Doha: Qatar Exchange index dropped 73.94 points, or 0.63 percent, when the bourse closed at 11,687.17 points yesterday.
The traded value decreased to QR322m with a volume of 7,329,923 shares from 4,785 transactions compared to QR380.51m with a volume of 7,613,824 shares from 5,138 transactions on Monday.
Barring telecoms, which was up 0.36 percent to 1,326.67 points, indices of all other sectors ended in the red for the third consecutive day. Insurance dropped 1.17 percent (4,075.17 points), banks and financial services lost 0.99 percent (3,152.42 points), consumer goods and services slipped 0.82 percent (6,991.37 points), industries shed 0.77 percent (3,830.53 points).
Transport fell 0.60 percent (2,450.27 points) and real estate sector dropped by 0.03 percent to 2,360.69 points
Meanwhile, most other regional stock markets slumped yesterday as oil extended its slide, while Egypt stabilised after a profit-taking bout.
Brent crude fell towards $53 per barrel to trade at its lowest level since early February as concerns mountedover a growing supply glut.
Saudi Arabia’s stock index dropped 1.4 percent as petrochemicals giant Saudi Basic Industries (Sabic) slid 4.1 percent to 87.25 riyals in heavy trade. The stock came under strong selling pressure after falling below 90 riyals; it had traded above that mark since the start of February.
Another major drag was Arab National Bank, which fell 3.1 percent after it no longer carried its SR1 dividend for 2014.
PetroRabigh jumped 3.3 percent after saying it signed loans worth around SR19.4bn ($5.2bn) for the expansion of its petrochemical complex, nearly two-thirds of the total cost.
Technical indicators supported property developer Knowledge Economic City, which surged 4.9 percent in its heaviest trading in three years. It rose above 2014’s peak of SR27.80, hitting an all-time intraday high of 28.30 riyals although it subsequently retreated to end at SR27.20.
Kuwait’s wider index ended near-flat, but the blue-chip benchmark fell 0.9 percent after Commerce and Industry Minister Abdulmohsen Al Madaj said the cabinet was cooperating with the International Monetary Fund to discuss introducing a corporate tax for local companies. He gave no details.
Launching a corporate tax would be a major, politically sensitive policy shift for Kuwait, and for the wealthy Gulf oil exporting nations in general. So far they have relied on oil revenues to mostly avoid direct taxation of corporate profits. Dubai’s bourse was the only Gulf gainer, rebounding after tumbling 5.1 percent over the preceding two days. The index rose 0.4 percent.
Dubai Investments was the main support, jumping 2.2 percent, a day after it revealed plans to float shares in at least one subsidiary next year and said it could divest other holdings. The news was largely ignored in Monday’s sell-off, but buying demand returned as market sentiment strengthened.
QNA/Reuters
