Qatar Exchange’s (QE) main index continued its rise for the third successive session amid tactical buying and increasing of positions on small shares and on limited leading stocks. The benchmark index added 0.53 pts, closing at 13682.57 pts, compared to yesterday’s closing of 13682.04 pts.
Turnover dropped to QAR 867.7 million against QAR 943.80 million yesterday, as 21.70 million shares changed hands against 20.58 million.
Economic analyst at Bait al-Mashura Financial Consultations Company Ali Al Anzy noted that the reason QE’s index succeeded in rebounding following its decline at the start of today’s session was the tactical buying on small stocks as well as on leading stocks such as Mazaya Qatar, Mesaieed Petrochemical Holding Company (MPHC), and Medicare, added to the increasing of positions on Al Rayan, Qatar Islamic Bank (QIB) and Commercial Bank of Qatar (CBQ).
The fact that the index remained above the level of 13660 pts is an indicator of the strong confidence portfolios and speculators have in the Qatari market, Al Anzy said, adding that there is a state of optimism within the market following the news and evaluation in which EFG Hermes said that the Qatari market is the best for investment in the Middle East, added to the MSCI news, both of which indicate that the market will attract more foreign investments to Doha. It is likely that Qatar will witness around $100 million as additional foreign investments in the coming period.
Such successive positive news is one of the main reasons behind the market’s high liquidity, Al Anzy said, noting that such a positive and optimistic atmosphere will support the index’s upward trend.
On the market level, the insurance, banks, industrial and services sectors drove the market up today, as the insurance sector added 0.8% supported by Qatar General Insurance and Reinsurance Co. and Qatar National Insurance, which gained 0.2% and 0.82% respectively.
The banking sector rose by 0.11%, as Qatar National Bank (QNB), Al Rayan Bank and Doha Bank rose by 2.1%, 1.79% and 0.83%, respectively. The industrial sector also added 0.11% as Mannai Corp and Qatar Industrial Manufacturing Co. (QIMC) climbed 1.45% and 1.4%, respectively.
Finally, the services sector added 0.19% as Qatar for Cinema and Film Distribution Co. and Zad Holding soared by 9.7% and 3.15%, respectively.
On the other hand, the telecommunications, real estate and transport sectors dropped by 0.81%, 0.17% and 0.40% respectively.
Al Anzy concluded that he expects QE’s index to continue rising in the coming sessions.
Turnover dropped to QAR 867.7 million against QAR 943.80 million yesterday, as 21.70 million shares changed hands against 20.58 million.
Economic analyst at Bait al-Mashura Financial Consultations Company Ali Al Anzy noted that the reason QE’s index succeeded in rebounding following its decline at the start of today’s session was the tactical buying on small stocks as well as on leading stocks such as Mazaya Qatar, Mesaieed Petrochemical Holding Company (MPHC), and Medicare, added to the increasing of positions on Al Rayan, Qatar Islamic Bank (QIB) and Commercial Bank of Qatar (CBQ).
The fact that the index remained above the level of 13660 pts is an indicator of the strong confidence portfolios and speculators have in the Qatari market, Al Anzy said, adding that there is a state of optimism within the market following the news and evaluation in which EFG Hermes said that the Qatari market is the best for investment in the Middle East, added to the MSCI news, both of which indicate that the market will attract more foreign investments to Doha. It is likely that Qatar will witness around $100 million as additional foreign investments in the coming period.
Such successive positive news is one of the main reasons behind the market’s high liquidity, Al Anzy said, noting that such a positive and optimistic atmosphere will support the index’s upward trend.
On the market level, the insurance, banks, industrial and services sectors drove the market up today, as the insurance sector added 0.8% supported by Qatar General Insurance and Reinsurance Co. and Qatar National Insurance, which gained 0.2% and 0.82% respectively.
The banking sector rose by 0.11%, as Qatar National Bank (QNB), Al Rayan Bank and Doha Bank rose by 2.1%, 1.79% and 0.83%, respectively. The industrial sector also added 0.11% as Mannai Corp and Qatar Industrial Manufacturing Co. (QIMC) climbed 1.45% and 1.4%, respectively.
Finally, the services sector added 0.19% as Qatar for Cinema and Film Distribution Co. and Zad Holding soared by 9.7% and 3.15%, respectively.
On the other hand, the telecommunications, real estate and transport sectors dropped by 0.81%, 0.17% and 0.40% respectively.
Al Anzy concluded that he expects QE’s index to continue rising in the coming sessions.
Source:
Mubasher Exclusive
