Doha: Qatar Exchange has lost 7.06 points or 0.08 percent ysterday to hit 8,511.28 points from the previous closing of 8,518.34 points.
The volume of shares traded fell to 3,472,022 from 3,847,918 on Tuesday, and the value of shares decreased to QR132,747,855.43 from QR159,922,397.60 on Tuesday.
Among the top losers were Qatar National Bank whose share dropped 0.37 percent to QR133.00, Industries Qatar lost 0.13 percent to QR159.50, Commercial Bank of Qatar fell 0.31 percent to QR64.70 and Vodafone Qatar lost 0.79 percent to QR8.78.
The banking and financial sector lost 0.25 points while the insurance sector fell 0.09 points and the services sector dropped 0.21 points.
Meanwhile, Saudi Arabia’s banks rose on positive earnings surprise, helping lift the kingdom’s bourse to a fresh 11-month high yesterday, while other regional markets were mixed.
Heavyweight Al Rajhi Bank advanced 0.8 percent. It posted a 2 percent rise in quarterly profit, marginally beating forecasts.
Shares in SABB climbed 4.1 percent and Saudi Hollandi Bank adds 3.7 percent. Both the lenders beat estimates for first-quarter net profit, attributing the growth in earnings to higher operating income.
“We believe that the most positive results were from Saudi Hollandi and SABB which reported strong results and were better than expected,” said NCB Capital in a research note. “SABB’s was particularly positive given the improvement in net interest margins, which we did not expect. We believe this bodes well for Samba which still did not report its first-quarter results.”
Petrochemical shares also rose with the sector’s index adding 0.4 percent.
The kingdom’s benchmark climbed 0.7 percent to its highest since May 2012.
“Today’s break validates our bullish call on the Saudi market and sets the stage for further gains,” said Adel Merheb, managing partner at online advisory firm TradeYourMarket.com. “At the moment, 7,500 is looking like a probable and conservative target.”
Elsewhere, Dubai’s Emaar Properties slipped 1.8 percent, dragging the emirate’s index from a 40-month high.
Shareholders approved its proposed 10 percent cash dividend for 2012, maintaining the same level as the previous two years and dashing investors’ hopes the payout could be increased.
The developer triggers selling in other stocks that had rallied in recent sessions. Dubai Islamic Bank fell 3.1 percent, snapping a four-session rise. Arabtec shed 1.4 percent and Emirates NBD dipped 0.7 percent.
Dubai’s index slipped 0.4 percent, trimming 2013 gains to 20.4 percent. It is down 69 percent from a 2008 peak.
“UAE markets are overall very cheap - there might be some correction but if you have a long-term view, we are at very low levels historically, so any correction is an opportunity to accumulate,” said Zeki Muderrisoglu, fund manager and senior technical analyst at NBAD Asset Management.
The Dubai benchmark’s next targets are 2,050 and 2,100, he adds. Abu Dhabi’s measure rallied for a fourth day, rising 0.9 percent to its highest close since October 2009.
In Kuwait, aircraft leasing company Alafco gained 3 percent after sources told Reuters the firm had hired Deutsche Bank to advise it on a potential sale of global depositary receipts in London.
Egypt’s bourse halted a four-session gain as investors booked gains in bluechips.
Agencies
