Doha: Qatar Stock Exchange index dropped 136.40 points, or 1.11 percent, to close at 12,127.98 points yeterday.
The bourse’ market capitalisation reached QR658.963bn yesterday.
The traded value decreased to QR293.39m with a volume of 6,086,865 shares from 4,051 transactions compared to QR418.66m with a volume of 9,497,235 shares from 4,702 transactions on Tuesday.
Indices of all sectors ended in the red zone. Telecom index dropped the most, down 3.08 percent to 1,385.77 points.
Real estate dropped 0.88 percent (2,413.87 points), industries 0.83 percent (4,012.97 points), transport 0.67 percent (2,497.69 points), insurance 0.56 percent (4,070.24 points), banks and financial services 0.54 percent (3,260.28 points) and consumer goods and services dropped 0.42 percent (7,147.38 points).
Meanwhile, most other regional stock markets fell yesterday as oil remained volatile, but Saudi Arabia resumed its rally. Egypt’s Orascom Construction tumbled in Dubai as Egyptian investors appeared to sell the stock to acquire hard currency.
The main Saudi benchmark edged up 0.5 percent on late buying as the price of Brent crude oil rebounded towards $57 per barrel, after hitting a one-month low below $56.
The index closed exactly on its 200-day average of 9,662 points, a strong technical resistance level. Oil’s rebound allowed the petrochemicals sector to recover from early losses and close flat, while other stocks climbed.
Jabal Omar was the main support, surging 8.5 percent to an all-time closing high of SR83.50. The company, which has become an investor favourite after swinging to profit in the last two quarters, will hold its annual meeting today.
Al Rajhi Company for Cooperative Insurance surged its daily 10 percent limit to 29.80 riyals after announcing a rights issue that would double its capital. The firm said it would offer shares to existing shareholders at their nominal price of SR10. A number of other insurance stocks also rose.
Dubai’s index fell 1.5 percent with most stocks in the red and Abu Dhabi slipped 0.3 percent. Trading volumes in both emirates were well below their 90-day averages.
Oman’s bourse fell 0.9 percent as local banks extended losses after three lenders earlier this week cut their cash dividends on the central bank’s advice - a sign that the central bank may be concerned about the possibility of banking system liquidity tightening because of low oil prices.
National Bank of Oman and Bank Muscat, down 2.9 and 2.1 percent, were the main drags. Both have yet to pay 2014 dividends but have not announced any changes to their proposed amounts so far.
Egypt’s market fell 1.4 percent as all but a few stocks declined. Local newspaper Ahram Online reported fresh fuel shortages in the country; it said the petroleum ministry had promised to inject large amounts of petroleum products into the market to address the issue.
Also, Orascom Telecom posted a 76.4 percent drop in 2014 net profit on Wednesday, a day after Telecom Egypt also posted a decline in earnings. Orascom Telecom dropped 4.0 percent.
However, Commercial International Bank edged up 0.7 percent after saying it was carrying out a due diligence process on Citigroup’s books that could lead to the purchase of Citi’s Egyptian retail portfolio.
Agencies
