Doha: Qatar Exchange index was down 5.65 points or 0.07 yesterday to reach 8,354.65 points from the previous closing of 8,360.30 points.
The volume of shares traded up to 1,764,893 from 1,746,943 on Thursday, and the value of shares decreased to QR80,016,706.59 from QR108,510,133.77 on Thursday.
Among the top losers were Commercial Bank whose share dropped 0.41 percent to QR72.70, Qatar Navigation lost 0.62 percent to QR63.80, Doha Bank fell 0.39 percent to QR50.80 and Barwa Real Estate was down 0.36 percent to QR7.85.
The banking and financial sector dropped 4.04 points while the insurance sector lost 0.74 points. The industrial sector down 0.22 points and the services sector fell 38.57 points.
Meanwhile, Egypt’s bourse made its biggest one-day gain in five months yesterday after President Mohammed Mursi scrapped a decree that triggered a political crisis.
In Cairo, foreign investors are net buyers against Arab regional and Egyptian sellers. Elsewhere, most Gulf markets closed higher.
Mursi revoked a decree that gave him extra powers, but irate opponents said on Sunday he had deepened the conflict by pressing on with a vote on a constitution shaped by Islamists.
The president held talks on Saturday at his presidential palace. Billed as a “national dialogue”, the meeting was boycotted by his main rivals and had little credibility among protesters in the most populous Arab nation.
“We have to reach a common ground by December 15 — that’s a very important date,” said Osama Mourad, chief executive of Arab Finance Brokerage in Cairo. “The referendum will either be cancelled or delayed or not go through because the judges will probably refuse to oversee the vote.”
Cairo’s benchmark index jumped 4.4 percent in its biggest one-day surge since July 2. Sunday’s gain trim losses to 7.1 percent since Mursi awarded himself extraordinary powers in a decree on November 22.
Many stocks were suspended temporarily in early-trade after they gained their maximum allowed daily limit.
All except two stocks rose. Palm Hills Development Co climbed 4.1 percent, El Saeed Contracting rose 3.7 percent and Citadel Capital jumped 6 percent.
Elsewhere, Saudi Arabia’s bourse gave back intraday gains after hitting a three-week peak as short-term traders booked profits. The index ticked up 0.08 percent.
In the United Arab Emirates, property stocks helped lift Abu Dhabi’s market to a three-week high. Aldar Properties and Sorouh Real Estate each gained 1.6 percent. Investor interest has picked up in recent sessions as the developers’ government-backed merger talks advance.
The talks were started against the backdrop of continuing oversupply and declining house prices. Prices in Abu Dhabi were expected to fall five percent this year, according to a May Reuters poll.
Abu Dhabi’s benchmark climbed 0.6 percent. Dubai’s index edges up in thin trade as investors await fresh catalysts to provide direction. The index added 0.2 percent, trading within a tight range.
“Markets are moving sideways due to a lack of news and interest from investors,” said Mohab Maher, senior manager of institutional sales at MENA Corp.
Agencies
