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Qatar index edges up

Touristclick Qatar Travel News

Qatar index edges up

by Gulf Times

Dubai shares dropped more than 2% yesterday as investors booked profits a day after the main index made its sharpest single-day climb in 18 months.

Saudi Arabia was the top gainer in the Gulf, where the benchmarks of Qatar, Oman also rose while Kuwaiti shares slipped as investors shifted to other markets after a Japanese investment bank advised that Kuwaiti stocks were overvalued.

Abu Dhabi edged slightly higher buoyed by gains in the oil and petrochemical sectors.

The Doha Securities Market closed up 0.84% at 9,691.81 points, its third gain in five trading days.

Qatar Gas Transport Co (Nakilat) and Industries Qatar paced, ending 3.76% and 2.02% higher.

Dubai’s index closed 2.22% lower at 5,489.87 points, a day after it made its biggest one-day climb in 18 months.

“Dubai is seeing an unexpected level of profit-taking that broke all the rules,” said Alaa El Din Moustafa, chief dealer at EFG-Hermes.

Emaar Properties paced, declining 2.18% to 13.45 dirhams, a day after Goldman Sachs raised its price target to 16.30 dirhams from 16.20 dirhams, saying the stock was among its best buys in the region.

Moustafa put Emaar’s fair value at between 18 dirhams and 19 dirhams. Emaar gained 29% in the month to November 6.

Dubai Financial Market Co (DFM) bucked the trend, edging up 0.8% to 6.31 dirhams after Goldman Sachs more than doubled the price target for the stock to 8.60 dirhams from 4.10 dirhams.

Abu Dhabi’s index ended up 0.03% at 4,246.91 points, its third consecutive gain. Dana Gas paced, rising 3.18%, lifted by higher oil prices and market talk of a natural gas deal with Iran, said the dealing room manager at Alfuttaim HC Securities, Sherif Abdel-Khalek.

“The oil and petrochemical sector is seeing a lot of buying and Dana Gas is rising because of higher oil prices ... there are also rumours of a natural gas deal between the UAE and Iran,” Abdel-Khalek said.

Union National Bank also rose, ending up 1.11%. Alexandria Commercial and Maritime Bank, a UNB unit, made a net profit of 48.0mn Egyptian pounds in the first nine months of 2007, nine times more than in the same period of 2006.

Saudi Arabia’s index closed 1.05% higher at 9,270.80 points, its fifth gain in six trading days.

Al-Rajhi Bank led gains, closing up 4.8%. “Al-Rajhi’s results were good and the banking sector in general in Saudi Arabia was lagging since the beginning of the year and now it is rebounding,” said Marwan Shurrab, senior trader at Shuaa Capital.

Al-Rajhi has posted a 0.15% rise in third-quarter net income. Kuwait’s index ended down 0.79% to 12,349.10 points. Japanese investment bank Nomura said last month Kuwaiti stocks are overvalued and investors should invest in other markets.

“The market is overvalued compared to the rest of the region and price to earnings ratios in Kuwait are higher than the rest of the region, so investors are shifting from Kuwait to other markets,” said Marwan Shurrab, senior trader at Shuaa Capital.

Oman’s index ended up 0.51% at 8,147.07 points, after a four-day loosing streak.

Bank Muscat and Oman Telecommunications Co paced, rising 1.73% and 0.46%.

Bahrain’s index ended 0.77% lower at 2,651.08 points. Al Salam Bank and Ahli United Bank led, falling 1.47% and 1.38%. – Reuters

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