Doha: Qatar Exchange fell by 38.78 points or 0.45 percent to 8,564.84 points yesterday from the previous closing of 8,603.62 points. Among the top losers were Industries Qatar whose share dropped 2.39 percent to QR150.90, Qatar Electricity and Water lost 0.67 percent to QR133.50, The Investors fell 0.89 percent to QR24.43 and Al Meera was down 2.10 percent to QR158.60.
The banking and financial sector index dropped by 2.39 points while the insurance sector added 9.44 points. The industrial sector was down 38.83 points and the services sector gained 11.69 points.
Meanwhile, Gulf bourses were mostly lower yesterday with political tension weighing on Kuwait, while Saudi Arabia’s measure gained in thin trade. Kuwait’s index slumped to a new eight-year closing low ahead of a major demonstration planned by the opposition later in the day. The market finished 0.1 percent lower.
The opposition said it would would press ahead with the march to protest against new voting rules, while the government warned it would not tolerate unsanctioned demonstrations. Some protests in recent weeks have seen clashes between police and demonstrators.
“Retail investors were nervous today - we have another protest tonight. But I don’t think too much will happen because a lot of security forces have been sent out,” said a Kuwait-based trader who asked not to be identified.
Nine of the 10 largest stocks by market value closed flat, with smaller stocks facing the brunt of the selling pressure. Government-linked funds were seen buying larger blue chips to support the market during some periods of market weakness last month and investors think they may do so again, though there was little if any such buying noted on Sunday.
National Ranges was the most active stock, falling 2.8 percent. Ithmaar Bank shed 1.1 percent. “Not many people are selling, trading values are low - people are scared to leave or to enter the market,” said Fouad Darwish, head of brokerage services at Global Investment House.
In contrast to other Gulf countries, few Kuwait companies have so far reported third-quarter earnings, apparently because they want to limit the negative impact from the political tensions on their stocks, he added. They seem to be calculating that politics-related selling is less likely if investors are still hoping for positive third-quarter earnings surprises.
Saudi Arabia bucked the regional trend. The index rose 0.2 percent, up for a third straight session, but trading volumes were low as investors stayed cautious.
The insurance sector rose 2.4 percent, accounting for a third of all trading volume on the bourse. In the United Arab Emirates, Abu Dhabi’s measure dipped 0.2 percent, easing away from a 15-month high. Abu Dhabi Commercial Bank fell 1.5 percent. Dubai’s benchmark closed 0.3 percent lower. QNA./Retuers
