By Basher Kahlout
Trading on the Qatari bourse last week, the week before the Eid Al Adha vacation, saw a pullback compared to the previous week as the total trading value dropped for the third consecutive week by16.7 percent to QR1.06bn.
The benchmark index dropped on four days in the week and rose on one day in the middle of the week leading to a decline of 40.5 points to 9720.5 points. That index could not progress towards the resistance level at 9800 points, but stood above the support level of 9700. As all-shares indexes dropped by 6.6 points, and the performance of other sector indices was mixed, as some of them rose and others dropped. The total capitalisation also remained relatively stable, with a limited drop of QR1.6bn, to QR528.5bn.
The week saw disclosure of results of seven companies for the first nine months of the year, which showed decrease in profit of National Leasing, and Nakilat while the profits of the other five companies rose, where QNB and Investors Group recorded the highest profits. In addition, there was some news about companies including Al Meera, Gulf International, Doha Bank, which their respective Boards of Directors recommending issuing long-term capital bonds worth QR2bn. At the international level, attention remained tight towards the rise in the debt-ceiling crisis in the United States.
Looking at the breakdown of these developments during the week, the index dropped by 40.5 points, which is 0.42 percent, to 9720.5 points, and all-share indices decreased by about 6.6 points, or 0.27percent, to 2445.5 points.
The reduction in the general index and all-share indices was a reflection of the fall in all stock prices in the five sectors and rise in two sectors. The telecommunications sector dropped by 1.86 percent and transportation lost 1.27 percent. While the real estate sector dropped 0.74 percent, the banking and financial services sector dropped 0.29 percent and the consumer goods and services fell 0.06 percent. The insurance sector and industrial stocks lost 0.71 percent and 0.41 percent, respectively.
The shares of the National Leasing Company showed the sharpest fall at 9.41 percent, followed by Nakilat, Dlala, Ooredoo, International Islamic, National Cement and QIB.
Gulf International showed the highest rise of 4.84 percent, followed by the share price of General Insurance Company, which rose by 2.81 percent. The total trading volume dropped by 12 percent to reach QR1.06bn, and daily trading average decreased to QR212.2m compared with QR254.8m the previous week.
The total trading value of six companies amounted to QR484m accounting for 45.6 percent of the total. The Investors Group led the trading value by QR107.3m, followed by Barwa which reached to QR81.5m. The trading value of QNB reached QR78.5m. The total market capitalisation decreased by about QR1.6bn to reach QR528.5bn by the end of last week. The Qatari institutional investors sold out stocks worth QR56.4m.
The Peninsula
