Real estate weighs on Qatari stocks in past week

 23 Oct 2015 - 0:00

Real estate weighs on Qatari stocks in past week

DOHA: The Qatar Exchange (QE) benchmark index shed 1.59 points to close the week at 11,584 points. Market cap fell by 1.60 percent to QR608bn from the previous week’s QR617bn.
The entire sector indices, except Transportation declined in the week. Real estate stocks were battered by 3.24 percent with Ezdan plunging the most by 5.48 percent. Banks and Financial Services declined 1.93 percent, while Industrials and Telecoms lost 1.42 percent and 1.05 percent, respectively. Transportation sector jumped 3.45 percent.
Trading value during the week increased by 12.75 percent to reach QR1.57bn. Trading volume rose by 34.26 percent to over 53 million shares. The number of total transactions fell by 7.94 percent to 19,443 transactions.
The trading value of the week was led by the real estate sector. The real estate stocks accounted for 24.81 percent of the total trading value. The volume was also led by real estate sector, with a share of 35.97 percent of the total trading volume, followed by Telecoms, transportation and Banks and Financial Services.
Mazaya Qatar was the value leader, accounting for 15.41 percent of the total value, followed by Qatar Gas Transport Company (Nakilat) and Vodafone Qatar. 14 companies of the 43 listed companies ended this week higher, while 26 fell and 3 remained unchanged.
The market yesterday slid 0.73 percent. Real estate sector was the main drag. Barwa plunged 1.65 percent and Ezdan declined 1.52 percent. Banking stocks edged down 0.79 percent with QNB shedding the most by 1.62 percent. Elsewhere, Saudi stock 1.3 percent. Petrochemical blue chip Saudi Basic Industries dropped 1.2 percent; the government could raise money by lifting subsidised, ultra-low gas feedstock prices for the industry. Banks were also weak with Alinma, the most heavily  traded stock, down 2.1 percent, Reuters reported.
Dubai’s stock index dropped 1.0 percent. Construction firm Drake and Scull, which has considerable business in Saudi Arabia, fell 1.6 percent. Abu Dhabi slid 1.0 percent as real estate developer Aldar Properties sank 3.3 percent. Egypt’s index dropped 0.8 percent as liquidity migrated from other stocks to property developer Amer Group , which resumed trading after a three-day suspension as it split into two firms.

The Peninsula