Qatar index drops 78.05 points and rest of Gulf weak

26/04/2016 07:41 AST

Qatar Exchange index dropped 78.05 points, or 0.76 percent yesterday when the bourse closed trading at 10,184.51 points.

The daily turnover increased to QR359.23m with a volume of 9,823,062 shares from 5,615 deals compared with QR282.86m with a volume of 9,838,789 shares from 4,388 deals on Sunday.

Barring insurance index, all other indices closed the day in the red. Elsewhere in the region, Saudi Arabia’s stock market recovered from early losses and jumped 2.5 percent yesterday to close at 6,868 points as the kingdom announced an economic overhaul for the oil-dependent nation.

Banking stocks led the market up as the reform plan was announced, since investors think privatisation exercises will benefit institutions with large investment banking operations.

Samba Financial Group, lead underwriter of the recent initial public offer of Middle East Healthcare, rocketed 9.3 percent and National Commercial Bank added 8.2 percent.

The Dubai index shed 0.7 percent to 3,557 points. Builders Arabtec and Drake & Scull, which have not yet reported quarterly earnings, fell 1.7 and 2.1 percent respectively.

The Abu Dhabi index added 0.3 percent to 4,633 points. The Kuwait index fell 0.3 percent to 5,359 points. The Oman index rose 0.6 percent to 5,926 points. The Bahrain index declined 0.2 percent to 1,117 points. Egypt’s market was closed for a public holiday.


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