Doha: Qatar Exchange index lost 21.04 points or 0.22 percent to reach 9,340.01 points from the previous closing of 9,361.05 points.
The volume of shares traded fell to 6,105,840 from 8,847,383 on Tuesday, and the value of shares decreased to QR268,594,687.34 from QR339,141,717.12 on Tuesday.
Among the top losers were Industries Qatar whose share dropped 0.12 percent to QR162.20, Commercial Bank of Qatar lost 0.42 percent to QR70.70, Qatar Insurance fell 2.07 percent to QR61.60 and Barwa Real Estate was down 0.74 percent to QR27.00.
The banking and financial sector lost 0.07 points while the insurance sector was down 1.36 points. The industrial sector dropped 0.27 points and the services sector fell 0.14 points.
Dubai’s Arabtec jumped to a near four-month high yesterday as recent contract wins boosted sentiment ahead of the builder’s earnings, while Gulf Arab markets were mixed in muted trade.
Shares in Arabtec jumped 5.1 percent to their highest close since February 28. The builder has secured a flurry of contracts under its new management, led by Abu Dhabi state fund Aabar Investments.
The latest is worth Dh4bn ($1.09bn) to build a mixed-use development project by Abu Dhabi’s Aldar Properties in Kazakhstan.
“Arabtec’s legacy business is doing quite well and the backlog has doubled in the last year and a half,” said Loic Pelichet, assistant vice-president for research at NBK Capital. “On standalone basis, it just about justifies the current share price.”
The new awards, along with better sentiment for the UAE’s property sector are adding to upbeat sentiment on Arabtec, he added.
The stock is recovering from sharp declines in late February after the company announced massive capital raising plans that could be dilutive to shareholders.
Dubai’s measure rose 0.6 percent, extending 2013 gains to 47.5 percent. Abu Dhabi’s benchmark gained 0.2 percent to its highest close since October 2008.
Elsewhere, Cairo’s main benchmark slipped 0.5 percent, its second decline in five sessions days since June 12’s one-year low.
Local investors have sold shares ahead of the first anniversary of President Mohamed Mursi taking office on June 30, which his opponents plan to mark by demonstrations.
Most stocks retreated - Commercial International Bank and Orascom Telecom dipped 1.1 and 1.5 percent respectively. “There is a lack of appetite — buyers are waiting for a trigger to enter the market,” said Mohamed Radwan, director of international sales at Pharos Securities.
Foreign investors were net buyers, which sometimes happens when political tensions rise in Egypt. Foreigners prioritise long-term equity valuations over day-to-day political concerns, Radwan said.
Agencies
