DUBAI: Qatar Exchange was down yesterday by 5.27 points or 0.05pc to close at 9,803.19 from 9,808.46 points on Monday.
Among the top losers were Industries Qatar whose shares dropped 0.38pc to QR159.30, Commercial Bank of Qatar lost 1pc to close at 69.10, Qatar Electricity & Water fell 0.48pc to QR165.40 and Qatar Telecom (Ooredoo) was down by 0.35pc to close at QR140.80.
Dubai’s index gained 0.7 percent yesterday to its highest close since November 2008, rising for a seventh straight session, as retail investors continued to speculate actively ahead of long holidays.
Shares in Dubai Financial Market, the Gulf’s only listed bourse, rose 1.9 percent, while Dubai Islamic Bank added 4.1 percent to Dh3.77 in its highest turnover since April.
DIB broke above major technical resistance at Dh3.66, its peaks in March and July, and a double bottom formed by the 2009 lows points up to around Dh5.00 dirhams in the long term.
United Arab Emirates markets will close for Eid holidays from today until August 11 or 12, depending on the sighting of the moon; investors’ willingness to hold shares over the long break was a bullish sign.
Most other Gulf markets were narrowly mixed. In Kuwait, the market climbed 0.5 percent, trading within a range of 140 points for the last two weeks. The market is up 35.8 percent year-to-data, backed by hopes that changes in the government bode well for the country’s economy.
Kuwait formed a new cabinet on Sunday following late July parliamentary elections, which brought in an assembly seen as more amenable to the government than some of its predecessors.
Oman’s index climbed 0.7 percent to its highest finish since February 2011, tracking the regional rally.
Egypt’s market gained 0.2 percent to its highest close since February 21.
Egypt’s bourse will be closed tomorrow and resume trading on Monday August 12, according to a communication to brokers.
Building and construction sector stocks rose on hopes that the industries will benefit if investment picks up with returning economic and political stability.
REUTERS
