Doha/dubai: Qatar Stock Exchange (QSE) index dropped 57.91 points (+0.43 percent) when the bourse closed at 13,486.13 points yesterday.
The traded value however increased to QR614.950m from QR459.679m registered on Sunday. The traded volume increased to 14,827,166 from 5,764 transactions compared to 11,833,465 shares from 5,186 transactions on Sunday. The market value declined to QR729.801bn from Sunday’s closing at QR730.525bn. Transport index gained +0.30 percent, banks and financial services index gained +0.10 percent and telecoms index was up slightly by +0.06%.
Real Estate index dropped -1.80 percent to 2,591.02 points.
From the 43 listed companies, shares of 41 exchanged hands today. From these 15 made gains, 22 went down and four remained unchanged. Qatar National Bank (QNB) share gained for the fourth consecutive day up a significant QR3.20 (+1.52 percent) when it closed at QR 214 while Qatar Islamic Bank share dropped QR 1.50 (-0.60%) when it closed at QR115.30. Qatar Navigation share was up +0.83% when it closed at QR97.50.
Real estate firm United Development Company share value dropped a significant -6.98 percent when it closed at QR26.65, down by QR2.
Most stock markets in the Middle East fell yesterday after several companies reported poor third-quarter earnings and European equities edged down along with oil prices. The index of top European shares dipped as the Ifo business climate index slipped to its lowest level in nearly two years, while Brent crude dropped towards $85 per barrel after Goldman Sachs slashed its price forecasts, citing abundant supply and lacklustre demand.
Dubai’s bourse, which rose as much as 0.8 percent early in the session, gave up all its gains when European markets moved into negative territory. The benchmark fell 1.4 percent to 4,625 points, but remained above the 200-day average at 4,599 points, an important technical level.
Abu Dhabi was more resilient, adding 0.5 percent largely on the back of First Gulf Bank (FGB), the United Arab Emirates’ third-largest lender by assets, which jumped 3.5 percent before a scheduled earnings announcement.
After trading closed, the bank reported a 20 percent increase in third-quarter net profit, beating analysts’ estimates. FGB made Dh1.43bn ($388m) in the quarter, while analysts polled by Reuters had forecast a profit of Dh1.35bn.
Saudi Arabia’s main index fell 1.2 percent as most sectors were in the red. Shares in Saudi Electricity Co fell 1.4 percent after the company posted a 6.5 percent drop in third-quarter net profit on Sunday. The Gulf’s largest utility firm made SR2.67bn ($712m) during the three months to September 30, while HSBC had forecast SEC would earn SR3.11bn. Petrochemicals giant Saudi Basic Industries (SABIC) fell 1.3 percent, having slid 0.6 percent in the previous session after posting a 4.5 percent decrease in third-quarter profit and missing analysts’ estimates.
Egypt’s bourse fell 1.4 percent in a broad sell-off. In addition to a negative global environment, local investors’ mood was dampened by attacks on security personnel in the Sinai Peninsula last Friday, which killed 33 people and were one of the worst episodes of anti-state violence since Islamist President Mohamed Mursi was overthrown last year.
Agencies
