Doha: Qatar Exchange was slightly down yesterday losing 1.29 points or 0.01 percent to reach 8,725.03 points from the previous closing of 8,726.32.
The volume of shares traded was up to 4,691,448 from 4,330,104 on Sunday, and the value of shares decreased to QR171,085,663.92 from QR188,690,847.83 on Sunday.
Among the top losers were Commercialbank whose share dropped 0.38 percent to QR77.80, Barwa Real Estate Company which lost 0.54 percent to QR27.55. Doha Insurance fell 2.07 percent to QR28.40 and The Investors was down 1.41 percent to QR21.71.
The banking and financial sector dropped 0.17 points while the insurance sector added 0.14 points. The industrial sector lost 0.20 points and the services sector up 1.05 points.
Meanwhile, investors in the UAE shrugged off weak earnings from Aldar Properties and the country’s two markets rallied as confidence in local equities supported buying.
Dubai’s measure climbed 0.9 percent to head back towards Thursday’s 37-month high.
Emaar Properties helped lift the market, gaining 1.7 percent, while Arabtec rose 3.1 percent. Dubai Islamic Bank added 0.9 percent ahead of its earnings, which are due out later on Monday.
Dubai’s market jumped 20 percent in 2012 as property prices recovered and lifted sentiment towards the sector’s stocks.
“There’s no doubt that there has been a lot of capital flow in real estate, especially from foreigners,” said Amer Khan, fund manager at Shuaa Asset Management.
“What you’re seeing on the ground is being reflected in the market so a pullback would not be too strong. This is long-term money and there’s no reason for a reversal.”
The market however, is stretched technically and some stocks are overbought, he added.
On neighbouring Abu Dhabi’s market, Aldar Properties fell 4.2 percent after its fourth-quarter earnings missed estimates despite a 9.8 percent increase over 2011. Aldar is still up 7.8 percent in 2013, after a 39-percent surge in 2012.
“From an earnings perspective, it’s not a phenomenal story but that has been the case for many years so it is not a surprise,” Khan added.
The firm’s performance dragged Sorouh Real Estate, which is in the process of merging with Aldar, down 2.3 percent. Sorouh has gained 36.5 percent in 2013 on merger hype.
The emirate’s index however, closed 0.3 percent higher at a fresh 34-month high as banks supported.
First Gulf Bank gained 1.6 percent and National Bank of Abu Dhabi added 0.5 percent.
In Egypt, the bourse rallied to a three-week high as foreign investors brushed off political unrest and bet domestic strife will ease.
Agencies
