Doha’s exchange continues to slide

The Qatar Exchange fell sharply, giving up much of its gains from Thursday, while other indices across the region were little changed.

The Qatar Exchange led losses across the region, closing down 1.3 per cent at 9,343.57, as investors cashed in gains from the Doha bourse’s mini recovery last week. Qatar National Bank led losses, falling 1.3 per cent. The country’s stock exchange remains the world’s poorest performing stock exchange for the year so far, having shed 11.8 per cent.

Meanwhile, shares in Dubai led gains across the Arabian Gulf yesterday, thanks to an afternoon surge by Damac Properties.

The Dubai Financial Market General Index rose marginally in early trade, before rising up to 1.3 per cent in the early afternoon on the back of gains by Damac Properties.

The DFM index eventually closed up 1 per cent at 3,573.00, its highest close since early-April.

Damac stock ended the day up 6.5 per cent at a new alltime high of Dh4.27. The developer’s shares have gained nearly 30 per cent since the start of last week. Dubai Islamic Bank and Dubai Investments were the pick of the other big name gainers on the index, rising 0.9 per cent and 1.4 per cent, respectively.

Shares in Abu Dhabi were little changed, ending up 0.1 per cent at 4,524.00 even as trading volumes increased on additional interest in stocks including Union Cement and First Abu Dhabi Bank.

Dana Gas fell 1.5 per cent to 67 fils, after the firm said that the High Court of Justice in London recently continued an injunction achieved by the company to protect it against claims by creditors.

Shares in Oman fell by 1.1 per cent as a string of weak earnings showed the strain that low oil prices and government austerity measures have placed on the economy.

Raysut Cement slipped 0.8 per cent after reporting that first-half net profit shrank by nearly two-thirds from a year earlier, with turnover also dropping.

Oman Telecommunications sank 3.3 per cent after reporting a 39 per cent fall in first-half profit, with revenue stagnant. Bank Dhofar lost 3.2 per cent after first-half consolidated net profit shrank 13 per cent.