Gulf markets extend gains; Cairo index up 7.2%

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AGENCIES
Publication Date: 
Fri, 2012-01-27 00:17

The weighted index was also up, gaining 0.55 percent and closing at 405.09 points.  Liquidity and activity levels increased during the week, Markaz said.
Value traded expanded by 6.4 percent. During the week the market traded 1.86 billion shares with a value of KD160.4 million.
This week's traded value was derived from activities on the Investment sector 33.3 percent contribution, followed by Services and Real Estate with 28.2 percent and 15.9 percent, respectively.
HITS Telecom Holding attracted 14.9 percent of the value traded (KD22.6 million); the stock closed up 10.4 percent at KD0.085.
Alsalam Group Holding was second on the most active list with 9.8 percent of this week's value traded or KWD15.64 million.
Stock's performance was also positive [+10.7 percent] at KD0.186.
The report said 140 companies were traded during the week out of which 72 closed positive, 43 were negative and 25 unchanged.
Fujairah Cement Industries was the biggest gainer by booking a return of 47.5 percent and closing at 49 fils; 31.2mn shares were traded valued at KD 2.08 million.
On the other side of the spectrum, industrial and financial Investment was the biggest loser; the stock declined by 17.9 percent to 23 fils.
The report said 1.3 million shares worth KD30,600 were traded during this week.
Reuters reported that the peaceful end to Demonstrations marking the first anniversary of the Egyptian uprising encouraged the country's bourse to increase to its biggest level since March on Thursday, and Gulf markets extended gains. 
Cairo's benchmark index rose 7.2 percent to its highest close since trading was resumed in March following the 18-day uprising that unseated Hosni Mubarak. 
"Lots of people were fearing something was going to happen. It gave a lot of confidence," said Teymour el-Derini of Naeem Brokerage. "The whole market is overbought, climbing too high." 
The market was also boosted by Orascom Telecom which rose 9.8 percent, extending its gains since Sunday, when it resumed trade after an eight-week suspension. The stock had been suspended while the company spun off the assets of businessman Naguib Sawiris.   
"OT has been driving the market since Sunday, sending positive sentiments," Derini said.  
Many stocks including Ezz Steel and Commercial International Bank jumped the maximum allowed 10 percent. 
Gulf markets ended the day in positive territory. 
Abu Dhabi Commercial Bank climbed 5.7 percent after posting a 38.5-percent rise in fourth-quarter profit,    driving the emirate's index to complete a seven-day rally with a 0.6 percent gain.
"Despite falling short of our expectations, we remain satisfied with the overall performance of the bank," Naveed Ahmed, senior financial analyst at Global Investment House, said in a note. 
In Dubai, the index gained 0.7 percent, helped by real estate-linked shares, completing five-straight sessions of advances. 
Drake & Scull and Arabtec ended up 1.9 percent and 1.6 percent respectively. Emaar Properties was an exception, dropping 0.7 percent.   
In Qatar, the index inched up 0.2 percent, its second successive gain after six-straight days of declines. 
United Development Company was the day's biggest gainer, jumping 6.6 percent after posting a 2011 net profit of 3.7 billion riyals ($1.02 billion) versus 597 million in 2010.  
Oman's index climbed 0.2 percent, with six of the eight largest stocks by market capitalization ending flat. 
Omantel eased 0.2 percent while Bank Dhofar, which posted a 5.1 percent gain in fourth-quarter profit, climbed 0.2 percent.

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