Doha: Qatar Exchange index lost 17.64 points, or 0.18 percent, to 9,762.70 points from the previous closing of 9,780.34 points.
The volume of the shares fell to 8,221,675 from 13,465,320 on Sunday and the value of shares decreased to QR345,578,297.52 from QR477,848,419.29 on Sunday.
Among the top losers were Industries Qatar whose share dropped 0.39 percent to QR154.40, Doha Bank lost 0.37 percent to QR54.30, Barwa Real Estate fell 1.16 perccent to QR25.55 and Al khalij Commercial Bank was down by 0.58 percent to QR18.79.
The banking and financial sector index dropped 0.29 points while consumer goods and services sector index added 0.38 points. The industrial sector was down 0.14 points while insurance sector gained 0.13 points.
Meanwhile, other Gulf bourses were mixed yesterday with investors opting to book gains in United Arab Emirates’ markets, while Egypt rose to a four-week high as retail players targeted lagging stocks.
Dubai’s measure retreated 0.5 percent, halting a four-session rally. The market made a sharp recovery last week and is less than 100 points away from August’s five-year peak.
“The momentum going forward in the UAE will be positive but with limited upside,” said Ali Adou, portfolio manager at The National Investor in Abu Dhabi. “The market is very volatile and dominated by retail investors. I think it will be difficult to break the year’s highs with current volatility.”
Shares in Drake and Scull International bucked the trend and gained 1.7 percent after the firm said its unit won a Dh1.28bn ($350m) construction contract in Algeria. Abu Dhabi’s index eased 0.09 percent, but is up 43.8 percent year-to-date.
Elsewhere, Saudi Arabia’s Kingdom Holding rose 0.8 percent to a two-month high after its owner, billionaire Prince Alwaleed bin Talal, made bullish comments about his investment in Twitter Inc in a Reuters interview late on Sunday.
Alwaleed, who invested $300m in Twitter in 2011, said he would not sell any of his shares in the social media giant when it goes public because of its tremendous potential. While the market expects the company’s value once listed to be more than $10bn, Alwaleed said it could conceivably be more than $15bn.
Kingdom’s shares have risen 14.1 percent in the last six trading days, partly because of news that Twitter is preparing for an initial public offer.
Saudi Arabia’s index climbed 0.5 percent, up for six in last seven sessions. The market is at its highest since August 26 and faces resistance at 8,223 points — the peak of August when it a five-year high.
The building and construction sector index was among the biggest gainers, climbing 1.1 percent. The cement sector added 0.5 percent. Investors are bullish on both sectors, with heavy government infrastructure spending underpinning demand.
In Egypt, the benchmark index climbed 0.5 percent to 5,554 points, its highest level since August 18. Shares in Egypt Kuwait Holding (EKH) rose 2.6 percent, trimming 2013 losses to 37.5 percent.
It underperforms the wider market, which is up 1.7 percent on the year. El Swedy Electric co advanced 2.6 percent.
“It’s a retail market today with a shift in interest towards underdogs,” said Mohamed Radwan, director of international sales at Pharos Securities. “EKH has been lagging since it was removed from the MSCI emerging market index. Investors are looking for appealing stocks.”
Agencies
