Qatar Exchange index falls; Gulf markets steady

02/02/2011 00:00 AST

Qatar Exchange was slightly down yesterday at 4.40 points or 0.05 percent to 8,740.74 points from 8,745.14 on Monday. Among the top losers were Qatar National Bank whose share dropped by 3.82 percent to QR148.70, Commercialbank lost 0.95 percent to QR83.20, al khalij Commercial Bank fell 0.49 percent to QR20.40 and Doha Bank dropped 0.33 percent to QR60.60. The banking and financial sector lost 155.56 points, insurance sector added 186.32 points and the services sector was up 40.36 points.

Gulf Arab markets were steady yesterday as selling pressure sparked by Egypt’s political turmoil waned, but traders said this respite may be short-lived, offering a downbeat outlook, especially for UAE stocks. Regional benchmarks have tumbled this week following unrest in the North African state that has left at least 140 people dead.

Markets in the United Arab Emirates rose to recoup some of their early week losses, but traders offered little hope for a convincing rally. “Investors are still very tense in their investment decisions and affected by the developments in Egypt,” said Mohammed Yasin, CAPM Investment chief investment officer. “The fact our markets rebounded less than the drops earlier in the week hints that buyers are still not fully in and are booking profits (occurs) with every market-positive movement.”

Dubai’s index rose 0.6 percent to 1,544 points, rallying from Monday’s 21-week low, but volumes slumped to an 11-day low and were barely a fifth of Sunday’s total, indicating little buying interest. Emaar Properties climbed 1.6 percent while telecoms operator Du added 2.7 percent.

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Reuters