Doha: Qatar Exchange was down 47.92 points or 0.57 percent to 8,333.11 points yesterday from the previous closing of 8,381.03 points. Among the top losers were QNB whose share dropped 0.53 percent to QR131.30, Industries Qatar lost 1.69 percent to QR151.20, Doha Bank fell 1.48 percent to QR43.30 and National Leasing was down 1.21 percent to QR32.55.
The banking and financial sector dropped 0.35 points, the insurance sector was up 0.87 points and the industrial sector lost 0.98 points.
Most Gulf bourses extended declines as losses in global stock markets and commodities prices spurred investors to take profits. Kuwait’s market slipped after a prominent opposition politician was sentenced to five years in jail. Weak oil prices hurt Saudi Arabia. The Saudi benchmark index fell 0.7 percent, losing ground for a third session since last week’s 11-month peak.
Abu Dhabi’s bourse fell 0.9 percent, down from Sunday’s 41-month high. Dubai’s benchmark fared relatively well, falling just 0.4 percent, which trimmed its 2013 gains to 21.3 percent.
“The Q1 results catalyst is going to help the UAE (United Arab Emirates) maintain its levels until there is further positive sentiment across global markets,” said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. Dubai Islamic Bank fell 4.3 percent after posting on Sunday an estimate-beating 17 percent rise in profit, which some investors had apparently foreseen — the stock rose sharply last week.
In Kuwait, the index, which hit a 26-month closing high on Thursday, dipped 0.2 percent. Small-caps led the day’s declines, while large-caps rose. National Bank of Kuwait and Kuwait Finance House climbed 2.2 and 1.3 percent. Egypt’s measure lost 0.5 percent. The Egyptian market has rebounded sharply in the past several days on news of fresh aid to Cairo from Qatar and Libya, and in hopes of a loan deal with the IMF.
Qna/reuters
