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Qatar shares slide; turnover falls 22%

Qatar shares slide; turnover falls 22%
Photo Credit: Arabianeye-Reuters

Doha – Mubasher: The Qatar Exchange (QE) benchmark index ended Tuesday’s session on a negative note, losing 0.35% or 42 points to 11777.91 points.

Tuesday’s turnover declined by 22% to QAR 383.68 million, from QAR 491.57 million on Monday. Traded volume also went down by 27.6% to 7.09 million shares from 9.79 million shares.

The market liquidity remains low, said Rakan Al Otaibi, analyst, adding that a close below the 11777 mark will push the index lower towards 11666 and 11500 levels.

Six sectors moved lower led by industrials that fell 0.86%, followed by insurance that sagged 0.58%, while banks tailed the list with a decline of 0.23%. The real estate sector remained unchanged.

As for stock performance, Medicare was the top performer with a rise of 2.31%, while Cinema was the biggest drag with a fall of 6.67%.

Gulf International was the top active across the board, upon exchanging 2.25 million shares at turnover nearing QAR 189 million. The stock fell by 3.13% to its lowest price in a month.