Qatar: QSE snaps three-day bull-run; index falls 24 points
The Arab individuals were increasingly net sellers as the 20-stock Qatar Index shed 0.22% to 10,585.58 points
Snapping three consecutive days of bullish run, the Qatar Stock Exchange (QSE) on Tuesday lost about 24 points and its key index retreated below 10,600 points.
The Arab individuals were increasingly net sellers as the 20-stock Qatar Index shed 0.22% to 10,585.58 points, although it touched an intraday high of 10,650 points.
The telecom and transport counters witnessed higher than average selling pressure in the main market, whose year-to-date gains truncated to 0.14%.
About 55% of the traded constituents were in the red in the main bourse, whose capitalisation shed QR0.49bn or 0.08% to QR623.85bn on the back of microcap segments.
The domestic institutions turned net profit takers in the main market, which saw as many as 0.19mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.43mn trade across 49 deals.
The foreign funds' weakened net buying had its influence on the main bourse, whose trade turnover and volumes were on the increase.
The Islamic index was seen declining faster than the other indices of the main market, which saw no trading of treasury bills.
The local retail investors continued to be net profit takers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.
The Total Return Index shed 0.22%, the All Islamic Index by 0.33% and the All Share Index by 0.17% in the main market.
The telecom sector index declined 1.35%, transport (0.7%), banks and financial services (0.16%) and real estate (0.11%); while insurance gained 0.47%, consumer goods and services (0.17%) and industrials (0.13%).
Major losers in the main market included Qatar General Insurance and Reinsurance, Vodafone Qatar, Milaha, Lesha Bank, United Development Company, Doha Bank, Al Faleh Educational Holding, Qatar Insurance and Ooredoo. In the junior bourse, Techno Q saw its shares depreciate in value.
Nevertheless, Estithmar Holding, Gulf International Services, Ezdan, Alijarah Holding, Qatar Insurance, Qatar Electricity and Water, Aamal Company and Mazaya Qatar were among the gainers in the main market.
The Arab retail investors' net selling increased noticeably to QR6.41mn compared to QR2.64mn the previous day.
The Gulf individual investors' net profit booking rose marginally to QR1.68mn against QR1.39mn on Monday.
The domestic institutions turned net sellers to the tune of QR1.59mn compared with net buyers of QR9.2mn on May 12.
The Arab institutions were net profit takers to the extent of QR0.79mn against no major net exposure the previous day.
The foreign institutions' net buying decreased substantially to QR35.78mn compared to QR74.8mn on Monday.
The Gulf institutions' net buying weakened perceptibly to QR1.77mn against QR10.25mn on May 12.
However, the Qatari retail investors' net selling shrank significantly to QR26.46mn compared to QR85.98mn the previous day.
The foreign individual investors' net profit booking eased markedly to QR0.63mn against QR4.25mn on Monday.
The main market witnessed a 13% surge in trade volumes to 267.81mn shares, 6% in value to QR565.26mn and less than 1% in deals to 20,630.
In the venture market, a total of 24,978 equities valued at QR0.07mn change hands across 10 transactions.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Santhosh V. Perumal
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
28 minutes ago
- The National
Iranian Foreign Minister in Beirut to 'open new chapter' with Lebanon
Iranian Foreign Minister Abbas Araghchi is in Beirut to meet top Lebanese officials andhopes 'to open a new chapter in relations' with Lebanon as it begins the process of disarming non-state actors and strengthening its national army. The visit, part of Mr Araghchi's tour of the region, comes amid calls for Tehran's strongest proxy group Hezbollah to disarm in Lebanon - an indication of Iran's uncertain regional footing. Mr Araghchi met Lebanese President Joseph Aoun, Prime Minister Nawaf Salam and Parliament Speaker Nabih Berri. The Iranian minister's first meeting was with Lebanese Foreign Minister Youssef Rajji, who is perhaps the strongest critic of Hezbollah in the new Lebanese government and was nominated for his position by the Lebanese Forces – parliament's largest party and an opponent of the Iran-backed group. "They had an absolutely frank meeting," according to a Foreign Ministry source who did not wish to be identified. "They discussed Hezbollah weapons, the negotiations between Iran and the US, rebuilding, south Lebanon, and the issue of respecting Lebanon's sovereignty," the source added. The Iranian FM was receptive to Mr Rajji's concerns and "listened very well." The Lebanese Foreign Minister's office said Mr Rajji emphasised the importance of securing support for Lebanon's reconstruction and economic recovery "exclusively through the Lebanese government and official institutions." The Iranian Foreign Minister said Iranian companies were ready to help with reconstruction efforts if the Lebanese government requested it. Iran, through Hezbollah, has donated money to cover a year's rent and loss of possessions for those who lost their homes during the war with Israel. A source close to Hezbollah said the visit was focused solely on Iran-Lebanon relations. They said Mr Araghchi's visit had nothing to do with negotiations over Iran's nuclear programme. "Iran's role in reconstruction hasn't changed; from the moment the ceasefire took effect, Tehran expressed to the Lebanese government its readiness to actively contribute to whatever Lebanon needs," the source said. "Iran's relationship with Hezbollah is not up for question or debate. It is a historical bond and is treated as such. It has always stood on the side of Lebanon's strength and resilience," they added. On the nuclear issue, Mr Araghchi said a new US proposal submitted via Oman threw up "many ambiguities and questions". Throughout the day, Lebanese officials and the Iranian Foreign Minister repeatedly stressed a desire for a relationship based on mutual respect and non-interference in each other's relations. Lebanon's Foreign Ministry summoned Iran's ambassador to Beirut in April over suggestions that plans to disarm Hezbollah were a "conspiracy". Lebanon faces reconstruction and recovery needs of more than $11 billion, according to a World Bank report published earlier this year. But who will foot that bill remains unclear, with the country bankrupt and the international community weary. Mr Aragchi had earlier been received on arrival on Tuesday by a representative of Mr Berri and two Hezbollah MPs. The Iranian minister will also probably meet officials from Hezbollah, the Lebanese armed group and political party. The whereabouts of its new leader Naim Qassem, who regularly gives televised speeches from an undisclosed location, are unclear. Mr Araghchi last visited Beirut in February to attend the funeral of Hassan Nasrallah, the long-time Hezbollah leader who was assassinated last year in an Israeli bombing on the Lebanese capital. Iranian support had been instrumental in Hezbollah turning into the region's most powerful non-state armed group. But its war with Israel last year has seen Hezbollah's power significantly weakened, although it still remains a critical Lebanese actor. Along with the killing of Mr Nasrallah, almost all of Hezbollah's senior leadership has been wiped out as well as its largest missiles. Lebanon is under pressure from many in the international community, as well as some inside the country, to disarm Hezbollah. President Aoun has said he wants all arms under the control of the state as soon as possible, but insists this must be done through mediation and not force. Mr Araghchi is travelling from Cairo, where he had said Iran is 'ready to provide assurances' that its nuclear programme is peaceful, as Tehran and Washington seek to reach a deal on the issue.
The National
an hour ago
- The National
Steve Witkoff must testify about 'secret side deal' with Iran, top Democrat says
A leading US senator on Tuesday said special Middle East envoy Steve Witkoff must appear before Congress to face questions about whether the Trump administration is trying to cut a 'secret side deal' with Iran. Mr Witkoff, Secretary of State Marco Rubio and President Donald Trump have repeatedly said Iran will not be allowed to enrich any uranium as part of continuing nuclear talks, including for civilian purposes. But reports by The New York Times and Axios contradict this. They say Washington and Tehran are working on a solution in which Iran could enrich uranium at low levels for civilian use until the US and other nations formulate a larger plan that stops its progress towards a nuclear bomb. 'Steve Witkoff must testify before Congress,' Senator Chuck Schumer, the top Democrat in the Senate, said on X. 'Is there a secret side deal that will allow Iran to continue enriching uranium and empowers Iran's nefarious activity or not?' Whether Mr Witkoff testifies is up to Republicans, who control the US Senate and House of Representatives. The reports also say the proposal suggests the formation of a regional consortium to produce nuclear power, which could include Saudi Arabia and other nations. In a separate video message, Mr Schumer accused Mr Trump of 'folding' to Iran's demands. 'What kind of bull is this? You're going to sound tough in public and then have a secret side eal that let's Iran get away with everything. That's outrageous.' The purported agreement would allow for Iran and the US to find a way past red lines both countries have drawn. Mr Trump has said Iran will not be allowed to enrich 'any' uranium, while Iran has said that its ability to enrich uranium is non-negotiable. When asked about a side deal, State Department spokeswoman Tammy Bruce declined to comment on any negotiations. 'What I can say, though, of course, is that the maximum-pressure campaign on Iran remains in full force,' she told reporters. The Wall Street Journal reported on Sunday that a directive came down last week from White House press secretary Karoline Leavitt to pause all new sanctions activity towards Iran.
Arabian Business
3 hours ago
- Arabian Business
Air taxis in Saudi Arabia: Abdul Latif Jameel and Joby Aviation sign $1bn future transport deal
A business group in Saudi Arabia will partner with a futuristic US aviation firm on a $1bn deal to bring flying taxis to the Kingdom. The groundbreaking electric aircraft partnership will see Abdul Latif Jameel team up with Joby Aviation to explore a distribution agreement for electric vertical take-off and landing (eVTOL) aircraft. The potential deal, valued at approximately $1bn, could deliver up to 200 aircraft in the coming years, marking a pivotal step in Saudi Arabia's clean transportation ambitions. Flying taxis in Saudi Arabia The announcement builds on the deepening economic ties between the United States and Saudi Arabia, with both nations investing heavily in next-generation, sustainable infrastructure. Joby Aviation, known for its piloted, all-electric aircraft designed to carry four passengers at speeds of up to 200 mph, represents the forefront of urban air mobility. With zero operating emissions and significantly reduced noise levels, Joby's aircraft are poised to redefine short-distance travel. JoeBen Bevirt, Founder and CEO of Joby Aviation, said: 'This collaboration is about bringing America's leadership in electric air mobility to the world. Together with Abdul Latif Jameel, we're not just imagining a cleaner, safer, more efficient future—we're building it. And there is no better partner to help unlock the extraordinary opportunity for air travel in the region.' Hassan Jameel, Vice Chairman, Saudi Arabia, Abdul Latif Jameel, said: 'Saudi Arabia is transitioning toward a new era of mobility – one that is on-demand, shared, connected, and sustainable. eVTOL is an exciting and important component of this. 'We are looking forward to collaborating with Joby to support the transformation of the Kingdom's mobility sector. This collaboration also comes as Abdul Latif Jameel Motors marks 70 years of distributing Toyota in Saudi Arabia — a strategic investor in Joby.' Joby's collaboration with Abdul Latif Jameel will initially focus on Saudi Arabia, where Abdul Latif Jameel has an extensive presence, network and deep operational experience. The two businesses will work together to explore distribution and sales collaborations, the launch of local air taxi services, including the establishment of aftermarket services such as MRO (Maintenance, Repair, and Overhaul), and pilot training. Joby's piloted, all-electric aircraft is designed to carry four passengers at speeds of up to 200mph, offering high-speed mobility with a fraction of the noise produced by helicopters and zero operating emissions. Joby Aviation aims to launch its first commercial passenger flights in Dubai by 2026, with expansion into Saudi Arabia envisioned soon after. The deal also reflects Abdul Latif Jameel's broader investment strategy in future mobility. The Jameel family previously invested in Joby's Series C funding round, led by Toyota Motor Corporation in 2020.
