DOHA: Qatar stocks pulled lower by a sell-off in the Telecoms and Banking sectors yesterday. Snapping a three straight bullish sessions, the market fell 1.54 percent to 11,531 points on the first trading session of the month. Local retail investors were the net sellers.
Trading volume declined to 10 million shares from the previous session’s 5 million. Value halved to QR282m from QR564m. Market cap dropped to QR624bn yesterday, from the previous session’s QR633bn.
Gulf International tumbled 3.75 percent. QNB declined 2.22 percent. Masraf Al Rayan fell 2.20 percent and Industries Qatar (IQ) lost 1.22 percent. Ooredoo and Vodafone slipped 2.71 percent and 1.23 percent, respectively. The entire sector indices declined yesterday, with Telecoms losing the most by 2.29 percent. Insurance sector fell by 2.06 percent. While the Banks and Financial Services index shed 1.50 percent, Industrial fell by 1.19 percent. Gulf International was the value leader as Barwa led the volume.
A midday turnaround of oil prices and positive corporate news helped Saudi Arabia’s bourse edge up, while fresh plans for amusement park attractions boosted Dubai, reported Reuters.
The main Saudi stock index edged up 0.4 percent as heavyweight Saudi Basic Industries, the kingdom’s top petrochemicals producer, rose 1 percent to 80.75 riyals, having found support just above its March low of 79.25 riyals.
Dubai’s index edged up 0.5 percent as Dubai Parks and Resorts (DPR) surged 8.6 percent to 0.93 dirham, its highest close since the stock listed in December. The firm, which is building a $2.9bn amusement park complex, said it was partnering with Hollywood studio Lionsgate Entertainment to build attractions based on its franchises including the Hunger Games movie series.
Abu Dhabi’s bourse rose 0.6 percent on the back of Abu Dhabi Commercial Bank and Union National Bank, which jumped 2.9 and 3.5 percent respectively.
Egypt’s bourse edged down 0.4 percent in another broad decline. Local food maker Edita will resume trading today after a heavily oversubscribed public offer, and investors may have sold stocks to free up some cash for it.
The Peninsula
