Doha: The Qatar Exchange lost 87.90 points, or, 0.79 percent, to 11,049.69 points from the previous closing of 11,137.59 points on Monday.
The volume of traded shares fell to 10,461,921 from on Monday 13,153,906 and the value of shares increased to QR502,812,765.05 from QR434,306,437.28 on Monday.
Among the top losers were Qatar National Bank whose share was down 0.44 percent to QR179.10, Commercial Bank of Qatar lost 0.70 percent to QR71, Industries Qatar fell 1.74 percent to QR175.30 and Electricity and Water decreased by 1.38 percnet to QR179.10.
The Banking and Financial sector index lost 0.36 percent while Consumer Goods and Services sector index added 0.29 percent. The industrial sector dropped 0.89 percent while insurance sector was down 0.59 percent.
Meanwhile, most Middle East shares fell yesterday as signs of a slowdown in the US economy caused anxiety on global markets and prompted local investors to book profits, but Dubai’s bourse bucked the trend as shares in construction companies rallied.
Saudi Arabia’s benchmark lost 0.4 percent with heavyweight sectors of banks and petrochemical shares weighing.
World shares fell after US manufacturing activity slowed sharply last month, dealing a blow to markets already worried that the US Federal Reserve’s decision to taper its asset purchases would lead to capital flight from emerging markets.
“Sentiment is bearish on emerging markets and we’re seeing some of that,” said Asim Bukhtiar, head of research at Riyad Capital. “Investors are looking at international market headlines but there’s also a growing focus on individual stocks.”
Smaller-cap stocks led trading volumes, a usual trend on the market in times of slow local news flow.
Bukhtiar said there was a lot of speculative activity on the market in the post-earnings and dividends season, but longer-term investors were adjusting positions for anticipated growth later this year.
In Egypt, Cairo’s benchmark index tumbled 1.6 percent, down for a second session since Sunday’s 45-month high.
“The profit-taking pressure was apparent on the market today, which had overheated in recent days,” said Ahmed Abu Taleb, assistant vice-president of brokerage at Pharos Securities.
Dubai’s bourse, meanwhile, rose 1 percent to 3,812 points as retail buying returned to property-related shares in what was a shorter trading session due to a technical malfunction.
The index gained for a second session in the last five but fell just short of January 29’s 63-month intraday peak of 3,855 points.
Shares in builder Arabtec surged 11.1 percent on what traders said was accumulation by a bulk buyer. The company announced a $6.1bn deal with Abu Dhabi state fund Aabar on Sunday to build 37 new towers.
Agencies
