DOHA: Breaking a three-day winning streak, Qatar Exchange (QE) benchmark index retreated 1.7 percent yesterday on heavy selloff by local retail investors. The index was mainly dragged by bluechips.
Bellwether, Industries Qatar tumbled 7.14 percent to QR182, after the group announced the shareholders are entitled for a cash dividend of QR11.
The sector indices as a whole ended in red. Of the 12 banking stocks, seven dropped with the Doha Bank shedding the most. The bank fell third consecutive day by about 3 percent to close at QR58.40. Analysts noted that this is the minimum price for the shares since the beginning of this year, by trading more than half a million shares.
QNB dropped 2.59 percent to QR188. Islamic Insurance edged down 3.93 percent to QR66.
The Investors, National Leasing and Widam were the top gainers.
Market cap dropped to QR652bn from the previous trading session’s QR66bn. Total traded volume of shares were up to 15 million from the previous session’s 14 million shares. The traded value jumped to QR654 fromQR644mn.
Elsewhere, profit-taking picked up pace in the United Arab Emirates. Dubai’s measure lost 1.4 percent, trimming its 2014 gains to 21.4 percent and slumping to its lowest closing level in four weeks.
Dubai Islamic Insurance & Reinsurance (Aman) dropped 1.7 percent after credit rating agency Standard & Poor’s lowered its rating of the company to ‘BB+’ from ‘BBB-’ with a negative outlook. It said a loss posted by Aman at the end of last year had impaired its capital adequacy.
In Kuwait, blue chips helped lift the main index, which gained 0.4 percent as local funds accumulated what they saw as undervalued stocks.
Telecommunications operator Zain rose 4.8 percent, recovering from a five-year low. The stock was hammered in recent weeks after its fourth-quarter earnings missed estimates because of foreign exchange losses, but it said its customer base increased 8 percent. Last week, the firm finalised an $800m, five-year loan facility from 11 banks.
The Peninsula/Reuters
