Doha/Dubai: Qatar Exchange index lost 11.41 points, or 0.10 percent, as it closed at 11,836.07 points yesterday down from the previous closing of 11,847.48.
The volume of shares traded increased to 8,718,969 from 6,699,178 on Sunday, and the value of shares dropped to QR417,979,503.03 from QR350,346,196.06.
Among the top losers were Commercial Bank whose share was down 1.49 percent to QR65.90 and Electricity & Water which lost 2.01 percent to hit QR190. Vodafone Qatar fell 0.40 percent to QR15.00 and Salam International dropped by 0.06 percent to QR16.40.
The banking and services sector lost 0.08 percent to reach 3,112.72 points while the telecom sector added 0.31 percent to hit 1,392.06 points. Consumer goods and services sector lost 1.43 percent to hit 7,093.9 points while the industries sector fell 0.34 percent to register 3,739.86 points.
Meanwhile, Saudi Arabia’s stock market rose yesterday as it traded for the first time since new king took over. Other bourses in the region were neutral or negative.
After swiftly assuming power, the Custodian of the Two Holy Mosques King Salman bin Abdulaziz pledged continuity in energy and foreign policies and appointed younger men as his heirs, appearing to settle the succession issue for years to come.
Investors reacted positively to the smooth succession and the kingdom’s main index added 0.7 percent as most stocks closed higher.
Food makers Savola Group and Almarai were among the main supports, adding four and 2.5 percent respectively.
Shares in major real estate developer Dar Al Arkan surged their daily 10 percent limit in their heaviest trade since July 2012, extending a leg up which started after the company published its fourth-quarter results last week.
Its profit fell 26.3 percent and missed analysts’ forecasts, but some investors may be looking ahead to stronger results this year.
Some analysts think the Saudi succession could benefit the stock market because King Salman will face pressure to ensure public support with state sector wage increases and other populist steps that could accelerate the consumer spending boom.
Other markets in the region were weak or flat as the price of Brent crude briefly dipped below $48 per barrel.
Dubai’s stock index tumbled 3.6 percent in a broad sell-off. Among the most traded stocks, Dubai Islamic Bank lost 5.7 percent and Emaar Properties was down 5.3 percent.
Local investors and those from outside the Arab world were net sellers in Dubai yesterday, according to bourse data.
Market players said oil’s renewed weakness may have dampened retail investors’ sentiment, even though Dubai’s diversified economy is relatively insulated from the negative effects of cheap oil.
“We had a good a rebound in the oil prices (in the last few weeks), they moved above $50 - and now it seems that we are again on the way down,” said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi.
Agencies
