Doha: Qatar Exchange index was down 17.58 points or 0.21 percent to 8,336.37 points yesterday from the previous closing of 8,353.95. Among the top losers were Industries Qatar whose share dropped 0.26 percent to QR151.50, Commercial Bank of Qatar lost 0.68 percent to QR72.50 and and Al Khaleej Takaful was down 0.90 percent to QR44.25. The banking and financial sector lost 5.38 points, the insurance sector added 0.52 points, the industrial sector was down 7.57 points and the services sector fell 24.20 points.
Meanwhile, Egypt’s bourse extended gains yesterday as foreign bargain hunters bought bluechips despite prolonged political turmoil, while Kuwait’s measure slipped and other Gulf markets were mixed.
Cairo’s benchmark climbed 1.6 percent, trimming its losses since President Mohammed Mursi issued a decree that gave him more powers and triggered a political crisis to 6.7 percent.
Local investors were selling among fresh protests planned. “Good positions are built in bad times and smart money begins to come in at the most attractive prices,” said Karim Abed Alaziz, executive manager of equity fund at National Fund Management Company. “I’m expecting the rally to continue until the date of the referendum on the constitution.”
Bluechips gain with Orascom Construction Industries and Telecom Egypt rising 3.4 and 3.7 percent each. Talaat Mostafa climbed 1.3 percent.
Kuwait’s bourse extended losses as retail investors booked profits amid fresh protests. The state’s Interior Ministry said it would take all necessary measures to prevent “unauthorised assembly” in the state after dispersing protesters it said threw stones and tried to mow down police with cars. The index lost 0.6 percent, down for a second session since Monday’s seven-week high.
Small-caps dominated trade. National Ranges dropped 12.2 percent, Gulf Investment House shed 5.1 percent and Sokouk Holding slipped 6.1 percent. Five of the six largest stocks by market cap were flat. National Bank of Kuwait rose 1 percent.
Elsewhere, Saudi Arabia’s index gained 0.2 percent. Banks and petrochemical stocks edged higher with Saudi Basic Industries Corp (Sabic) and Alinma Bank up 0.9 and 1.6 percent respectively. In the UAE, Dubai’s index and Abu Dhabi’s benchmark closed near-flat as investors found little catalyst to increase risk. Elsewhere, Oman’s index gained 0.4 percent, up for a fourth session since last week’s two-month low.
HIGHLIGHTS
EGYPT: The index rose 1.6 percent to 5,072 points.
KUWAIT: The index declined 0.6 percent to 5,875 points.
SAUDI ARABIA: The index gained 0.2 percent to 6,729 points.
DUBAI: The index eased 0.04 percent to 1,611 points.
ABU DHABI: The index edged up 0.03 percent to 2,677 points.
QATAR: The index declined 0.2 percent to 8,336 points.
OMAN: The index climbed 0.4 percent to 5,588 points.
BAHRAIN: The index slipped 0.5 percent to 1,042 points.
Reuters
