Doha: Qatar Exchange was slightly down yesterday 8.31 points or 0.09 percent to 9,587.95 points from the previous closing of 9,596.26 points.
The volume of the shares fell to 6,866,379 from 19,635,242 on Tuesday and the value of shares decreased to QR375,482,111.99 from QR690,882,529.94 on Tuesday.
Among the top losers were Industries Qatar whose share dropped 1.56 percent to QR151.30 (closed QR153.70 on Tuesday), Qatar Insurance lost 1.69 percent to QR58 from the previous closing at QR59, Doha Insurance fell 6.48 percent to QR25.25 (closed QR27.00 on Tuesday) and National Leasing down 1.60 percent to QR33.75.
The banking and financial sector index dropped 0.05 points while consumer goods and services sector index lost 0.26 points. The industrial sector was down 0.41 points while insurance sector lost 1.43 points.
Meanwhile, other Middle East markets were mixed as some investors opted to lock in gains from the previous day’s surge due to uncertainty over what action the United States might take against Syria.
US President Barack Obama vowed on Tuesday to explore an initiative from Russia to neutralise Syria’s chemical weapons, but he voiced scepticism and still sought support for his threat to use force should diplomacy fail.
The reprieve, even for a short while, has bolstered investor sentiment, although trading will remain volatile until there is more clarity on whether Washington will attack Syria.
“For the time being, markets are taking the view that nothing will happen imminently on the Syria front,” said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. “Investors tend to be more short-term at this stage and are reassessing the situation on a daily basis.”
Dubai’s index advanced 0.4 percent, extending gains after Tuesday’s 8.5 percent surge, which was its largest for nearly four years.
Abu Dhabi’s measure climbed 0.3 percent, but is down seven percent from August 25’s five-year peak. Trading was focused on small- to mid-cap property stocks, a favourite pick for retail investors, who tend to dominate most Gulf markets.
Kuwait’s index rose 1.4 percent, up for a third session in four since September 5’s four-month low.
“The continuation of the uptrend here and elsewhere will be hostage to what the US decides to do on Syria,” said Fouad Darwish, head of brokerage at Kuwait’s Global Investment House. “We’re approaching the end of the quarter and if nobody rocks the boat the market will continue rising.”
Darwish said analysts expect a strong earnings season in Kuwait, which could drive the market higher providing regional geopolitical risks do not increase.
Elsewhere in the Gulf, Saudi Arabia’s measure slipped 0.3 percent, snapping a three-session rally since Thursday’s two-month low.
MASIC’s Sfakianakis said the recent drop in share prices provides investors with good entry points ahead of corporate results, which are due from October.
In Egypt, the main index rose 0.7 percent, up for a fourth session to be near-flat for the year.
Agencies
