Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatari bourse index loses 55.39 points  Join our daily free Newsletter

MENAFN - The Peninsula - 17/06/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Qatar Exchange index yesterday lost 55.39 points or 0.58 percent to 9,424.41 points from the previous closing of 9,479.80 points.

The volume of shares traded fell to 12,173,272 from 14,885,174 on Thursday, and the value of shares decreased to QR440,948,178.34 from QR654,108,235.95 on Thursday.

Among the top losers were Industries Qatar whose share dropped 1.20 percent to QR164.50, Commercial Bank of Qatar lost 0.97 percent to QR71.30, Barwa Real Estate fell 1.62 percent to QR27.35 and Masraf Al Rayan down 1.80 percent to QR27.35.

The banking and financial sector lost 0.48 points while the insurance sector was down 0.57 points. The industrial sector dropped 0.72 points and the services sector added 0.32 points.

Meanwhile, Kuwait's bourse rose yesterday on what traders said was buying by government-linked funds ahead of a politically sensitive court ruling. After the close, the court dissolved parliament and called for new elections, bringing fresh uncertainty to the state.

Most other regional markets fell in heavy selling, dragged down by escalating geopolitical tensions surrounding Syria and the shaky global environment for emerging markets.

Kuwait's measure climbed 0.3 percent, halting a two-session losing streak. The market is still up 34.1 percent year-to-date, in a rally driven mainly by retail investors, who have been encouraged by a government push on economic development and expected improvement in corporate earnings.

The Constitutional Court threw out opposition challenges to changes to the electoral system which had been decreed by the emir. It is not yet clear whether this will prompt a stronger campaign of opposition street protests, or whether the next parliament will be more or less willing to work with the cabinet to implement stalled economic projects.

"There are many people praising this resolution - but my only reservation is that we don't need any more obstruction in the movement of long-overdue economic development," said Fouad Darwish, head of brokerage at Global Investment House.

Darwish said the market outlook would depend on whether the previous parliament was reinstated or new elections took place.

But political uncertainty may trigger government buying through the National Portfolio Fund, established to support the market, he added. "I'm sure the government had its hand in the market to lift prices."

Elsewhere, most regional markets retreated. Dubai's benchmark lost 2.3 percent, cutting its 2013 gains to 44.6 percent. Abu Dhabi's measure retreated 0.9 percent.

As the Syria crisis intensified, Egyptian President Mohammed Mursi said he had cut diplomatic ties with Damascus and backed a no-fly zone over Syria. Saudi Arabia's king cut short a holiday abroad to deal with the issue of Syria, while the US said it would keep F-16 fighters and Patriot missiles in Jordan at Amman's request.

"The biggest discount to this region by foreigners is political risks, and although generally this risk is misunderstood and overdone, the situation in Syria is a real threat," said Amer Khan, fund manager at Shuaa Asset Management in Dubai. The instability in Syria could potentially affect the Suez Canal and therefore oil supplies, he added.

 


The Peninsula




  MENA News Headlines
 Jul 7 2015 - Dollar price against Egyptian pound stabilises, market anticipates CBE's next stepDaily News Egypt
(MENAFN - Daily News Egypt) he price of the US dollar against the Egyptian pound stabilised on Monday after witnessing two consecutive increases on Thursday and Sunday, during which it increased by ...

 Jul 7 2015 - Egypt- Are Ramadan charity campaigns backfiring?Daily News Egypt
(MENAFN - Daily News Egypt) A happy family gathering around Iftar after a long, tiring day of fasting turns into sadness and sorrow while watching a little girl on TV with a burned face crying out ...

 Jul 7 2015 - Egypt- Holy month unleashes hail of donation campaignsDaily News Egypt
(MENAFN - Daily News Egypt) With the beginning of Ramadan, a major burst of commercials asking for donations took over each and every TV channel. The excessive amount of commercials is not a foreign ...

 Jul 7 2015 - FIFA's Blatter unwittingly pinpoints football governance's prime issuesDaily News Egypt
(MENAFN - Daily News Egypt) Embattled FIFA president Sepp Blatter unwittingly put his finger on two fundamental issues that underlie a corruption scandal that has rocked world football governance, ...

 Jul 7 2015 - Emaar Egypt shares decline to EGP 3.71 per shareDaily News Egypt
(MENAFN - Daily News Egypt) Emaar Egypt's shares were traded at EGP 3.71 per share, lower than the price of their initial public offering (IPO), on the second day of Egyptian Stock Exchange (EGX) ...

 Jul 7 2015 - New budget of EGP 5bn allocated to Cairo Capital project: Housing MinisterDaily News Egypt
(MENAFN - Daily News Egypt) The New Urban Communities Authority (NUCA) has adopted its new budget for the current fiscal year (FY) 2015/2016, valued at EGP 33.2bn, according to Minister of Housing ...

 Jul 7 2015 - Egypt- Qalaa Holdings signs initial agreement to exit Misr Glass Manufacturing Company: Official statementDaily News Egypt
(MENAFN - Daily News Egypt) Qalaa Holdings Company, alongside a number of Misr Glass Manufacturing Company share holders, signed an initial agreement to sell 15.18% of the latter company's shares to ...

 Jul 7 2015 - Egypt- EATC organises annual meeting, suppliers currently stand by board of directorsDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Automotive and Trading Company (EATC), the Volkswagen and Audi agent in Egypt, held its annual meeting in an Iftar in the presence of Karim Naggar, EATC's ...

 Jul 7 2015 - Egypt- Tetra Pak still pursuing recycling project, looks at other partnersDaily News Egypt
(MENAFN - Daily News Egypt) Tetra Pak, a leading food processing and packaging solutions company, is still pursuing the recycling project it announced in 2013 with Akef Pack-tec, an Egyptian shopping ...

 Jul 7 2015 - Egypt -Ministry of Tourism sets cost of participating in 3 international exhibitions at â‚2,500: ETAADaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Tourism set the cost for companies and hotels participating in the next three tourist exhibitions, which will be held outside Egypt until April 2016, at ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help