07/12/2010
World Cup boosts Gulf bourses
The Qatari index climbed 0.6 percent to 8,531 points.Qatar Electricity & Water (QEWC) led Doha's index to a new 26-month high on Monday, with investors continuing to buy into its World Cup story as construction-related regional stocks also rose.
QEWC climbed 1.2 percent to its highest finish in at least two years.As Qatar said it will create 12 air-conditioned outdoor stadiums as part of its winning bid to host the 2022 soccer World Cup, while the country will spend an estimated $100 billion on infrastructure over the next five years.
The Tadawul All-Share Index (TASI) eased 0.04 percent to 6,401 points. The sector activity for the day was mixed with 8 out of 15 closing with gains ranging from 0.09 percent by the Building & Construction sector to 1.76 percent by the Agriculture & Food Industries sector. On the other hand the losing sectors ranged from 0.08 percent by the Telecommunication & Information Technology sector to 0.31 percent by the Energy & Utilities sector.
The overall market breadth for the day was negative with 45 advancers against 69 decliners giving it an AD ratio of 0.65, the Financial Transaction House (FTH) said in its daily market commentary.
The Saudi stock market turnover reached SR2.87 billion on Monday.
Saudi Arabia's Almarai rose 3.2 percent after the dairy firm made a two-for-one stock split in a move usually taken to boost trading volumes.
