Doha: Qatar Exchange was down 14.77 points or 0.17 percent to 8,779.90 points yesterday from the previous closing of 8,794.67. Among the top losers were Qatar National Bank whose share dropped 0.54 percent to QR130.10, Commercialbank lost 0.26 percent to QR76.50, Qatar Insurance fell 4.52 percent to QR57 and Masraf Al Rayan was down 3.82 percent to QR24.91.
The banking and financial sector dropped 0.17 points, the insurance sector added 2.66 points, the industrial sector gained 0.68 points and the services sector fell 0.31 points.
Meanwhile, Dubai telecom operator du made its largest one-day gain in 10 months, surging to a four-year high and boosting the broader index after it posted quarterly results that beat analysts’ estimates.
Most regional markets in the Gulf Arab region declined. Shares in Du jumped 11.7 percent to Dh4.12 in its biggest gain since April 2012. Du’s fourth-quarter profit more than doubled to Dh994m as it wrote back tax provisions. UAE telecom operators are taxed via royalties under license agreements with the federal government. The latter announced a new formula in December that includes a levy on revenues as well as profits. The firm also proposed a cash dividend of 0.3 dirhams per share.
Dubai’s measure rose 1.7 percent to its highest close since November 2009. It has risen 16 percent year-to-date. Stocks have rebounded following tentative signs of recovery in Dubai’s property sector, but the share index remains about 70 percent below a 2008 peak. Abu Dhabi’s index eased 0.2 percent, down from Monday’s 39-month high.
Elsewhere, Egypt’s index fell 1.2 percent to its lowest level in February as political uncertainty spurred foreign investors to cut risk exposure. Egypt’s constitutional court rejected five articles of a draft election law on Monday and sent the text back to the country’s temporary legislature for redrafting in a ruling that may delay a parliamentary poll due in April.
Investors are worried about the economic uncertainty caused by the delay, including a $4.8bn loan from the International Monetary Fund, seen as crucial to support the country’s battered economy and to stabilise a currency crisis.
“The law debate makes it very difficult to expect when the elections will be held,” said Ahmed Kheir El Din, a Cairo-based trader. “We don’t know what will happen with the IMF (International Monetary Fund) loan or the appointment of a new government.”
Non-Arab foreign were net sellers, while Arab were net buyers, bourse data shows.
Commercial International Bank is the main drag, falling 3.2 percent. Orascom Telecom and Media sheds 1.4 percent and EFG-Hermes dips 2.8 percent.
In Saudi Arabia, the index slipped 0.4 percent, declining for a third session. Large-caps led losses with Saudi Basic Industries Corp and Al Rajhi Bank slipping 0.8 and 0.7 percent respectively. Investors shunned large-caps, petrochemical and banking shares, after disappointing fourth-quarter earnings and muted growth.
QNA/Reuters
