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Sun 17 Jun 2012 11:54 AM

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Industries Qatar weighs as Doha hits 8-mth low

Industries Qatar falls 1.2 percent, taking its declines since May 3's 12-month high to 9.6 percent

Industries Qatar weighs as Doha hits 8-mth low
Bourses in the United Arab Emirates, Kuwait and Oman are closed for a religious holiday.

Industries Qatar heads declines as Doha's index slumps to a new eight-month low.

Industries Qatar falls 1.2 percent, taking its declines since May 3's 12-month high to 9.6 percent, with the petrochemicals, fertiliser and steel manufacturer loosely tracking recent losses in oil and commodity prices.

Qatar's benchmark falls 0.3 percent to 8,230 points, slumping to its lowest level since early October.

The index is down more than 6 percent in 2012, making it the worst performing Gulf Arab benchmark, with international investors net sellers year-to-date as turmoil in global markets spurs them to cut positions.

Vodafone Qatar falls 0.4 percent. The loss-making telecommunications operator is among the top-performing Doha-listed stocks this year, rising nearly 20 percent, but has fallen 2.5 percent since June 7, when it reported a fourth-quarter net loss of $35 million, missing an analyst's estimate. NBK Capital last week cut its rating on Vodafone Qatar to hold from accumulate.

Bourses in the United Arab Emirates, Kuwait and Oman are closed for a religious holiday.

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