DOHA: Qatar Exchange (QE) snapped a 13-day winning streak yesterday, as its benchmark index retreated, mainly on selling pressures from local retail investors. The index dropped 0.12 percent to close 11,093 points. The market is down 6.87 percent year-to-date.
The indices of Banks & Financial Services, Consumer Goods and Industrials ended in red. Banks and Financial Services dropped 0.37 percent and Consumer Goods lost 0.60 percent. Industrials shed 0.67 percent.
With the Mesaieed Petrochemical Holding Company’s (MPHC) ongoing IPO coming to a close on January 21, analysts expect a further pullback in the market. They expect a stronger sellout by local retail investors in the next two days.
Bellwether QNB dropped 1.06 percent and Industries Qatar dropped 0.56 percent. Qatar Insurance, Ahli Bank and UDC were among the prime gainers.
The sector indices Insurance, real estate, telecom and transportation edged up. Insurance sector gained the most with 3.05 percent. The sector was mainly lifted by Qatar Insurance which jumped 4.67 percent. Doha Insurance was up by 0.74 percent.
Supported by UDC and Barwa, the real estate sector advanced 1.38 percent. UDC was up by 1.46 percent and Barwa gained 1.43 percent. Telecom index closed 0.31 percent up and Transportation added 0.44 percent.
QNB, International Islamic and Gulf International were among the top losers. Market capitalisation dropped to QR584bn from the previous session’s QR586bn. Traded volume tumbled to 12 million shares from 16 million shares. The traded value fell to QR478m from the previous session’s QR774m as local individual investors continued to take profits. Foreign institutional investors continued their bullish run, but with lesser intensity.
The Banks and Financial sector’s trading volume plummeted to 3.4 million from 5.8 million and the value dipped to QR193m vs previous session’s QR414m. Industrials traded volume dipped to 0.7 million from 1.5 million and the value shrank to QR66m from QR111m.
Among the 40 traded stocks, 24 advanced, 15 declined and one remained unchanged.
Meanwhile, disappointing earnings from two of Saudi Arabia’s largest firms weighed on investors sentiment, while Egypt’s market fell in heavy profit-taking after a strong backing for the country’s new constitution. Other regional shares were mixed.
Saudi Basic Industries Corp (Sabic) dropped 2.3 percent after its quarterly earnings missed estimates.
Other petrochemical shares were also hit with SABIC subsidiary Kayan Petrochemical losing five percent and Rabigh Refining and Petrochemical down 5.9 percent.
The Peninsula/Reuters
