By Mahmoud Gamal:

Doha-Mubasher: Qatar Exchange (QE) continued its bearish performance for the third successive session, pressured by profit-taking and unsatisfactory cash dividends, according to analysts.

QE index lost 0.21% or 26.62 points to close today at 12445.34 points. In addition, QE all-share index also fell 0.14% to end at 3244.9 points, while QE Al Rayan Islamic index retreated by 0.27% to 4429.96 points.

Banks and financial services sector lost 0.6% as Khaleej Commercial Bank registered a decrease by 3.8% to QAR 21.79.

The bourse was dragged by the profit-taking on leading stocks, especially in the banks sector, Arab market financial analyst Ahmed Akl said, noting that the market was also weighed by Khaleeji's unsatisfactory dividends.

Speculators continued to take profit on banks’ stocks that rose to their target levels, said Akl.

Akl added that the bourse decline was pressured by the investors’ cautious.

Consumer goods and services sector also inched down 0.27% as Qatar for Cinema and Film Distribution and Salam International Investment fell 9.8% and 2.3% respectively. Insurance sector also lost 0.22%, affected by Al Khaleej Takaful Group that dropped 0.74%.

Meanwhile, transportation sector added 0.41% as Qatar Gas Transport (Nakilat) rose 0.78%. Industrials sector also gained 0.29% as Industries Qatar registered an increase by 1.57%.

Trading volume reached 9.65 million shares on Wednesday, a turnover of QAR 454.26 million.

The most active company was Industries Qatar with a trading volume of 401.1 thousands shares that changed hands at QAR 62.3 million, rising to the level of QAR 155 on Thursday.

Akl further noted that the market is awaiting positive catalysts such as the companies’ financials for the first quarter of 2014. 

A hike above QAR 800 million is needed to help the market rally and break the 12800 support level, Akl highlighted.

Furthermore, Qataris sold stocks worth QAR 235.9 million against QAR 233.6 million purchases, resulting in net selling valued at QAR 2.9 million.
 

Qatari institutions sold stocks worth QAR 89.57 million against worth QAR 66.53 million purchases, resulting in net selling valued at QAR 23 million.
 

Foreign investors bought stocks worth QAR 220.68 million against QAR 218.32million sales, resulting in net buying worth QAR 2.36 million.

Translated by Julian Nabil