Mesaieed Petrochemical (MPHC) shares tumbled 7.8 percent on Qatar bourse yesterday, after the company confirmed on Saturday that it has no contractual relationship with the MSCI and it would not now be included in MSCI’s All-Country World Index, contrary to an initial MSCI statement last week.
The bourse’s main index declined 0.66 percent yesterday, with all the sector indices entering red.
Reuters reported MPHC’s stock had surged five percent to a five-month high on Thursday in the belief that it would be included in the MSCI index.
Meanwhile, the bourse yesterday announced that the combined net profit of the 42 listed companies, out of the 43, touched QR21.35bn for the first half of 2014 compared to QR20.83bn for the same period in 2013. As Vodafone Qatar’s financial year starts on April 1 and ends in March, its net profit is missing from the combined net profit announced by Qatar Exchange (QE) yesterday.
Elsewhere in the region, Blue-chip stocks lifted Saudi Arabia’s bourse to a new six-and-a-half year peak on Sunday, while other Middle East markets were mixed as low volumes led to choppy trading and a lack of clear direction.
The Saudi index rose 0.5 percent to 10,639 points, its highest finish since January 2008 and its 13th gain in the 15 sessions since authorities announced plans to allow direct foreign ownership of shares early next year. At present, foreigners can only own shares via instruments such as total return swaps, Reuters reported.
Abu Dhabi’s index had gained in five of the preceding six trading days but could not sustain this momentum and it also fell 0.7 percent as traders sold banking stocks.
First Gulf Bank dropped 1.3 percent, easing from Thursday’s record peak, while National Bank of Abu Dhabi and Abu Dhabi Islamic Bank lost 2.0 and 2.9 percent respectively.
Dubai slipped 0.5 percent.© Copyright - Peninsula Qatar