Doha: Qatar Exchange index declined 91.12 points or 0.66 percent when the bourse closed at 13,754.89 points yesterday. The trading value declined to QR599.48m from QR798.75m on Thursday.
Investors continued to book profits after strong gains last week. Shares in QNB fell 0.9 percent after rising 2.9 percent last week. Medicare Group fell 1.5 percent yesterday.
The trading volume dipped to 7,915,073 shares from 5,673 transactions compared to 11,913,794 shares from 7,956 transactions on Thursday. The market capitalisation decreased to QR750.6bn.
Indices of all sectors ended in the red with telecommunications sector index dropping by 1.27 percent to 1,487.7 points. Of the 43 companies listed, shares of 40 saw trading. From these 28 dropped, nine advanced and three remained unchanged.
Meanwhile, a slight rebound in oil prices and a rally in global equities supported most stock markets in the Middle East. Brent crude climbed back above $80 a barrel and global stock markets also rose on Friday after China made a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases.
China is a major market for Gulf petrochemicals firms such as Saudi Basic Industries (Sabic), shares of which jumped 2.4 percent and helped Saudi Arabia’s index to a 1.1 percent gain.
Most other stocks also rose, but Etihad Etisalat (Mobily) edged down 0.4 percent after the telecoms operator suspended chief executive Khalid Al Kaf after the company restated 18 months of previously announced earnings, wiping out $381 million of prior profit.
Egypt’s index rose 0.2 percent as shares in Amer Group climbed by 5.5 percent after the company said it would split its core real estate business from its hospitality, retail, food and entertainment operations.
Dubai’s index gained 1.5 percent as most stocks rose. Emaar Properties was the main support with a 3.7 percent rise to Dh11.30.
Abu Dhabi’s index edged up 0.1 percent on the back of Aldar Properties’ 2.2 percent gain. Shares in National Bank of Ras Al Khaimah rose 2.1 percent to Dh9.65 after breaking through resistance at Dh9.30 in the previous session.
HIGHLIGHTS
DUBAI: The index rose 1.5 percent to 4,630 points.
ABU DHABI: The index climbed 0.1 percent to 4,958 points.
SAUDI ARABIA: The index rose 1.1 percent to 9,516 points
EGYPT: The index added 0.2 percent to 9,274 points
KUWAIT: The index inched up 0.1 percent to 6,995 points.
OMAN: The index rose 0.9 percent to 7,139 points.
BAHRAIN: The index added 0.5 percent to 1,449 points.
QNA/Reuters
