Gulf shares decline, led by Qtel, Union Properties

DUBAI - Qatar Telecom QSC dropped for the first time in three days after completing the purchase of a stake in an Indonesian phone company.

By Uae Stock Markets (Bloomberg)

Published: Thu 26 Jun 2008, 12:02 AM

Last updated: Sun 5 Apr 2015, 1:13 PM

Union Properties, the Dubai-based real-estate developer that's building F1-themed parks, retreated the most since March. Bank Muscat SAOG, Oman's biggest bank, also declined. "There is no positive catalyst to take the markets up," Julian Bruce, director of institutional sales at EFG-Hermes Holding SAE, said in an e-mail yesterday. "Foreign investors are onthe sidelines and volumes are low.''

The Doha Securities Market 20 Index fell 1.3 per cent to 12,136.5 at the close. The Dubai Financial Market General Index lost 1.1 per cent, while the Muscat Securities Market 30 Index declined 0.9 per cent. Foreign investors sold more shares than they bought last week on the Dubai Financial Market. Investors from abroad sold Dh2.12 billion ($577 million) of stocks and bought shares worth Dh1.75 billion, according to a statement from the exchange on June 21.

About 194 million shares traded in Dubai's index today, 48 per cent less than the six-month daily average. In Abu Dhabi volumes fell 34 per cent, compared with the six-month average.

Qatar Telecom, known as Qtel, dropped 1.1 per cent to 190.5 riyals. Qtel completed the purchase of a 40.8 per cent stake in PT Indosat held by Asia Mobile Holdings Pte, the Qatari company's venture with Temasek Holdings Pte's Singapore Technologies Telemedia Pte. Union Properties slumped the most since March 30, retreating 2.7 pe rcent to Dh5.08. Bank Muscat lost 1.3 per cent to 1.836 rials.

Saudi Arabia's Tadawul All Share Index declined 0.4 per cent to 9,747.5 at 2:16 p.m. in Riyadh. The Abu Dhabi Securities Exchange General Index fell 0.8 per cent. The Bahrain All Share Index added 0.2 per cent, while the Kuwait Stock Exchange Index rose 0.3 per cent.

Ithmaar Bank BSC gained 1.4 percent to $0.71. The Bahraini Islamic investment bank and a group of regional institutional investors set up a real-estate development company with capital of 300 million Bahraini dinars ($796 million).

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