Doha: Qatar Exchange ended slightly down by 3.93 points or 0.05 percent to 8,538.21 points yesterday from the previous closing of 8,542.14. Among the top losers were Qatar Islamic Bank whose share dropped 0.65 percent to QR76.70, Islamic Insurance lost 2.90 percent to QR57, Gulf Warehousing Company fell 1.59 percent to QR40.25 and Salam International was down 1.01 percent to QR13.76. The banking and financial sector indeed was down 6.14 points. the insurance sector gained 3.83 points, the industrial sector dropped 2.90 points and the services sector lost 4.96 points.
Meanwhile, Kuwait’s bourse tumbled 3.1 percent, its biggest daily drop since July 2009. Market participants said they believed state-linked funds were buying blue chips in an effort to support the market, as they have done during some periods of weakness in the past. The benchmark stock index slumped to 5,729 points, near an eight-year low of 5,661 points hit in August. Its last daily fall of this magnitude occurred when the global financial crisis was affecting the market.
Blue chips recovered in late trade with the three largest stocks, National Bank of Kuwait, Zain and Kuwait Finance House, ending flat. But among smaller caps, Gulf Finance House and National Ranges dropped 6.9 and 11.4 percent respectively, while Abyaar Real Estate lost 5.8 percent. Trading in these three stocks accounted for more than a third of overall volume on the bourse.
In Saudi Arabia, the bourse declined for a second session, down 0.4 percent from last Wednesday’s 10-day high as investors cut risk with the approach of a long holiday. Banks were lower with the sector’s index down 0.4 percent. Heavyweight Al Rajhi Bank shed 0.4 percent, Arab National Bank fell 1.2 percent and Bank Albilad lost 1.8 percent. Saudi Telecom Co weighed on the market with a 3.5 percent drop after missing third-quarter profit estimates.
Dubai’s benchmark eased away from Thursday’s 25-week closing high, ending 0.3 percent lower. Investors booked recent gains in Emaar Properties, which slipped 0.8 percent. Emirates NBD shed 0.7 percent and Dubai Islamic Bank declined 1 percent. Elsewhere, the Abu Dhabi index ended flat, while Oman’s market eased 0.1 percent.
HIGHLIGHTS
KUWAIT: The benchmark dropped 3.1 percent to 5,729 points.
SAUDI ARABIA: The index dipped 0.4 percent to 6,780 points.
DUBAI: The measure slipped 0.3 percent to 1,650 points.
ABU DHABI: The benchmark ended flat at 2,652 points.
QATAR: The measure eased 0.05 percent to 8,538 points.
OMAN: The index edged down 0.08 percent to 5,709 points.
BAHRAIN: The measure declined 0.4 percent to 1,067 points.
Reuters
