Doha: Qatar Exchange index lost 72.38 points, or 0.70 percent, yesterday to hit 10,268.69 from the previous closing of 10,341.07 points on Monday.
The volume of traded shares was down to 15,680,769 from Monday’s 21,654,473 and the value of shares decreased to QR395,232,592.77 from QR527,785,172.95 on Monday.
Among the top losers were Qatar National Bank whose share down 1.62 percent to QR170, Industries Qatar whose share lost 1.19 percent to QR166.00, United Development Company fell 0.53 percent to QR23.53 and Aamal decreased by one percent to QR14.85.
The Banking and Financial sector index lost 0.75 percent while Consumer Goods and Services sector index gained 0.13 percent. The industrial sector was down 1.03 percent while insurance sector fell 0.07 percent points.
Meanwhile, most Gulf bourses declined yesterday in a wave of profit-taking triggered partly by oil’s temporary weakness in the aftermath of the world powers’ nuclear deal with Iran.
Oil prices have since recovered as it became clear that Iranian oil exports would not rise significantly in coming months, if at all. But Gulf stock markets have nevertheless taken the Iranian deal as a cue for profit-taking.
The main stock index in Saudi Arabia, the world’s biggest oil exporter, shed 0.6 percent on Tuesday and Qatar was down 0.7 percent.
Dubai, however, rose 0.6 percent as investors made last-minute bets on its bid to host the Expo 2020 world fair. The winning bid is to be announced after the close on Wednesday.
Emar Properties, which investors see as a major beneficiary of the Expo, gained 1.3 percent. Builder Arabtec rose 2.0 percent after announcing it would boost its stake in energy-focused contractor Target Engineering as part of a push into the oil and gas services sector.
Investors in London, however, showed caution over Dubai real estate exposure; the emirate’s Damac Real Estate revised the pricing of its $500m initial public offer of shares in London to the bottom of the initial $12.25-17.25 range.
Abu Dhabi’s index edged up 0.05 percent. Sudanese telecommunications operator Sudatel slipped 4.6 percent after saying in a bourse statement it had no explanation for a 41 percent share price jump over the previous three sessions.
Profit-taking was most aggressive in Egypt. The country’s main index dropped 1.8 percent, led by stocks which had previously been favourites of retail investors.
“This is a normal sell-off after a decent rally. It is a bit aggressive as it is dominated by retail investors,” said Ashraf Akhnoukh, co-head of sales trading at CIBC Brokerage in Cairo.
Commercial International Bank declined 4.8 percent, even though it announced on Monday a 3bn Egyptian pound ($436m) share dividend. In the last five months, the stock has gained 52 percent.
“Commercial International Bank has outperformed the market in the recent rally,” Akhnoukh noted. The main index is up 39 percent from this year’s low of 4,480 points which it hit in late June, just before the ouster of former president Mohammed Mursi.
Yesterday’s highlights
SAUDI ARABIA
The index fell 0.6 percent to 8,298 points.
EGYPT
The index fell 1.8 percent to 6,245 points.
DUBAI
The index rose 0.6 percent to 2,885 points.
ABU DHABI
The index edged up 0.05 percent to 3,817 points.
Agencies
