Bourses show mixed trends

Qatar’s shares rose for a third day this week, led by Industries Qatar QSC, as French and German officials said Greece will stay in the euro zone, allaying investor fears the country will default on its debt.

Industries Qatar, the Middle East’s second-biggest petrochemicals company, gained the most since June. Masraf Al Rayan, Qatar’s second-largest Shariah-compliant lender, advanced one per cent. The QE Index rose 0.3 per cent to 8,347.74, the highest level since September 11, at the 1 pm close in Doha. The gauge has slipped 0.2 per cent this week. The MSCI Emerging Markets Index added one per cent on Thursday.

“The mood is generally a bit more positive following the statements from European officials committing to saving Greece and the euro,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment at Royal Capital. “Volumes in the region are still anemic.”

About 5.5 million shares traded in Qatar, compared with a 12-month daily average of 9 million, according to data on Bloomberg. Industries Qatar rallied 2.6 per cent, the most since June 9, to 122.6 riyals. Masraf al Rayan advanced to 24.25 riyals, the highest since July 11.

Eshraq Properties, an Abu Dhabi-based real-estate developer, closed at 51 fils, more than double its installment price, on its first trading day. The company offered 825 million shares in an initial public offering at Dh1 each. Investors have paid 25 fils and will pay the remainder within two years. Dubai’s DFM General Index was little changed. Bahrain’s BB All Share Index decreased 0.4 per cent. Kuwait’s measure and Abu Dhabi’s ADX General Index retreated 0.1 per cent while Oman’s gauge gained 0.4 per cent. Saudi Arabia’s market is closed for the weekend.