Doha: Qatar Exchange index was down yesterday 68.65 points or 0.73 percent to 9,361.05 points from the previous closing of 9,429.70 points.
The volume of shares traded fell to 8,847,383 from 11,209,972 on Monday, and the value of shares decreased to QR339,141,717.12 from QR402,164,018.13 on Monday.
Among the top losers were Qatar National Bank whose share dropped 1.43 percent to QR151.70, Industries Qatar lost 0.98 percent to QR162.40, Commercial Bank of Qatar fell 0.14 percent to QR71.00 and Doha Bank was down 1.04 percent to QR47.40.
The banking and financial sector fell 0.88 points while the insurance sector lost 0.27 points. The industrial sector dropped 0.54 points and the services sector was down 0.79 points.
Meanwhile, a real estate stock rally extended in Saudi Arabia on Tuesday, helping lift the bourse for a third consecutive session, while foreign investors bought Egyptian bluechips battered by recent political turbulence.
The Saudi index rose 0.8 percent. Saturday’s sharp drop, that wiped out nearly all the gains of the past four weeks on regional political tension, has brought back fresh buyers.
Real estate stocks outperformed the market, extending a rally driven by upbeat sentiment towards the sector; Makkah Construction and Taiba Holding jump 7.1 and 2.9 percent respectively.
The sector’s index climbed 2.4 percent, up 38.4 percent year-to-date and outperforming the main index’s 10.7 percent gain in 2013.
Current gains in real estate stocks reflect a pricing in of the positive sentiment towards the sector, said Faysal Badran, chief investment officer at NCB Capital. “The dynamics for residential real estate are quite positive given low home ownership and improving disposable incomes.”
A strong macro story for the kingdom boosts a bullish overall view for the market, he added.
Petrochemical and banking shares support the market, with their respective indices and each up 0.9 percent.
In the United Arab Emirates, markets were mixed with Dubai’s index easing 0.1 percent to cut 2013 gains to 46.7 percent. The market has traded within a range of 135 points for the last two weeks as investors await fresh catalysts — which may come in the form of second-quarter earnings.
Shares in Dubai Financial Market, the Gulf’s only listed bourse, rose initially after sources said that a long-standing proposal for a merger with the Abu Dhabi exchange has been revived.
The stock closed flat as investors booked profits to keep 2013 gains to 92.2 percent.
“Investors are pricing in the valuation of Abu Dhabi exchange,” said Ali Adou, portfolio manager at The National Investor, adding that the merger would bring more clarity to the market, especially for foreign investors.
Contractor Arabtec rose 2.4 percent, the most actively traded stock. It gained for a second session since Abu Dhabi’s Aldar Properties awarded a Dh4bn ($1.1bn) contract to a joint venture led by the Dubai builder for a mixed-use development project in Kazakhstan. Abu Dhabi’s index climbed 0.5 percent, taking gains to 39.1 percent in 2013.
In Egypt, the main benchmark climbed 1.1 percent, its third gain in the last four sessions since it plunged to a near one-year low.
Agencies
