Qatari bourse index down 34.75 points

November 30, 2012 - 5:21:25 am



People walk past the Bombay Stock Exchange (BSE) building in Mumbai yesterday.

Doha: Qatar Exchange index was down 34.75 points or 0.41 percent to 8,400.54 points yesterday from the previous closing of 8,435.29 points. Among the top losers were Qatar National Bank whose share dropped 0.23 percent to QR130.60, Industries Qatar lost 0.46 percent to QR152.30, Vodafone Qatar fell 2.22 percent to QR8.35 and Qatar Navigation was down 2.11 percent to QR65.

The banking and financial sector index dropped 11.05 points,  the insurance sector added 16.68 points, the industrial sector was down 11.65 points and the services sector fell 8.07 points. 

Meanwhile, Egypt’s bourse slipped to a fresh four-month closing low as  the country’s political crisis continued, while UAE markets rallied, tracking upbeat global sentiment. Cairo’s index dipped 0.2 percent to 4,807 points, trimming year-to-date gains to 32.7 percent. Bargain hunters fished from the bottom, helping limit losses.

Cairo’s measure tanked 15.6 percent in November, its largest monthly drop since the onset of the revolution in January 2011. 

Investors sold off positions in the wake of widespread protests against President Mohammed Mursi. 

Elsewhere, Dubai’s index ended higher on the final day’s trading in November, but Thursday’s gains were not enough  to prevent the measure from posting its first monthly loss since June as investors cut risk amid regional political tensions. 

The benchmark climbed 1.2 percent to, trimming November’s losses to 0.7 percent. It is up 18.8 percent year-to-date. But gains on global markets spurred some investors to shrug off these concerns and mount a late buying spree, with Emaar Properties up 1.6 percent and Emirates NBD  climbing 4.3 percent. 

Abu Dhabi’s banks also rallied. National Bank of Abu Dhabi  and First Gulf Bank add 4 and 3 percent respectively.  The UAE capital’s index roses 1 percent but closed flat for the month.

In Kuwait, the index ticked up 0.1 percent to 5,944 points, about 7 points below Tuesday’s six-week high.  The market held steady in its last trading session before parliamentary elections on December 1, despite protests planned for today. 

Kuwait’s opposition is largely boycotting the elections in protest over changes to voting rules.  The state’s prime minister said authorities will allow the demonstration to go ahead, in a move designed to ease tensions ahead of the poll.  “The market has absorbed the political situation — this is a turning point for the Kuwaiti market,” said Fouad Darwish, head of brokerage at Global Investment House. “The macro economics allow us to be optimistic.”  Analysts say government buying is supporting the market and helping boost retail investor confidence.

 

HIGHLIGHTS

EGYPT: The index slipped 0.2 percent to 4,808 points.

DUBAI: The index rose 1.2 percent to 1,608 points.

ABU DHABI: The index gained 1 percent to 2,675 points.

KUWAIT: The index edged up 0.1 percent to 5,944 points.

QATAR: The index slipped 0.4 percent to 8,401 points.

BAHRAIN: The index gained 0.1 percent to 1,049 points. 

QNA/Reuters

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