Doha: Qatar Exchange ended in the red when trading closed yesterday at 13,020.72 points, down 84.03 points, or 0.64 percent, from the previous closing of 13,104.75 points on Thursday.
The volume of shares fell to 22,018,619 from Thursday’s 23,311,390 and the value of shares decreased to QR787,428,226.35 from QR982,010,371.39 on Thursday.
Among the top losers were Industries Qatar whose share was down 1.06 percent to QR186.50, International Islamic Bank lost 1.25 percent to QR86.60, Doha Bank fell 1.07 percent to QR64.70 and Qatar Navigation decreased by 1.53 percent to QR96.50.
Elsewhere in the region, Egypt’s index eased from a 69-month high as investors awaited next week’s presidential election before committing more cash to the market.
Property developer Talaat Mostafa and telecom operator Global Telecom Holding were among the main drags, falling 1.1 and 2.8 percent respectively.
The benchmark slid 0.3 percent to 8,532 points. On Thursday, it ended at 8,553 points, its highest close since August 2008. “We need a catalyst to pass through 8,600 points. We might see a slight correction,” said Mohamed Radwan, head of equities at Pharos Securities in Cairo.
Egypt’s market will trade sideways until after the presidential election on May 26-27, Radwan said. The vote could then trigger a rally should there be a high turnout and the process “goes smoothly”, Radwan said.
Arabian Cement Company rose 15.4 percent on its bourse debut. The firm’s initial public offering was Egypt’s first major flotation since the 2011 political uprising. “The success of this IPO should pave the way for others to come to the market,” said Radwan.
Elsewhere, Dubai’s index fell for a third session, dropping 0.9 percent, while Abu Dhabi slid 0.7 percent. This pair are up 52 and 16 percent respectively this year, but a sustained rally has showed signs of faltering in recent weeks, with Dubai 4.4 percent below May 6’s six-year peak and Abu Dhabi 4.3 percent shy of April 23’s eight-year high.
Some valuations have become stretched, analysts said, but heavyweight stocks including Emaar Properties and Aldar Properties posted big jumps in first-quarter profit to bolster market sentiment. “That usually means fund managers and analysts will review their forecasts for the rest of the year and, from that, attract more liquidity,” said Mohammed Yasin, managing director of NBAD Securities. “But with such a large move we have to be selective.
QNA/Reuters
