(MENAFN- The Peninsula) Qatar bourse index loses 29.14 points
January 21, 2015 - 12:00:00 am
Doha: Qatar Exchange down 29.14 points, or 0.25 percent, as it closed yesterday at 11,862.32 points down from the previous closing of 11,891.46.
The volume of shares traded was up to 16,028,859 from 13,178,641 on Monday, and the value of shares increased to QR690,600,536.64 from QR626,326,197.26.
Among the top losers were QNB whose share dropped 1.22 percent to QR202 and Qatar Islamic Bank which fell 1.44 percent to QR102.70 per share. Islamic Insurance gained 1.27 percent to hit QR79.50 and Nakilat added 0.43 percent to reache QR 23.54.
The industries sector added 0.13 percent to hit 3,735.63 points while banking and services sector was down 1.15 percent at 3,117.08 points. Real estate sector rose 1.53 percent to reach 2,279.83 points while insurance sector gained 1.27 percent to hit 3,742.82 points.
Meanwhile, most other Gulf stock markets closed either flat or lower yesterday as oil prices remained volatile and local companies delivered no positive fourth-quarter earnings surprises.
Brent crude oil fell in early trade yesterday after the International Monetary Fund cut its forecast for global economic growth in 2015, implying lower demand for fuel.
However, the commodity's price rose above $49 per barrel later in the day, supporting Saudi Arabia's bourse which, unlike other Gulf markets, was still open.
The main Saudi index was nearly flat as petrochemicals giant Saudi Basic Industries, whose earnings are correlated with oil prices, rose 0.9 percent.
But shares in Saudi Telecom Co (STC) tumbled 5.2 percent. The company's fourth-quarter net profit slumped 32.6 percent to SR2.44bn ($650m), missing analysts' average forecast of SR3.32bn.
Another stock in the sector, Etihad Etisalat (Mobily) , fell 3.6 percent while the third major local operator, Zain Saudi, was flat.
National Industrialisation Co (Tasnee) dropped 2.5 percent after it said fourth-quarter net profit dropped 46.5 percent on lower petrochemical prices. The company made SR160.7m, while analysts at Saudi Fransi Capital had expected SR295m.
Most other Gulf markets pulled back. Dubai's index slipped 0.4 percent as most stocks declined. However, low-cost carrier Air Arabia, which stands to benefit from cheaper oil, gained 1.8 percent.
Logistics firm Aramex, which could also see its fuel costs go down, added 1.0 percent.
Abu Dhabi's bourse fell 0.9 percent as large lenders Abu Dhabi Commercial Bank and First Gulf Bank lost 1.2 and 2.1 percent respectively.
Egypt's bourse jumped 2.1 percent, largely on the back of property stocks such as Talaat Moustafa Holding , which added 2.4 percent, and Palm Hills Development , up 3.2 percent.
Egypt's central bank started allowing some depreciation of the pound this week, a move which analysts said aimed to stamp out a thriving black currency market as inflation concerns eased following the slump in oil prices.
"Conventionally under such situations, real estate stocks should continue performing well, as investors would look to buffer their risks by investing in land and property," Cairo-based Naeem brokerage said in a note.
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