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Doha Events 2011
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Qatar shares slip amid global woes Tuesday, 18 October 2011 13:18
Qatar's shares slip from Monday's four-week high as institutional investors sell amid global woes.
The index eases 0.6 percent to 8,416 points but is still the most resilient Gulf market with yearly losses at 3.1 percent.
"The global gloom will overshadow Qatar's overall good performance," says a Doha-based trader on condition of anonymity. "Volumes may be affected and a 50 base points drop is very probable. If it gets low enough, we'll see some local buying interest."
Most stocks are down despite posting strong earnings results.
Qatar Gas Transport Co (Nakilat) is near-flat after the world's largest shipper of liquefied natural gas reported a 41.6 percent jump in third-quarter profit on Tuesday.
Masraf Al Rayan falls 0.1 percent, despite posting a 8.9 percent rise in nine-month net profit of 1 billion riyals.
Commercial Bank of Qatar (CBQ) drops 2.1 percent, after it reported an 8.7 percent jump in third-quarter profit on Monday, buoyed by increased lending and deposits.
U.S. and European stocks fell on Monday and the euro slipped, after Germany dashed hopes that the euro zone debt crisis would be resolved at next Sunday's summit of European leaders. Asian shares also fell on Monday.
Dubai's bourse edges up from Monday's 30-month low but trading is muted. Other Gulf markets open flat.
Emaar Properties rises 0.4 percent and Air Arabia gains 0.2 percent.
The index climbs 0.07 percent to 1,367 points.
Elsewhere, Kuwait's National Industries Group Holding (NIG) recovers Monday's losses, up 2 percent, after it said it is looking to sell its stake in Mabanee Real Estate Co . Shares in the latter trade flat.
Kuwait, Oman and Abu Dhabi's markets are also flat. (Reuters)
The index eases 0.6 percent to 8,416 points but is still the most resilient Gulf market with yearly losses at 3.1 percent.
"The global gloom will overshadow Qatar's overall good performance," says a Doha-based trader on condition of anonymity. "Volumes may be affected and a 50 base points drop is very probable. If it gets low enough, we'll see some local buying interest."
Most stocks are down despite posting strong earnings results.
Qatar Gas Transport Co (Nakilat) is near-flat after the world's largest shipper of liquefied natural gas reported a 41.6 percent jump in third-quarter profit on Tuesday.
Masraf Al Rayan falls 0.1 percent, despite posting a 8.9 percent rise in nine-month net profit of 1 billion riyals.
Commercial Bank of Qatar (CBQ) drops 2.1 percent, after it reported an 8.7 percent jump in third-quarter profit on Monday, buoyed by increased lending and deposits.
U.S. and European stocks fell on Monday and the euro slipped, after Germany dashed hopes that the euro zone debt crisis would be resolved at next Sunday's summit of European leaders. Asian shares also fell on Monday.
Dubai's bourse edges up from Monday's 30-month low but trading is muted. Other Gulf markets open flat.
Emaar Properties rises 0.4 percent and Air Arabia gains 0.2 percent.
The index climbs 0.07 percent to 1,367 points.
Elsewhere, Kuwait's National Industries Group Holding (NIG) recovers Monday's losses, up 2 percent, after it said it is looking to sell its stake in Mabanee Real Estate Co . Shares in the latter trade flat.
Kuwait, Oman and Abu Dhabi's markets are also flat. (Reuters)