DOHA: Qatari stocks opened the New Year on a negative note. The benchmark index closed 56 points or 0.46 percent down in the first trading session of 2015, yesterday.
The market opened higher to cross 12, 350 mark, but the index later lost ground to slip to 12,200 levels. The volume was very low in the wake of an extended
holiday. Over six million shares worth a total of QR194m exchanged hands.
Market watchers said the GCC markets, including Qatar, are expected to shed their previous gains in the aftermath of slump in oil prices. QNB’s investment outlook released yesterday noted sharp decline in the crude oil prices would put pressure on the equity market in the region and cause major three markets, including Qatar, to shed lot of their previous gains. The sentiment is that the investors will reduce their positions in big sectors like petrochemicals.
We are expecting a healthy correction is due before any rally ahead of the dividend season. The fundamentals are still strong in the region, year-end earnings and dividend season, the analysts said.
Five sector indices ended red as two finished flat. Banking stocks were down by 0.73 percent. Telecoms slid 2.06 percent and Insurance sector edged 1.45 percent down.
Property stocks UDC and Barwa were down by 1.27 percent and 1.43 percent, respectively. Ooredoo plunged 2.34 percent. Commercial Bank lost 2.34 percent and Masraf Al Rayan slipped 1.92 percent. Banking major QNB was down by 0.42 percent.
Most Gulf stock markets fell on Sunday after Brent crude oil closed down nearly a dollar a barrel at $56.42 on Friday and many investors remained absent from the markets for extended holiday breaks, reported Reuters.
Although markets have become less prone to panic sell-offs since Saudi Arabia announced late last month a 2015 state budget which maintains spending at a high level, many buyers may choose to stay on the sidelines until oil prices find a floor.
Saudi Arabia’s main equities index edged down 0.6 percent with most sectors in the red. Dubai’s index dropped 2.3 percent. Heavyweight developer Emaar Properties fell 1.8 percent, while builder Arabtec Holding, the most traded stock, tumbled 3.8 percent.
Trading volume more than halved from the previous session, indicating that many investors were either absent or unwilling to open new positions.
Abu Dhabi’s bourse fell 1.7 percent as Abu Dhabi Commercial Bank and Aldar Properties tumbled 5.4 and 6.4 percent respectively.
Outside the Gulf, Egypt’s index added 0.2 percent on the back of Commercial International Bank, which rose 1.7 percent. The stock has gained 5.3 percent since Dec. 23, when Fitch upgraded the bank’s credit rating to “B” from “B-” following an Egyptian sovereign rating upgrade.
The Peninsula
DOHA: Qatar Exchange (QE) has started disclosing details of major shareholders who own 5 percent or more of listed companies’ capital. The data is being issued by the Qatar Central Securities Depository (QCSD) and will be available on QE’s official website. The daily disclosure data reflects the investors’ total percentage of ownership, their names and total value of shares owned by the shareholder. The Peninsula
