QE index drops 263.65 points last week

March 14, 2014 - 6:37:22 am

Doha: Qatar Exchange index dropped 263.65 points, or 2.27 percent last week, when trading closed yesterday at 11,343.38 points.

The trading value during the week increased by 7.61 percent to reach QR3.865bn compared to QR3.59bn in the previous week. The trading volume increased by 11.90 percent to reach 81.39 million shares against 72.73 million shares, while the number of transactions fell by 6.43 percent, to 45,854 transactions from 49,006. The market capitalisation fell by 3.69 percent to QR637.72bn from QR662.16bn at the end of previous week.

Industries sector led traded value last week with 32.83 percent. Banks and financial services sector accounted for 28.85 percent. Real estate accounted for 15.78 percent and consumer goods and services sector accounted 9.06 percent.

Industries sector led traded volume with 27.18 percent of the total. Real Estate accounted for 26.60 percent, while banks and financial services sector accounted for 22.96 percent and telecoms accounted for 6.55 percent. Industries sector led traded number of transactions in the week with 45.51 percent of the total. Banks and financial services sector accounted for 22.83 percent. Real estate accounted for 13.68 percent and consumer goods and services sector accounted for 8.49 percent.

From the 43 listed companies 15 ended this week higher, while 28 fell.

Mesaieed Petrochemical Holding Company led the traded value with 12.53 percent, while Barwa Real Estate accounted for 11.51 percent followed by Qatari Investors Group with 9.27 percent. 

Meanwhile, the exchange ended in the red area for the day when trading closed at 11,343.38 points, down 5.79 points, or 0.05 percent, from the previous closing of 11,349.17 points on Wednesday.

Elsewhere in the region, shares in the United Arab Emirates recovered some losses from the previous session on a technical rebound yesterday, while other regional markets were mixed after the global sentiment turned cautiously positive.

Surprisingly weak Chinese data and concerns over the Ukrainian crisis took down global equities in the week. That triggered a long-awaited correction in UAE markets.

Renewed buying at chart support levels, however, helped the UAE rebound from multi-week lows. Dubai’s bourse rose 1.2 percent, partly recouping losses from the past two days. Abu Dhabi’s benchmark climbed 2.2 percent, snapping a five-session loss.

”It’s a technical rebound after the huge sell-off but I think it will be short-lived,” said Ali Adou, portfolio manager at Abu Dhabi-based The National Investor, that manages $95m worth of assets in the region. “The correction was long overdue; low-quality names were outperforming bluechips.” 

Adou said valuations in the UAE were stretched and earnings growth was needed to justify current levels.

The next market catalyst will come in the form of first-quarter earnings, he said. 

Saudi Arabia’s measure gained 0.4 percent and Cairo’s benchmark index rose 0.5 percent. 

Kuwait’s share index plunged to a six-month low as investors sold off small-cap stocks, in a move that could have been triggered by the regulator’s crackdown on what it saw as speculation. QNA & Reuters

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