Doha: Qatar Exchange was down 44.36 points or 0.52 percent to 8,504.94 points yesterday from the previous closing of 8,549.30. Among the top losers were Commercial Bank of Qatar whose share dropped 1.07 percent to QR74, Qatar Electricity and Water lost 0.90 percent to QR132.80, Barwa fell 1.82 percent to QR29.75 and Doha Bank was down 0.89 percent to QR55.50.
The banking and financial sector index was down 12.36 points, the insurance sector dropped 2.05 points, the industrial sector lost 8.22 points and the services sector was down 27.61 points.
Meanwhile, Saudi Arabia’s bourse slumped to a two-month low amid a region-wide decline as opposition in the euro zone to measures aimed at resolving the region’s debt crisis worsened the shaky outlook on global economic growth.
“This continuous decline is parallel to foreign markets — the eurozone condition is back in focus and Spain’s contagion crisis is affecting sentiment,” said Hesham Tuffaha, head of asset management at Saudi Arabia’s Bakheet Investment Group.
“Next week the market should be flat if it doesn’t recover. Local fundamentals are still strong.” The kingdom’s index fell 1.4 percent to finish at its lowest close since July 31.
Selling pressure was across the board with main sectors of petrochemical stocks losing 1.5 percent and banking down 1 percent.
Dubai’s bourse dropped the most in a daily move since early June, closing 1.8 percent lower. Property-related stocks led the fall. Emaar Properties lost 2.8 percent, Drake & Scull dropped 1.3 percent and contractor Arabtec slid 4.7 percent.
Abu Dhabi’s measure slipped 0.3 percent. Sorouh Real Estate and Dana Gas declined 1.7 and 2.3 percent respectively.
Bucking the trend, Kuwait’s bourse rose 0.3 percent to a fresh three-month high on hopes that the political stalemate is moving closer to a resolution.
State news agency KUNA reported that Kuwait’s Emir met yesterday with the crown prince, parliament speaker and interior minister. Details of the meeting were not disclosed but such a meeting is usually a precursor to political decisions. Analysts expect parliament to be dissolved ahead of new elections, which could be held by the end of this year.
“The meeting was good for the market (as investors believe) that things will turn out for the best,” said Jasem al-Zeraei, head of institutional sales at NBK Capital. But he added: “Sentiment is still weary and it’s natural for the market to pull back, and we’re waiting for that now.” Large-cap stocks were mostly flat, recovering early-session declines. Gulf Bank gained 1.2 percent, telecommunications operator Zain ended flat and logistics firm Agility climbed 1.9 percent.
QNA/Reuters
