Last Updated: Thu Jun 02, 2011 16:33 pm (KSA) 13:33 pm (GMT)

Qatar stocks slip ahead of MSCI jitters

Investors have also begun to pull out speculative cash ahead of MSCI's review later this month. (File Photo)
Investors have also begun to pull out speculative cash ahead of MSCI's review later this month. (File Photo)

Qatar's index slips to an 11-week low, falling for a second day after Doha's exchange said it does not expect foreign ownership limits to rise in 2011.

Investors have also begun to pull out speculative cash ahead of MSCI's review later this month on increasing doubts of inclusion.

"The index may decline to touch 8,150, which will be a very good buying opportunity, and rebound sharply," says Omnia Ashawmy, head of technical analysis at Qatar Securities.

The benchmark falls 1.4 percent to 8,208 points, a March 17 intraday low. All stocks are down, bar two that are flat.

Elsewhere, Oman's index climbs 0.1 percent to 6,081, rising for a fourth day, since Sunday's 22-month low.

Oman Telecommunications Co adds 0.2 percent.

Meanwhile, Dubai's index slips as global market jitters spur investors to book recent gains.

Air Arabia slides 0.9 percent to 0.701 dirhams after Nomura downgrades the low-cost carrier to "neutral" from a "buy" and cuts price its target to 0.9 dirhams.

Bellwether Emaar Properties falls 1.6 percent and builder Arabtec slips 1.5 percent.

The benchmark index retreats 1.2 percent to 1,556 points, falling from Wednesday's 10-day high.

Abu Dhabi's index is little changed, rising 0.05 percent to 2,666 points.

Aldar Properties tumbles 3.5 percent and Sorouh Real Estate sheds 1.5 percent. Banks support, with heavyweight First Gulf Bank up 0.3 percent.

Elsewhere, Kuwait's index slips 0.2 percent to 6,379 points. Telecoms operator Zain falls 1.9 percent.

Asian stocks slid on Thursday, with a steady stream of weak United States data putting a damper on risk taking ahead of Friday's payrolls report, though valuations will probably limit a big decline in global share prices.

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