CHAIRMAN: DR. KHALID BIN THANI AL THANI
EDITOR-IN-CHIEF: DR. KHALID MUBARAK AL-SHAFI

Business / Stock Market

Qatari bourse index down 0.19 percent

Published: 28 Dec 2012 - 04:19 am | Last Updated: 04 Feb 2022 - 08:00 pm

Doha: Qatar Exchange index was down 16.16 points or 0.19 percent to 8,311.22 points yesterday from the previous closing of 8,327.38 points. Among the top losers were Qatar National Bank whose share dropped 0.38 percent to QR129.50, Commercial Bank of Qatar lost 0.42 percent to QR70.60, Qatar Electricity and Water fell 0.15 percent to QR129.70 and Masraf Al Rayan was down 1.17 percent to QR24.60.

The banking and financial sector dropped 6.11 points, the insurance sector lost 0.68 points, the industrial sector added 2.78 points and the services sector fell 6 points.

Meanwhile, Egypt’s bourse bounced from a nine-day low, as foreign investors’ buying interest continued to support stocks despite political instability and economic worries. Gulf markets were mixed amid a lack of positive catalysts.

Cairo’s benchmark index rose 2.2 percent and closed very near its intra-day high, extending its 2012 gains to 49.6 percent. Shares in Telecom Egypt climbed 3.1 percent, after the Egyptian regulator said it would grant the landline monopoly a licence by mid-2013 to provide mobile services. 

“Telecom Egypt is a good story, especially after the universal licence by 2013 H1 - Egypt is a rich market,” said Reda Gomaa, portfolio manager at Mashreq. Palm Hills Development and Orascom Telecom  climbed 4.7 and 3.0 percent respectively. El Saeed Contracting added 1.7 percent; the trio were the most active stocks on the index.

The market’s rise was particularly striking because it occurred as the Egyptian pound continued to edge down to fresh eight-year lows, amid talk that authorities might devalue it or bring in fresh capital controls. The possibility of more controls has prompted some depositors to move funds into dollars. 

But many regional investors remain interested in the stock market because of its longer-term potential. For these investors, market dips due to political turbulence can seem like buying opportunities. Arab and non-Arab foreigners were net buyers yesterday, while Egyptians were net sellers, bourse data showed.

In the Gulf, Dubai’s small-caps helped the bourse extend gains as retail investors dominated, but other regional markets were mixed. There was little institutional activity as many investors were away on holidays. Deyaar Development and Ajman Bank rose 2.9 and 3.0 percent respectively. Dubai Financial Market advanced 3.7 percent.

Shares in Shuaa Capital closed 2.1 percent higher at 0.595 dirhams after wild trading which saw them soar as high as 0.67 intra-day. The stock surged 15 percent on Wednesday.

Dubai’s index climbed 0.4 percent and 0.6 percent this week. Abu Dhabi’s measure advanced 0.3 percent, edging up 0.2 percent from last Thursday’s close; the index failed a test this week of chart resistance at 2,640 points, which was support in mid-October and late November. Elsewhere, Kuwait’s benchmark slipped 0.2 percent, while Oman’s index climbed 0.3 percent, halting a three-day dip. 

QNA/Reuters