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Sun 23 Sep 2012 11:39 AM

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Qatar drops; UAE markets lower on absent local drivers

Qatar's benchmark declines 0.3 percent to 8,575 points, down for a third session in the last four

Qatar drops; UAE markets lower on absent local drivers
Qatars bourse declines in a technical retracement as investors struggle to find a catalyst to take the market higher, while UAEs markets also decline.

Qatar's bourse declines in a technical retracement as investors struggle to find a catalyst to take the market higher, while UAE's markets also decline.

Qatar's benchmark declines 0.3 percent to 8,575 points, down for a third session in the last four since Monday's four-month closing high.

The market remains in an upward trend however, with analysts targeting the next resistance around 8,697 to 8,715 points.

Large-caps drag with Qatar National Bank down 0.4 percent. Industries Qatar and Masraf Al Rayan slip 0.6 percent each.

In the UAE, Dubai's index gives back early-session gains and slips 0.2 percent to 1,602 points, heading for its second decline since Wednesday's 20-week peak.

Dubai Investments and Dubai Financial Market fall 1.7 and 2 percent respectively.

Logistics operator Aramex bucks the trend, rising 3.1 percent. The stock rallied to a 20-month intra-day high on Thursday after a cross-trade - a foreign investor sold shares in the firm, freeing up allocation for other foreign buyers in the stock, which is usually at the top limit for foreign ownership.

"We are in a consolidation phase - most Gulf markets are approaching support levels after the recent correction," says Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments. "These are levels that markets should stabilise at until a real catalyst appears."

Abu Dhabi's measure eases 0.09 percent to 2,614 points.

Elsewhere, Kuwait's bourse resumes its rally, up 0.5 percent to 5,910 points, heading towards the resistance level of 5,921 - the near three-month high of September. 9.

The retail-dominated market is set to rise for a fourth sessions in the last five.

Banks rise with Boubyan Bank and Ahli Bank up 1.7 and 1.6 percent respectively. Commercial Bank of Kuwait gains 1.5 percent.