Qatar bourse dips by 28.29 points; Saudi index falls to 10-month low

November 28, 2012 - 12:00:00 am

Doha/dubai: Qatar Exchange index was down 28.29 points or 0.34 points yesterday  to 8,400.72 points from the previous closing of 8,429.01. 

The volume of shares traded  fell to 2,124,648 from 3,060,857 on Monday, and the value of shares increased to QR125,505,846.18 from QR118,875,638.82 on Monday.

Among the top losers were Qatar National Bank whose share dropped 0.68 percent to QR130.50, Qatar Islamic Bank lost 0.79 percent to QR75.80, Rayan fell 0.57 percent to Q26.30 and Doha Bank was down 2.70 percent to QR50.50.

The banking and financial sector lost 8.60 points while the industrial sector gained 1.37 points and the Services sector dropped 20.97 points. 

Meanwhile, Saudi Arabia’s bourse fell for a 12th session in 14, slumping to a fresh 10-month low yesterday on lingering concerns over the king’s health, while other regional markets closed mixed.

Banks lead declines on the kingdom’s index, which fell 1.3 percent to its lowest close since January 23.

Heavyweight lender Al Rajhi Bank dropped 3.1 percent to its lowest level since July 2009. Alinma Bank  slipped two percent and Banque Saudi Fransi  lost 1.4 percent.

Petrochemicals also fell, with Saudi Basic Industries Corp (Sabic) losing 0.9 percent. 

Trading volumes were concentrated in insurance stocks. The sector’s benchmark dropped 2.1 percent, signalling the retail investors that usually favour these stocks are jittery.

Elsewhere, Kuwait’s bourse rallied 0.8 percent to a six-week high in heavy trade ahead of Saturday’s parliamentary elections.

National Bank of Kuwait climbed 1 percent, Gulf Bank rose 1.2 percent and Boubyan Bank added 1.6 percent. 

Kuwait Finance House gained 2.5 percent. The Islamic lender said it will recommend a 20 percent capital hike to shareholders. 

Turnover rose to Dh53m ($188.18m), the highest daily value since March 21. 

The benchmark has gained 5.3 percent since November 4’s eight-year low. Market participants say the recent recovery is partly due to state-linked bodies such as the National Portfolio Fund buying bluechips. 

Emir H H Sheikh Sabah Al Ahmad Al Sabah had promised in comments earlier this month to improve the economy and financial markets. This came following protests against a decree reducing the number of votes allowed per citizen to one from four. 

“The positive trend is a reflection of the quietness of the political tension, along with the National Portfolio being more active, to give back more confidence to the investors,” Nouf Aloqab, a trader at Global Investment House, said. 

Authorities will allow a protest march to go ahead the day before the December 1 parliamentary election in Kuwait, the prime minister said in a move designed to ease tensions ahead of the poll. 

In Egypt, the market closed little changed as selling pressure lessened and non-Arab investors bought from Egyptians.

Agencies

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