By Mahmoud Gamal

Qatar-Mubasher: The Qatari market snapped Sunday’s upward trend, pressured by selloffs on leading stocks in the last trading hour.

The benchmark fell 0.10% or 11.4 points to close Monday at 11836.07  pts.

Capital market expert Ahmed Eid said the bourse was hurt on Monday by selling pressures on select leading stocks such as Barwa and Electricity and Water.

He added that the market is still fluctuating because of dividend payout period which is anticipated cautiously by traders.

Six sectors headed south today, led by services which dropped 1.4%, as Al Meera fell 1.9%. Industries declined 0.34% on Investors which was down 2.6% and Electricity and Water (-2%).

Meanwhile, telecommunications rose 0.31%, helped by Ooredoo which was up 0.52%.

Cinema was the top gainer of the day, rocketing 9.7% to QAR 36.2. Meanwhile, Islamic Holding was the biggest loser, diving 5.2% to QAR 121.10.

Turnover rose from QAR 350.34 million to QAR 417.97 million, and trading volume increased from 350.34  million shares to 417.97 million shares.

Islamic Holding was the most active with a turnover of more than QAR 67.25  million.

Eid said the liquidity is still weak, because selling and buying transactions aim currently to liquidate select stocks which hits their targets or because speculators focus on low-priced stocks.    

The market capitalization fell by QAR 427.7  million to QAR 646.27 billion, compared with QAR 646.70 billion on Sunday.

Translated by Abdul Maguid Aboshahla 

Photo Credit: Arabianeye-Reuters