Doha: Qatar Exchange ended in the red when trading closed yesterday at 11,137.59 points, down 36.38 points or 0.33 percent from the previous closing of 11,173.97 on Sunday.
Among the top losers were Qatar National Bank whose share was down 2.49 percent to QR179.90, Industries Qatar lost 0.72 percent to QR178.40, Qatar Electricity and Water fell 0.77 percent to QR181.60 and Vodafone Qatar decreased by 0.88 percent to QR11.21.
Meanwhile, markets in United Arab Emirates were mixed with Dubai’s measure halting a three-session drop while most other Gulf shares retreated and Egypt’s measure slipped off a four-year high.
Dubai’s index gained 0.5 percent after a choppy session as profit-taking proved short-term but technicals remain weak.
It failed to make a clear break above 3,807 points, the 50 percent retracement of its 2008 peak after touching an intra-day high of 3,855 on January 29.
“The market is clearly facing selling from big hands and it will continue for a while because distribution generally lasts a full quarter,” said Firas Al Zghaibi, financial markets strategist at brokerage firm MENA Corp.
Market volumes surged in January to the highest level since September, but the index gains slowed down — a sign that big investors were selling to retail traders.
“Volatility is expected this month — the market is overbought on weekly and monthly basis, which makes it vulnerable to correction and signals that the market will become riskier,” Al Zghaibi said.
Contractor Arabtec rose 2.3 percent to its highest since September 2008 and extending gains since it won a $6.1bn contract awarded by Abu Dhabi state fund Aabar.
Abu Dhabi’s index slipped 0.3 percent from Sunday’s five-year peak. Banks led losses with National Bank of Abu Dhabi down 3.5 percent.
Egypt’s benchmark index slipped 0.4 percent, easing off Sunday’s four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2 percent and Palm Hill Developments Company fell 2.2 percent.
Bourses in Saudi Arabia’s and Kuwait also dipped 0.3 percent each.
HIGHLIGHTS
DUBAI: The index gained 0.5 percent to 3,773 points.
ABU DHABI: The index declined 0.3 percent to 4,678 points.
EGYPT: The index retreated 0.4 percent to 7,409 points.
SAUDI ARABIA: The index slipped 0.3 percent to 8,807 points.
OMAN: The index retreated 0.3 percent to 7,073 points.
KUWAIT: The index declined 0.3 percent to 7,787 points.
BAHRAIN: The index gained 0.2 percent to 1,294 points.
QNA/Reuters
