Doha: Qatar Exchange index lost 15 points or 0.17 percent to 9,071.90 points from the previous closing of 9,086.90 points.
The volume of shares traded fell to 8,981,225 from 9,081,243 on last day, and the value of shares decreased to QR284,816,944.02 from QR329,808,505.24 on Sunday.
Among the top losers were Commercial Bank of Qatar whose share dropped 0.58 percent to QR69.00, International Islamic Bank lost 0.92 percent to QR53.60, Qatar Insurance fell 1.23 percent to QR64.20 and Electricity and Water down 0.55 percent to QR144.00.
The banking and financial sector lost 0.03 points while the insurance sector down 0.80 points. The Qatar industrial sector added 0.29 points and the Services sector fell 0.11 points.
Meanwhile, UAE markets rose yesterday, resuming a rally after recently being hit by a bout of profit-taking, while Kuwait’s measure hit a 53-month high.
Dubai’s benchmark climbed 1.1 percent to 2,306 points, taking its year-to-date gains to 42 percent. The market fell for four of the previous five sessions.
Emaar Properties rose 2.1 percent, extending gains to 55.7 percent in 2013. The developer is reaping the benefits of a turnaround and recovery after the property slump which began in 2008. On Sunday, it started sale of a new project in Downtown Dubai called Burj Vista II.
“The bulls are here to stay and doesn’t look like they are going anywhere,” said Firass Yaish, business development manager at One Financial Market. “Who can say no to a market with relatively lower risk and high returns? DFM index might see the 2,320 level next.”
Abu Dhabi’s benchmark advanced 1.2 percent, snapping a four-session losing streak.
Banks recovered after recent selling. First Gulf Bank and National Bank of Abu Dhabi climbed 1.8 percent and 1.3 percent respectively.
In Saudi Arabia, the measure climbed 0.1 percent, up for a first in the last three sessions since hitting a one-year high.
The market is looking for fresh catalysts which may come in the form of corporate earnings in early July.
“The market is consolidating at a slow pace as large portfolios adjust positions for corporate earnings,” said Mohammad Omran, a Riyadh-based independent financial analyst. “There’s a pattern of second quarter earnings recording a jump over first quarter numbers for the past few years. We’re expecting this to continue.”
Retail sector stocks supported gains. Fashion and retail chain Fawaz Abdulaziz Al Hokair rose 4.4 percent, Saudi Airline Catering added 3.4 percent. Petrochemical stocks rose with the index adding 0.2 percent.
Kuwait’s index rose 0.9 percent to 8,393 points, its highest since December 2008. The market needs to close above 8,439 points for three successful sessions to confirm a breakout.
Local retail investors contribute to the bulk of trading on the bourse, with institutional activity also getting strong as a reduced political unrest spurs hopes the country will move ahead with massive infrastructure and development projects. Improved company earnings have also helped to lift sentiment.
Large-cap National Bank of Kuwait gained one percent, telecom operator Zain added 1.4 percent. Mid-cap stocks also rose. Gulf Finance House climbed 3.5 percent.
Agencies
