Qatar’s benchmark stock index declined to the lowest intraday level in a week after oil posted its biggest weekly decline in three months and ahead of third- quarter results.
Industries Qatar QSC (IQCD), the Middle East’s second-largest petrochemicals maker, fell 0.4 percent. Masraf Al Rayan, the second-largest Qatari lender by market value, was set for the biggest decrease in two months. Qatar’s QE Index retreated 0.4 percent to 8,566, the lowest intraday level since Sept. 13, at 10:27 a.m. in Doha. The measure has gained 5.4 percent this quarter. Dubai’s DFM General Index (DFMGI) also dropped 0.4 percent.
“We’re getting closer to third-quarter results, so traders are waiting for signals, especially because the markets have already rallied,” said Nabil Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp.
Companies in the Persian Gulf are scheduled to announce quarterly results next month. Industries Qatar, which posted a 3 percent retreat in first-half profit, may announce results on Oct. 11 and Masraf al Rayan (MARK) on Oct. 17. The Qatar benchmark’s 14-day relative strength index rose above 70 last week and dropped to 62 today. A reading above 70 signals to some investors that a security is poised to decline.
Crude oil tumbled 6.2 percent last week to $92.89 a barrel on the New York Mercantile Exchange. Oil may decline this week after data from Asia, Europe and North America increased investors’ concern that global economic growth is slowing, a Bloomberg survey showed. A Chinese manufacturing survey last week signaled the industry contracted for an 11th consecutive month, while Japan’s exports declined in August.
Profit Rises
Industries Qatar slipped to 141 riyals, set for the lowest close since Sept. 18. The company may this year post a 6 percent increase in earnings to 8.4 billion riyals ($2.3 billion), according to the mean estimate of 10 analysts compiled by Bloomberg. Masraf al Rayan fell 0.7 percent, set for the biggest drop since July 19, to 27.15 riyals.The Bloomberg GCC 200 Index (BGCC200), Bahrain’s BB All Share Index (BHSEASI) and Abu Dhabi’s ADX General Index (ADSMI) declined less than 0.1 percent, while Oman’s MSM30 Index (MSM30) rose less than 0.1 percent and Kuwait’s Stock Exchange Price Index (KWSEIDX) gained 0.6 percent. Saudi Arabia (SABIC)’s stock market is closed for a national holiday.
Source: Bloomberg
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