Doha/dubai: Qatar Exchange was down 8.54 points or 0.10 percent to 8,577.72 points yesterday from the previous closing of 8,586.26 points. Among the top losers were Masraf Al Rayan whose share dropped 0.56 percent to QR24.75, Vodafone Qatar lost 1.24 percent to QR8.74, Gulf International fell 0.14 percent to QR35 and Al Meera was down 0.69 percent to QR130. The banking and financial sector fell 0.22 points, the insurance sector added 0.31 points and the services sector gained 0.65 points.
Meanwhile, selling pressure from foreign investors dragged Egypt’s bourse down to a near 16-week low as the country’s economic situation worsens, while Gulf markets were mixed.
Egypt’s government has hit a breaking point in its ability to pay for imports of oil, wheat and other basic commodities, forcing it to call in diplomatic favours.
Most stocks declined. Orascom Construction Industries and Commercial International Bank lost 2.5 and 3 percent respectively. Non-Arab foreigners were net sellers, according to bourse data.
Shares in National Societe Generale Bank declined 1.9 percent to 30.10 Egyptian pounds ($4.42) — its lowest since August 2012. The stock has fallen for four sessions since the Egyptian government said it would levy a 10 percent tax on capital gains made from selling shares to Qatar National Bank.
The exchange executed the sale of NSGB shares to QNB, representing a 97.1 percent stake in the Egyptian lender. NSGB will be delisted from the bourse on April 7 QNB bought a 77.2 percent stake from NSGB’s parent firm Societe Generale, and acquired the rest from the market at 38.65 pounds per share.
Cairo’s bourse fell 1.6 percent to 5,099 points, its lowest close since December 11. “The market broke the support at 5,100 on low volumes and the next support is near 4,900 points” said Mohabeldeen Agena, head of technical analysis at Cairo’s Beltone Financial.
In Saudi Arabia, the index slipped 0.5 percent, extending declines from a 10-month high as investors booked gains in large-cap stocks. Saudi Basic Industries Corp lost 1 percent, dragging the petrochemical sector down by 0.8 percent. The banking index shed 0.5 percent.
In Kuwait, investors bought stocks to boost share prices at the end of the first quarter but the index was little changed. This trading tactic, known by many brokers as “window dressing”, is especially rife in Kuwait, with investors seeking to temporarily bolster portfolio performance.
Small-caps dominated trade. Gulf Investment House and Investors Holding Group climbed 5.5 and 2.2 percent respectively. Selling pressure on stocks also eased as many companies filed earnings on the final day of the reporting period. Shares in firms that failed to do so will be suspended from trading today. Logistics operator Agility rose 1.7 percent to a three-year high.
Elsewhere, UAE markets were mixed with Dubai’s bourse falling 0.9 percent to a fresh two-month low as investors booked profits from an early-year surge. Emaar Properties and Air Arabia declined 1.7 and 3.1 percent respectively. Abu Dhabi’s benchmark gained 0.3 percent. Shares in Ras Al Khaimah Ceramics surge 14.7 percent after the company proposed a 20 percent cash dividend. QNA/Reuters
