Qatar Exchange’s(QE) benchmark continued its rally today, breaking through the resistance at 14100 . The index got a boost from the buying transactions on leading stocks and some small-cap stocks amid forecasts that the Qatari economy will rise by 5.9% in FY14 and the local construction sector will attract contracts worth QAR 30 billion this year.
The gauge rose 0.14% or 20.34 points to close at 14109.16 pts compared with 14088.82 pts on Thursday.
Sunday’s turnover fell to QAR 553.32 million, from QAR 656.51 million on Thursday. However, traded volume rose from 10.94 million shares to 12.11 million shares.
The market was boosted by the buying transactions on several stocks such as Investors and Al Khalij Commercial Bank which advanced 3.7% and 3.05%, respectively.
Capital market technical analysis consultant Nawaf Al 'Oun told Mubasher that the index managed today to cross a fresh level amid strong buying transactions on leading stocks and some small-cap stocks. He added that the local bourse and economy have several incentives which draw the attention of foreign investors.
“The stock market is still impacted by the rotational speculations which exceed the buying transactions,” Al 'Oun said.
The Telecoms sector rose 1.25%, with Ooredoo and Vodafone Qatar rising 1.4% and 0.9%, respectively.
The Services sector closed 0.28% higher, helped by Medical Devices which was up 1.5% and Qatar Fuel which gained 0.5%.
The Industrials sector also edged up 0.10%, with Investors and Industrial Manufacturing adding 3.7% and 0.8%, respectively.
However, the Insurance sector declined 0.56%, Transportation (0.22%), Real Estate (0.21%) and Banks (0.06%).
Al 'Oun said that holding position above the 14000 level indicates that the index can maintain its upward trend to reach 14250 pts in the next period amid incentives.

(Written by Mahmoud Gamal, Translated by Abdul Maguid Aboshahla)