Blue chips drag QE index to three-month low

June 26, 2014 - 12:52:32 am

DOHA: Qatar bourse’s benchmark index plunged three month-low on blue chip pullback yesterday. The index slid 1.81 percent to close at 12,100.93 points. 

Banking major QNB shed 3.25 percent. QIB tumbled 5.33 percent and bellwether Industries Qatar dropped2.55 percent.

The telecom stocks took a beating, as the sector index edged down the most by 3.65 percent. Ooredoo lost 3.57 percent as Vodafone dropped 3.53 percent. On broad sell off by foreign institutional investors, all the sector indices, except consumer goods, ended red.

Banking and financial sector slid 2.02 percent. QNB, QIB and International Islamic were the main drags. Transportation sector lost 1.84 percent, while industrials and real estate dropped 1.51 percent and 1.28 percent respectively.

Market capitalisation dipped to QR657bn from the previous session’s QR670bn. However, both the total traded value and volume rose considerably. The banking stocks value rose to QR286m from QR212m. The value of Industries surged to QR109m from QR81m. Real estate rose to QR58m from QR47m. Telecoms rose to QR45m from QR30m and the total traded value of Transportation stocks increased to QR15m from QR12m.

The Peninsula

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