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Qatari stocks gain on back of $1.05bn of trade

Qatar: Sunday, March 02 - 2008 @ 22:51

The number of shares traded increased a healthy 72% – just over 74 million changed hands, worth QR3.82bn ($1.05bn). Of the 41 companies listed, 31 ended the week higher.

Top performer was the Global Services Index, up 5.6%. The Index experienced the highest level of trading, accounting for just over half of the share activity, said Kuwait’s Global Investment House. Ezdan Real Estate saw the biggest gains, rising 59%, which made it the best performing share of the week.

Other companies in the Index also generally performed well, with Qatar Navigation up 13.7%, although Qatar Technical Inspection was actually the worst performer, down 4% to end the week at QR37.90. On Year-to-Date basis, the Index registered the highest gains, about 26%.

Shares traded

Some QR1.85bn worth of shares were traded in the Global Banking & Financial Institutions Index, which posted the second highest gain of 5.5%. Just one of its nine stocks closed the week down.

Qatar National Bank – the biggest bank in terms of market capitalisation – ended the week with a 8.6% gain to close at QR210.40. Qatar International Islamic Bank (8.42%), Commercial Bank (6.34%) and Qatar Islamic Bank (4.61%) all performed well during the week. The sole loser was Al-Khaleej Commercial Bank, down 0.77%, to close at QR12.90 this week.

Six of the seven companies listed on the Global Industrial Index rose, contributing to the sectors overall gain of 5%. Gains were led by United Development, whose projects include the Pearl, which saw a 11.8% rise. Qatar Industrial Manufacturing was the sole loser, down 0.6%.

The Global Insurance Index increased 2.8%, with top performer being Al-Khaleej Insurance, up 11.3%. Other gainers were, Qatar General Insurance & Reinsurance (up 7.5%) and Qatar Islamic Insurance (up slightly, at 0.47%).

See also:
Share trading on Palestine Securities Exchange up 34%
IPO rush set to drain GCC stock market liquidity
Is 2008 the year the markets crash?

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Sunday, March 2- 2008 @ 22:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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