(MENAFN- The Peninsula) Qatari bourse fell on heavy selloff on latest Opec pessimism on output cut. The benchmark index plunged by 1.39 percent to finish at 13,330 yesterday.
The entire sector indices ended red Thursday to reinforce the bourse's weekly loss. The market lost 515.08 points or 3.72 percent during the past week. Insurance, real estate and telecoms were the worst performers during the week. Real estate stocks tumbled 5.53 percent as insurance and telecoms declined by 5.51 percent and 4.05 percent respectively.
Of the 43 companies listed, 42 companies ended lower and just one company gained in the past week. Total trading increased by 46.98 percent to QR6.5bn compared to the previous week's QR4.4bn. Trading volume increased by 7.57 percent to reach 72 million shares against the previous week's 67 million. The number of transactions fell by 5.91 percent to reach 37,797 transactions.
Market capitalisation fell by 3.06 percent to QR727bn at the end of the week. In terms of total trading value the banks and financial services led the market. Of the total traded value, the sector accounted for 47.22 percent, followed by industrials, real estate and consumer goods and service sector.
The QNB led trading value during this week , accounting for 25.04 percent, followed by the Industries Qatar (20.44 percent) and Gulf International (13.39 percent).
The banks and financial services sector led the trading volume as well, accounting for 37.3 percent of the week's total traded volume. While Industrials sector accounted for 23.09 percent, the real estate accounted for 22.73 percent. The sector also led the transaction numbers accounting for 37.18 percent, followed by industrials, real estate and telecoms.
Yesterday, 37 companies declined and just four advanced. Local retail investors were seen busy selling. Developer UDC got hammered by 5.65 percent, while Barwa and Ezdan tumbled by 3.98 percent and 2.59 percent respectively. Among banking stocks, Masraf Al Rayan was the worst performer. It fell by 3.21 percent.
Elsewhere, the main Saudi index fell 0.3 percent to 9,056 points, but closed above its intraday low of 8,956 points after Saudi Basic Industries attracted buying near a 14-month low, rebounding to close 0.6 percent higher. Some other blue chips also rebounded, Reuters reported. Abu Dhabi's index lost 0.5 percent as heavyweight lender First Gulf Bank declined 1.9 percent. Dubai's bourse bucked the downbeat trend, rising 1.2 percent. Builder Arabtec Holding surged 6.2 percent and Emaar Properties climbed 1.9 percent.
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