Doha: Qatar Exchange index slipped by 106.53 points, or 1.15 percent, to 9,151.28 points from the previous closing of 9,257.81 points.
The volume of the shares up to 6,125,579 from 3,770,089 on Sunday and the value of shares increased to QR260,211,717.81 from QR169,225,148.03 on Sunday.
Among the top losers were Qatar National Bank whose share dropped 0.56 percent to QR159.60, while International Islamic Bank lost 1.64 percent to QR54.10. Electricity and Water fell 4.59 percent to QR145.50 and Qatar Islamic Bank lost 1.64 percent to QR66.10.
The banking and financial sector index dropped 0.81 points while consumer goods and services sector index lost 0.62 points. The industrial sector was down 0.13 points while insurance sector fell 1.55 points.
“Heavy speculative trading is taking place - investors are trying quick hit and run transactions and cashing out before the end of the day rather than holding on to shares as the attack on Syria could come at any time,” said Yassir Mckee, wealth manager at Al Rayan Financial Brokerage.
Meanwhile, most other Gulf bourses resumed declines yesterday as US Congress prepared to debate on whether or not to approve a military strike on Syria, while Egypt rose after a full acquisition offer for Orascom Construction.
Dubai’s benchmark dropped 2 percent to 2,325 points, giving back Sunday’s gains to slump to a two-month low. “This volatility shows the market didn’t bottom out and the technical outlook is still negative,” said Firas Al Zghaibi, financial markets strategist at brokerage MENA Corp.
“Most likely, the index will break below 2,300. A typical target is 2,220 but because of news-flow, volatility may rise so we might see lower levels.” Abu Dhabi’s index fell 1.4 percent, down for a fifth session and to slump to its lowest close since May 27.
Elsewhere, Saudi Arabia’s measure climbed 0.1 percent, up for a second session since Thursday’s two-month low but gains were capped as geopolitical risk weighed on sentiment.
Agencies
