 20-share main index of Qatar Exchange, the local bourse, breached the psychologically critical level of 7,000-mark once again. The index reached 7,015 with a 78 points, or 1.12 percent, surge at the close of trading yesterday. The market capitalisation inched up to QR378.56bn.

The index has been fluctuating between 6,550 and 7,550 points since the dawn of this year dashing investors’ hopes of a rally.

All the four sectors advanced in yesterday’s trading with the insurance stocks leading the pack of gainers. Some 30 of the 42 listed entities gained while only one lost and seven remained unchanged.

Oman’s index hits a five-week high as investor demand pushed up bank stocks and other bluechips. Bank Muscat climbed 1.2 percent, Bank Dhofar added 3.2 percent and Raysut Cement  gained 3.9 percent. The index climbed to 0.9 percent to 6,262 points, its highest close since June 22 and biggest gain for three weeks. SABIC ended 0.9 percent lower, falling for a third day in four. On Sunday, affiliate Saudi Kayan Petrochemical Co said it needed more money to cover a $2.4bn rise in building costs for a new plant. Kayan ended flat.

Etihad Etisalat dropped 1.4 percent, easing from Tuesday’s 29-month high. SABB  fell 0.9 percent. The index fell 0.1 percent to 6,267 points, only its second decline in six sessions.   Dubai’s index ended higher to claw back the previous day’s losses as Emaar Properties halted a three-day losing streak.

Emaar climbed 1.3 percent to Dh3.25, trimming its losses to 3.6 percent since reporting disappointing second-quarter results. Morgan Stanley yesterday coverage of Emaar, giving the developer an overweight rating and a price target of Dh4.30, saying it offered strong recurring revenue through malls and hotels in Dubai as well as exposure to non-UAE property markets. The index climbed 0.9 percent to 1,513 points. National Bank of Abu Dhabi  hits a two-month closing high after its earnings beat estimates, but the emirate’s index ended lower as property stocks weigh.

Oil prices fell a second straight day after economic and industry data fuelled concerns about the pace of economic recovery and energy demand growth and also rising oil inventories.  

European shares ended lower on yesterday, bringing to an end a brisk six-day rally as an unexpected drop in US durable goods orders rekindled economic concerns and prompted investors to book recent gains. The FTSEurofirst 300 index of top European shares closed 0.3 percent lower at 1,050.88 points, after rising by as much as 0.7 percent in early trade.

the peninsula/agencies

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