(MENAFN - The Peninsula) There was a minor correction on the Qatari bourse yesterday with the 20-share main index of Qatar Exchange sliding 23 points, or 0.36 percent, to 6,362.52.The market capitalisation of the bourse fell proportionately to QR264.42bn. The correction follows three straight days of rally the market witnessed late last week.
However, despite the index going down, industrial stocks maintained their surge rising a little more than two percent. All other counters suffered minor to major losses. Insurance shares fell 2.80 percent, but banking stocks' loss was under one percent.
Only nine of the 42 stocks advanced with 27 falling and one remaining unchanged. Qatar-German Medical Devices Company was a major loser (6.11 percent), while the United Development Company (UDC) in the industrial sector gained massively at 9.84 percent.
Other gainers included Islamic Financial Securities, the Islamic brokerage firm on Qatar Exchange, which reported net profits despite the global economic crisis badly affecting financial markets around the world, including the local exchange to some extent.
Analysts described the correction as expected and said they hoped the market to recover as most listed entities were reporting robust first half (H1 of 2009) financials.