DOHA: A fresh bout of panic selling pushed Qatari stocks down 3.51 percent sending the entire sector indexes to red zone. The market lost QR22bn as the market cap shrunk to QR611bn.
Industrials, real estate and telecom sectors were the worst hit. Industrials plunged by 5.32 percent, as real estate sunk by 5.04 percent. Telecoms was down by 5.63 percent. The total traded value declined to QR929m from the previous session’s QR1bn. Total traded volume fell to 20 million shares from 25 million. Total number of transactions also declined to 8,182 from 11,034. Among the banking stocks, QIB, Commercial Bank and Doha Bank were badly hit. QIB declined to 5.71 percent as Commercial Bank fell 4.85 percent. Doha Bank declined 4.57 percent. Banking major QNB ended flat.
Reuters reported panic selling wiped out $49bn of stock market value across the Gulf Arab economies yesterday as the price of Brent crude oil dropped below $60 a barrel for the first time since 2009.
Dubai’s index tumbled 7.3 percent to 3,084 points, a one-year low.
Abu Dhabi’s benchmark ended 6.9 percent lower, posting its biggest daily loss in five years and also hitting a one-year low.
Saudi Arabia’s bourse, which has the biggest share of petrochemicals among markets in the region, tumbled 7.3 percent in its biggest daily loss in six years and reached 7,330 points, its lowest level since June 2013. The Peninsula
