|10-01-2014, 02:34 PM||#1|
Qatar stock market ends higher as Barwa Real Estate climbs
Qatar benchmark stock index closed higher on Wednesday, boosted by a jump in Barwa Real Estate after announcing a large land sale deal with the state.
Shares in Barwa surged 3.5% and were the index’s main support. The Qatar Exchange Index closed higher by 0.22%.
Barwa said on Wednesday it will sell QAR2.54 billion ($697.4 million) worth of land to the government, the latest assistance by the state to be given to the indebted developer.
The sale was agreed on Tuesday and should have a notable impact on Barwa’s financials, although the company did not specify which quarter the sale would be filled in, according to the bourse filing.
The Dubai Financial Market (DFM) was little changed, while Abu Dhabi’s index gained 0.4%.
Stock markets in the region tend to be less volatile before holidays such as Eid al-Adha’s holiday next week.
Nevertheless, market watchers should pay attention to trading on Thursday as the Emaar Malls Group will debut on the Dubai Financial Market.
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