Qatar stock index drops 160.45 points

Date

11/24/2015 1:20:46 PM

(MENAFN- The Peninsula)

Doha: Qatar Exchange index dropped 160.45 points or 1.48 percent when it closed at 10675.74 points yesterday.

Banks and financial services sector dropped 1.27 percent to 2875.84 points while Industrials sectors down to 1.07 percent to 3172.32 points.

QSE Total Return Index dropped 1.48 percent to 16593.91points. QE Al Rayan Islamic Index decreased 1.51 percent to 4010.68 points.

From the 43 companies listed on QE shares of 40 saw trading today from these seven gained 32 dropped and one remained unchanged.

Other Gulf stock markets mostly fell yesterday because of weak oil prices while a slide of shares in Orascom Telecom Media dragged down Egypt’s bourse.

Brent crude oil tumbled more than 2 percent at one stage in Asian trade to below $44 a barrel though it later recovered above that mark. The Saudi stock index which had surged 2.1 percent on Sunday fell back 0.4 percent.

Top petrochemical producer Saudi Basic Industries added 0.9 percent. But many banks fell with Al Rajhi losing 1.9 percent.

Emaar Economic City rose sharply in early trade but closed 4.2 percent lower. It had jumped 9.1 percent after it said authorities who have been investigating how the firm acquired land in the industrial zone which it is developing would let it keep the land to protect the interests of investors. The Saudi market’s losses increased during the day after Saudi Arabia’s cabinet said it had decided to impose an annual 2.5 percent fee on undeveloped urban land designated for residential or commercial use in an effort to deter hoarding of land and resolve a shortage of affordable housing.

Real estate developer Dar Al Arkan dropped 2.3 percent; although it is still unclear how the tax will be applied some investors fear the value of the company’s land bank could decrease as a result of the tax.

But builder Al-Khodari which could benefit if housing construction increases added 1.4 percent.

Dubai’s index dropped 1.1 percent as real estate and construction firms slid with Union Properties losing 3.1 percent. The euro hit a seven-month low against the dirham — negative news for foreign investment in the UAE property market.

Egypt’s index opened higher but closed 2.4 percent lower. Orascom Telecom Media the most heavily traded stock sank 7.6 percent to 0.61 Egyptian pound after saying yesterday it was removing its North Korean unit Koryolink from its consolidated financial statements because sanctions against Pyongyang had affected its ability to operate there.

EFG Hermes said yesterday it was cutting its rating of the stock to sell from neutral with fair value at 0.53 pound.

Agencies

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