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Posted On: 19 January 2009 12:15 pm
Updated On: 12 November 2020 02:09 pm

Market jitters

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Qatari stocks continue to slide with analysts attributing the downswing to regional and global trends. “There is absolutely nothing wrong with local stocks. It is just that investor confidence is at a low-ebb in line with regional and international trends,” said an analyst asking not to be identified. The 20-stock benchmark index of the Doha Securities Market (DSM) shed 222 points, or a 3.94 percent, to 5,410.66 at the end of trading yesterday. In about eight months since June 9 last year, the index has lost more than 50 percent, from over 12,400 to 5,410.66. Both institutional and retail investors just do not have enough confidence due to the global stock and financial situation, the analyst told this newspaper. There is indeed a selling spree, he admitted. The services counters were the biggest losers with a 5.16 percent drop as trading closed with the bourse reopening for the week yesterday. Aamal was a major gainer (showing an 8.36 percent rise), though, as its management earlier announced improved business plans for the current year. The insurance sector showed a marginal 1.25 percent gain, but the banking shares lost, with al khaliji topping the list with a nine percent drop. The manufacturing counters also slid with Industries Qatar (IQ) taking a slight beating again. Its stocks ruled at QR72.50. There were not enough transactions yesterday as the total tumbled from a daily average of more than 9,000 and 10,000 to less than 5,000. The deals concluded remained restricted to 4,671 yesterday.