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QSE closes Monday in red, falls to 20M low

QSE closes Monday in red, falls to 20M low
he main index dropped 1.55% or 134.15 to 8,532.40 points

By: Eman Ghaly

Mubasher: The Qatar Stock Exchange (QSE) closed Monday in red, pressured by a decline in all sectors, with a rise in traded volume.

The main index dropped 1.55% or 134.15 to 8,532.40 points, registering its lowest level in 20 months.

The geopolitical situation negatively influenced the market, especially after four Arab countries cut diplomatic ties with Qatar, which caused uncertainty and insecurity to Qatari and foreign investors, Taha Abdel Ghani, general manager of NAMA Economic Consulting, said.

The market lacks the incentives that attract investors, Abdel Ghani added, noting that results for the second quarter of 2017 showed declines in most companies' results.

The drop in major stocks, led by Qatar National Bank (QNB) with 1.95%, pressured the main index, especially as banks represent 35% of the relative weight of the main index, Abdel Ghani said.

The general index is expected to reach the level of 8,500 points on Tuesday, backed by blue chips like QNB and Qatar Islamic Bank, Abdel Ghany forecasted.

As for Monday’s trading activities, all the market sectors dropped, led by the transportation sector with 2.83%, pressured by the fall of its three stocks, topped by Nakilat with 4.37%.

The banks sector declined 1.52%, weighed down by Masraf Al Rayan with 2.12%, while the real estate sector fell 1.5%, after all its stocks ended in the red.

On the other hand, turnover increased to QAR 233.46 million versus QAR 116.48 million on Sunday, with QNB achieving the highest turnover at QAR 48.7 million.

Traded volume also hiked to 11.04 million shares from 9.17 million shares, with Vodafone Qatar, down 0.12%, acquiring 3.4 million shares.

Translated by: Mohammad Shokhba