By: Eman Ghaly
Mubasher: The Qatar Stock Exchange (QSE) closed Wednesday in red, pressured by the collective drop in all sectors.
The main index fell 1.73% or 148.06 points to 8,421.20 points.
The index drop was caused mainly by the speeding up of profit-taking by the investors, who were expecting the index to reach the 8,670-point level, the financial analyst Ahmed Eid said.
The weak performance of foreign portfolios for more than two weeks pressured the index, which caused the investors’ concerns to hike after the index lost the gains of the past five days on Wednesday, Eid added.
The coming sessions would witness a horizontal movement between 8,600-point and 8,400-point levels, Eid forecasted, noting that the index is unlikely to decline due to the rise in oil prices, which pushed Gulf International and Qatar Industries up.
The announcement of Q3-17 financial results would represent a growth catalyst for the market, Eid continued.
As for trading, all sectors dropped, led by the industrial sector with 2.03%, pressured down by eight shares, led by Investors with 6.02%.
The banks declined 1.14%, as Dlala Holding lost 2.64%.
The real estate sector also went down 0.87%, pressured by the decline in Mazaya Qatar and United Development by 1.69% and 1.13%, respectively.
Turnover hiked to AED 302.76 million from AED 289.50 million, with trading volume increasing to 13.6 million shares versus 12.438 million shares the day before.
Qatar First Bank led the gainers with 6.67%, achieving the highest traded volume of 3.6 million shares, while QNB, down 1.28%, generated the highest turnover with QAR 89.51 million.
Translated by: Mohammad Shokhba
