Font Size

- Aa +

Thu 21 Oct 2010 12:58 PM

Font Size

- Aa +

Qatar stocks unchanged as Doha index trades flat

Barwa Real Estate and Qatar Telecom shares stay the same after posting third-quarter results

Qatar stocks unchanged as Doha index trades flat
An Emirati man follows the stock market activity at the Dubai Financial Market (AFP/Getty Images)

Barwa Real Estate and Qatar Telecom remained unchanged after posting third-quarter results, as the Doha index was also flat.

Barwa posted a third-quarter net profit of 305.2 million riyals, according to Reuters calculations.

Its shares were trading flat after gaining as much as 1.3 percent on the results.

And Qatar Telecommunications Co (Qtel) on Wednesday posted a third-quarter net profit of 651.9 million riyals ($179.2 million), down 8.3 percent from a year earlier but ahead of an analyst forecast.

Qtel's stock was unchanged.

"While bounces would not be unusual, we see limited upside potential and highlight the elevated risk at this point," Shuaa Capital says in a note to investors on Qatar stocks.

Property stocks led Dubai's
index lower on profit booking ahead of the weekend as investors waited for
international cues to build positions early next week.

Arabtec and Emaar Properties fell 0.9 percent and 1 percent, weighing on Dubai's index, which fell
0.7 percent to 1,744 points.

"Some of these stocks had a good performance recently so we are seeing
some profit taking," said Vyas Jayabhanu, head of investments, Al Dhafra
Financial Broker.

"Markets are also awaiting more news from the UK and US,
especially on spending and how that will impact (the region), investors are
hesitant to keep open positions ahead of the weekend," he adds. Abu Dhabi's bourse ends
the session 0.8 percent higher at 2,808 points. Aldar Properties gained 3.3
percent.

Abu Dhabi is expected to remain firm next
week, while Dubai
could fluctuate, Jayabhanu said.

Earnings so far have exceeded investors' expectations, he added.

"Earnings were pretty comfortable, especially on banking which were
expected to be feeble. And if financials are doing well then everything else
will come through," he added.

Oman's Raysut Cement Co rose,
lifting the Muscat
index, recouping its losses from the previous day when it posted its nine-month
results.

Raysut on Wednesday said its 9-month profit before tax was 19.03 mln rials
compared with 24.2 mln rials year-ago, sending its shares 1.9 percent lower.

Raysut rose 2.2 percent, while the index gained 0.1 percent to 6,542 points.

Next week's trading could be marked by some limited profit-taking, said Adel
Nasr, United Securities brokerage manager.

Liquidity levels could also rise in the coming weeks, especially as Nawras,
a unit of Qatar Telecom, will list its shares on November 3, Nasr said.

Nawras said on Thursday its third-quarter net profit soared 62.3 percent
compared with a year ago, driven by mobile and fixed-line services.

Kuwait's
index fell 0.8 percent to 6,945 points. (Reuters)