x Abu Dhabi, UAESaturday 22 July 2017

Qatar stocks track upward as result optimism continues

Markets Wrap: Qatar's index rose the most in almost two months as a positive stream of first quarter results are anticipated from the Gulf state.

Qatar's index was one of the best performing and rose to its highest point in two months as traders were optimistic on positive first quarter results coming out of the Gulf state.

The QE index ended up 0.9 per cent at 8744.48; its fourth consecutive higher close. The index has gained 2.5 per cent since the beginning of the month.

Property stocks led the momentum on UAE markets as shares in Aldar Properties and Sorouh Real Estate rose 0.7 per cent to Dh1.51 and 1.5 per cent to Dh1.37 respectively.

Dubai shares rose the most since February 16 as the Dubai Financial Market closed up 1 per cent to 1,569.80 points and the Abu Dhabi Securities Exchange edged 0.4 per cent higher to 2,608.50 points.

Amjad Bakir, the trading manager at Mena Corp in Abu Dhabi said volatility in Gulf markets in the past few months had helped break through subdued trading on the region's exchanges.

"From that time, the market has gone up slowly giving investors more confidence to start buying," he said.

He added that a bout of dividend payouts have also helped lift shares in specific companies.

Arabtec, the Dubai-based construction company, rose to its highest point in more than two months ahead of the shares trading ex-dividend later this week.

The construction company ended 0.6 per cent higher at Dh1.76 as shareholders were awarded their dividend payments ahead of April 13, when the stock goes ex-dividend.

Elsewhere in the region: Kuwait's measure closed down 0.1 per cent at 6,339.30 points; Bahrain's bourse closed up 0.6 per cent at 1419.17 points and Muscat shares end 0.3 per cent higher at 6326.05 points. The Saudi Tadawul is trading down 0.1 per cent at 6,601.36 points. Egypt's benchmark EGX 30 Index fell 1.4 per cent at 5,348.29 points as renewed tensions from protests in Cairo's Tahrir Square weighed on sentiment.