Qatar slips for third day, IQ, Nakilat down

Industries Qatar (IQ) and Qatar Gas Transport Co (Nakilat) head losers as Doha's index declines for a third day. IQ drops 0.7 per cent and Nakilat falls 0.5 per cent. Both stocks are seen as proxies for a global economic recovery, so are bearing the brunt of some selling pressure following a pull back on world markets. The index falls 0.3 per cent to 7,405 points, taking its losses to 0.9 per cent since hitting a 17-week high on Sunday.

"Foreign investors have been buying into Qatar - these are long-term, value investors who believe Qatar is cheap relative to international markets," says Robert Pramberger, acting head of asset management at Doha-based investment company The First Investor. This profile means these investors are unlikely to sell at the first signs of trouble, which will help limit any losses. "Even if prices drop a little bit, I wouldn't expect foreign investors to turn sellers," says Pramberger. He forecasts Qatar trade will be lacklustre until the first full week's trading after the Eid holidays, starting September 19. Qatar Telecom and QEWC are both flat.