Doha: Qatar Exchange index continued its losing streak yesterday dropping 53.77 points or 0.64 percent to 8,327.38 points from the previous closing of 8,390.32.
The volume of shares traded up to 3,302,694 from 2,326,116 on Tuesday, and the value of shares increased to QR131,139,341.20 from QR103,898,959.65 on Tuesday.
Among the top losers were Industries Qatar whose share dropped 0.06 percent to QR155.00, Commercial Bank of Qatar lost 0.14 percent to QR70.90, Qatar Islamic Bank fell 1.70 percent to Q75.20 and Vodafone Qatar down 1.88 percent to QR8.33.
The banking and financial sector lost 14.90 points while the insurance sector dropped 12.70 points. The industrial sector down 6.31 points and the services sector fell 2.98 points.
Meanwhile, Egypt’s bourse slipped to a nine-day low yesterday, extending losses as political tensions encouraged investors to book gains from the rally of the past two weeks. Gulf markets were mixed.
Cairo’s benchmark index slipped 0.3 percent to 5,301 points, down for a third session from last week’s one-month high. Mid-caps weighed, with Orascom Telecom losing 1.1 percent and Citadel Capital falling 1.4 percent.
There was fresh evidence of how the controversy over Egypt’s new constitution is hurting economic policy, as the Al Mal newspaper quoted Planning Minister Ashraf Al Araby as saying the government would not implement a series of planned tax increases for at least two weeks, until it completed a dialogue with different parts of society.
Nevertheless, the index closed well off the day’s low because in a pattern seen often in the last several weeks, buying by non-resident Arab and foreign investors offset selling by locals.
Much of Egypt’s economic problems are already baked into stock prices so unless political tensions become a lot worse, many investors may stay bullish about the medium term.
Major technical support for the index is believed to lie on the 200-day average, now at 5,126 points.
In Saudi Arabia, the measure recovered intraday losses to close near flat after late-session buying in petrochemical stocks helped steady the market. The index halted a three-session losing streak, edging up 0.03 percent to close at 6,867 points.
Saudi Basic Industries Corp (Sabic) and Saudi Kayan Petrochemical rose 0.3 and 0.4 percent respectively.
National Industrialisation (Tasnee) gained 0.7 percent, adding to Tuesday’s 4.9 percent gain after the firm proposed a cash dividend of 2.0 riyals per share.
“Petrochemicals have steady demand and earnings should be higher than Q3 - there is a positive sentiment overall on petchems and telecoms,” said Mohammad Omran, a Riyadh-based independent financial analyst and a member of think tank Saudi Economic Association.
“If we get this positive boost, the index could break the 7,000 level.”
Shares in Riyad Bank declined 0.4 percent. The bank’s board proposed a cash dividend of 0.65 riyals per share for the second half of 2012.
Elsewhere in the Gulf, small caps helped lift Dubai’s market as retail investors bet on stronger fourth-quarter earnings.
Dubai’s Deyaar Properties jumped 5.6 percent and Shuaa Capital surged 15.0 percent, the maximum allowed daily gain.
“Retail investors are getting in, speculating on Q4 results...Generally the market is quiet - most people are away” for year-end holidays, said Yousry Kassem, assistant vice-president of sales trading at EFG Hermes.
Agencies
