Qatar index falls to new 5-year low

QATAR STOCKMARKET: Gloomier prognosis for global economy spreads to local market. (Getty Images)

Qatar's main stock market index fell to a new five-year low on Sunday amid darkening global sentiment, led by Industries Qatar, which extended losses after posting a sharp decline in quarterly results last week.

The country's index fell 2.3 percent to 4,335 points, its lowest close since February 18 2004.

Industries Qatar fell 4.21 percent, Qatar Islamic Bank 3.74 percent and Commercial Bank of Qatar 4.99 percent.

"Foreigners are still putting pressure on the Qatari market especially the banking sector," said Samer al-Jaouni, general manager of Middle East Financial Brokerage Co in Dubai.

In Dubai the index fell 0.66 percent to 1,548 points.

Mashreqbank fell 4.99 percent, Deyaar 5.66 percent and Union Properties 5.26 percent.

"Union Properties was hit today (Sunday) after announcing the delay of its Formula One theme park.

''This obviously causes investors to be concerned about other projects by Union Properties but on a positive note it allows the company to focus resources on sites nearer completion in MotorCity and DIFC," said Matthew Wakeman, managing director, cash and equity linked trading at EFG-Hermes in Dubai.

Elsewhere, Deyaar said its board of directors had decided not to propose paying a dividend for 2008 or issue bonus shares.

Meanwhile, the Abu Dhabi market finished higher, climbing 3.02 percent to 2,448 points - Emirates Telecommunications Co featuring.

Saudi Arabia also rose after falling to its lowest close in more than three months on Saturday following a worse-than-expected contraction of the US economy that raised fears over prospects for the kingdom's petrochemicals industry.

The index rose 0.68 percent to 4,414 points.

Saudi Basic Industries Corp put on 2.19 percent and Samba Financial gained 2.76 percent.

Oman's bourse climbed for a third trading day finishing 0.18 percent higher at 4,862 points - Raysut Cement gaining 6.42 percent and Oman International Bank 3.17 percent. 

But Kuwait eased eased 0.82 percent to 6,391 points - Mobile Telecommunications Co falling 3.03 percent and National Bank of Kuwait giving up 5.43 percent.

In Bahrain the main index rose 0.68 percent to 1,588 points. (Reuters)

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