Doha: Qatar Exchange was down 96.98 points or 1.10 percent to 8,684.72 points yesterday from the previous closing of 8,781.70 points. Among the top losers were Qatar National Bank whose share dropped 1.71 percent to QR138, Industries Qatar lost 0.91 percent to QR163.50, Qatar Telecom fell 2.45 percent to QR107.70 and Qatar Insurance was down 1.89 percent to QR67.60.
The banking and financial sector dropped 1.24 points, the insurance sector added 0.52 points, the industrial sector was down 0.93 points and the services sector lost 0.99 points.
Meanwhile, Kuwait’s bourse rose yesterday for an eighth straight day, its longest winning streak in 16 months, on the belief that corporate earnings were improving. But some other regional markets ended recent rallies.
The Kuwaiti benchmark climbed 0.7 percent to 6,109 points, its highest close since June 2012. Last week its break of resistance at 6,011 points, the October peak, triggered a double bottom formed by the August and November lows and pointing up to around 6,350 points in coming weeks.
“Overall sentiment is very positive because of Q4 earnings, expectations of better dividends and political stability,” said Fouad Darwish, head of brokerage services at Global Investment House. “The market is trading above the psychologically important level of 6,000, and 6,050 was said to be the crossing point for institutions to start buying.”
Telecommunications operator Zain gained 1.3 percent and rival Wataniya climbed 1.7 percent. Small-caps dominated trade as retail investors looked for short-term gains. Abyaar Real Estate and International Financial Advisors rose 6.2 and 2.0 percent, becoming the two most heavily traded traded stocks. That focus of trading on small-caps rather than blue chips was a sign that investors remained wary.
Ahli United Bank rose 6.1 percent as more than five million shares traded. The Bahraini lender sold most of its 33 percent stake in Qatar’s Ahli Bank to sovereign fund Qatar Foundation.
In Saudi Arabia, the index slipped from a four-month high as petrochemical firms posted estimate-trailing earnings. Saudi Kayan Petrochemical said its fourth-quarter net loss increased 1.9 percent from the year-earlier period to SR194.45m, citing a jump in cost of sales and other expenses. Shares in the firm fell 4.6 percent. Saudi Arabian Fertilizers Co fell 0.8 percent after it posted a 10.3 percent decline in fourth-quarter net profit, missing the average analyst forecast. The kingdom’s benchmark lost 0.7 percent.
Dubai’s benchmark fell 1.3 percent. It closed at 1,733 points, pulling back from near major technical resistance at 1,778-1,793 points, where last year’s high, hit last March, coincides with an October 2010 peak. The Dubai index also posted a bearish engulfing pattern. Emaar Properties and Emirates NBD fell 1.9 and 1.6 percent respectively.
But large-caps helped Abu Dhabi’s bourse rise 0.5 percent to its highest close since June 2011. Telecom operator Etisalat and First Gulf Bank climbed 1.0 and 1.7 percent respectively. The index pulled back sharply from an intra-day high of 2,769 points, however, after it neared resistance on the June 2011 peak of 2,777.
Dana Gas rose 3.9 percent to 0.52 dirhams, its highest close since February 2012. The energy firm said last month it received $48m in overdue payments for fuel supplied in Kurdistan.
Egypt’s measure declined 0.9 percent to 5,701 points, down for a second session from Wednesday’s 10-week high. The market surged about 25 percent over six weeks to reach that high, buoyed by foreign investors rebuilding their weightings in Egypt. The main reason for stocks’ retreat is that the index has neared important chart resistance, the analysts said.
Reuters
