Qatar leads GCC declines in a week; Egypt slips

June 13, 2015 12:12 PM

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Cairo – Mubasher: The Qatar Stock Exchange was the worst performer among five losing GCC bourses last week, while Dubai market topped three gaining exchanges and Egypt market continued its weekly decline.

The Qatari benchmark index lost 1.76%, followed by Saudi Tadawul that fell by 1.56%, then Abu Dhabi with 0.67% and Kuwaiti price index that shed 0.65%.

On the positive side, Dubai market gained 1.01%, followed by Muscat with a 0.31% rise. Bahrain Bourse tailed the list of gaining markets, with a slight rise of 0.04%.

Meanwhile, the Egyptian Exchange benchmark index EGX70 drifted 1.76% lower.

QSE index fell by 212.7 points last week to end at 11879.56 points, compared with 12092.25 points a week earlier.

The Qatari market saw fluctuations and strong movement during the week, as the benchmark reach the key support level of 11800 points, said capital market analyst Ahmed Aaql.

Maintaining the 11900 and 11800 levels is key for the index in the upcoming period, said the analyst, adding that the index has resistance at 11900 then 12050 and support at 11800 then 11700 points.

The Saudi benchmark index TASI lost 149.72 points during the week to close at 9518.38 points, thus continuing its losing run to the third successive week and bottoming out at an eight-week low.

Abu Dhabi index ADI lost 30.62% to end at 4556.61 points, hurt by banks and telecom stocks.

Wadah Al Taha, market analyst, advised traders to be cautious in the coming period, especially ahead of holidays and the holy month of Ramadan during which trading becomes usually calm.

Kuwaiti indexes were mixed, amid slight profit taking on cheap stocks and positive speculations on blue chips, which was ascribed by analyst Hamoud Al Shamry to portfolios that reduced their positions in some small-cap stocks.

Some leading stocks reached low price levels, which rose the appetite of some investors who headed for buying, the analyst added.

Bahrain’s index gained 0.55 point to end at 1367.61 points, compared with 1367.06 points.

Dubai Financial Market extended its gains to the second successive week, backed by Arabtec, as it added 40.59 points to close at 4072.83 points.

“The return of DFM to the 4,000 levels is ‘positive’, amid improving liquidity levels,” said Ehab Rasahd, CEO at MubasherTrade, “This signals restored confidence in the market, even partially.”

Muscat Securities Market continued its bullish trend for the fifth successive week, as it added 20.34 points to close at 6482 points.


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