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QE down in early trades, erases Tuesday gains

QE down in early trades, erases Tuesday gains
Photo Credit: Arabianeye-Reuters


Doha-Mubasher: Qatar Exchange (QE) resumed its downward trend on Wednesday, shrugging off its gains on Tuesday, pressured by a plunge in oil prices in early trades.
 The index lost 42.31 points by 9:00 am Qatar time to reach 11,631.14 points, after 979,220 shares were traded at QAR 42.85 million through 642 transactions.
Analyst earlier told Mubasher that QE is expected to rebound after reaching the 11400-support level and advised traders to wait.
The banks and financial services sector topped losers by 0.64% as Qatar International Islamic Bank (QIIB), Commercial Bank of Qatar and Masraf Al Rayan declined by 2.46%, 1.53% and 0.96% respectively.
The consumer goods and services sector gained 0.33%, backed by Qatari German Medical Devices, Salam International Investment and Widam Food Co which rose by 0.97%, 0.91% and 0.53% respectively.
QIIB was the top gainer by 2.46%, while QG Medical Services was the major dragger by 0.97%.