Jan 05 2011 |
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Egypt stocks rise to eight-month high
JEDDAH/DUBAI: Qatar's index climbed for a fifth straight session on Tuesday and Egypt's bourse hit an eight-month high, as investor sentiment boosted trade, while other regional markets were mixed.Industries Qatar gained 1.5 percent, as the Doha index continued its rally from a two-year high a day before.
"Since the start of the year, there has been a positive momentum in Qatar's market that was carried forward from last year," said Robert Pramberger, acting head of asset management at Doha-based investment company The First Investor.
Pramberger said the surge began after the Gulf Arab state won the rights to host the soccer World Cup in 2022.
Qatar's bourse was the top performing market in the region last year with gains of more than 24 percent, according to Reuters data.
The index now inches toward the 9,000 points mark, which was last reached in the third quarter of 2008. The index climbed 1.1 percent to 8,973 points on Tuesday.
Egypt's index was boosted by construction-related stocks like Orascom Construction (OCI) that gained 3.4 percent on optimism that big infrastructure projects will boost their earnings.
The index achieved its biggest gain since Sept. 13, closing up 1.8 percent at 7,200 points, its highest level since early May.
Ezz Steel gained 3.2 percent. Investment bank EFG-Hermes jumped 4.5 percent.
Saudi Basic Industries Corp.( SABIC ) closed at its highest value in more than two years, lifting the Tadawul All-Share Index (TASI) by 0.35 percent to 6,699.96 points.
SABIC gained 1.4 percent, buoyed by global oil prices that hovered near the highest price levels in more than two years on accelerating manufacturing activity in developed economies and expectations that US crude inventories will continue to drain.
SABIC ended at SR108.50, its highest close since September 2008, according to Reuters data.
The sector activity for the day was mixed with 8 out 15 closing with gains ranging from 0.04 percent by the Hotel & Tourism sector to 1.41 percent by the Media and Publishing sector. On the other hand the losing sectors ranged from 0.01 percent by the Banks & Financial Services sector to 1.44 percent by the Transport sector. The overall market breadth for the day was positive with 66 advancers against 54 decliners giving it an AD ratio of 1.22, the Financial Transaction House (FTH) said in its daily market report. The stock market turnover reached SR3.96 billion on Tuesday.
The Kuwaiti index rose 0.4 percent to 6,974 points.
The Dubai index retreated 0.2 percent to 1,659 points. The Abu Dhabi benchmark fell 0.2 percent 2,748 points.
The Omani index climbed 0.6 percent to 6,868 points. The Bahraini index slipped 0.3 percent to 1,423 points.
© Arab News 2011
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