Doha: Qatar Exchange index dropped 2.37 points or 0.03 percent yesterday to 8,518.34 points from the previous closing of 8,520.71.
The volume of shares traded fell to 3,847,918 from 4,347,837 on Monday, and the value of shares decreased to QR159,922,397.60 from QR271,173,399.84 on Monday.
Among the top losers were Gulf International whose share dropped 0.91 percent to QR38.25, Masref Al Rayan lost 0.97 percent to QR24.61, Al khalij Commercial Bank fell 0.84 percent to QR16.45 and The Investors fell 0.67 percent to QR22.15.
The banking and financial sector fell 0.26 points while the insurance sector dropped 0.95 points. The industrial sector up 0.30 points and the services sector added 1.41 points.
Meanwhile, Dubai’s measure hit a 40-month high yesterday as investors betting on upbeat first-quarter earnings extended a buying spree, while Saudi Arabia’s bourse also rose, breaking strong technical resistance.
Dubai’s market climbed 2.4 percent to its highest close since November 2009 and is up 21 percent year-to-date.
The benchmark also eclipsed its previous 2013 year high set in late February. Investors usually cash in gains after qualifying for dividend payments and the market did retreat in March, but this year’s April surge has buoyed traders.
“This year, the trend is different because other than the sentiment and liquidity improvement, shareholders have decided to put most of the dividends back into the market, which has helped the move,” said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services. “People are looking at next year’s dividends.”
Yasin predicted the market will make further gains in the second quarter. Emaar Properties rose 2.1 percent and Dubai Islamic Bank gained 6.7 percent.
Shares in contractor Drake and Scull jumped 7.5 percent in heavy trade as investors bet the firm could be an acquisition target, traders said.
Abu Dhabi’s benchmark added 0.6 percent to reach its highest close since October 2009.
In Saudi Arabia, the measure climbed 0.4 percent to an 11-month high. The index broke strong resistance levels as banks supported gains.
Saudi Investment Bank rose 4.9 percent. The lender on Sunday posted a 48 percent rise in quarterly profit.
SABB added 1.5 percent. After market hours, the bank posted an estimate-beating first-quarter profit of SR948m ($252.79m).
National Medical Care and contractor Abdullah Alkhodari each rallied 10 percent.
Agencies
