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Real estates weigh on Qatar Exchange
- Qatar: Monday, September 28 - 2009 at 16:21
The Qatar Exchange was pulled down by 0.96%, ending at 7,436.74 points due to weak performing real estate shares. United Development Company (UDC), the sector's bellwether and builder of the prestigious island The Pearl Qatar, closed 2.43% lower at QR40.40. Banks mostly declined in value as well. Doha Bank, which rose to an 11-month high last Thursday, dipped 1.70% on profit booking. Al-Ahli Bank bucked the trend by advancing 2.09%, finishing at QR44.00. Bank of America Securities-Merrill Lynch says in its latest report that Qatari banks 'have emerged relatively unscathed from the regional downturn.The sector offers an attractive combination of discounted valuation (9.3x 2010E Price-Earning Ratio), robust profitability (2.7% Retorn on Assets, 19% Return on Equity) and decent growth prospects (12% 2009-12E EPS CAGR).'
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Gérard Al-Fil, Financial JournalistMonday, September 28 - 2009 at 16:21 UAE local time (GMT+4)
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