The Qatar Exchange (QE) benchmark index soared on Sunday above the 13000 level following the slump seen last week during which it lost more than 888.9 points.
Last week’s steep decline was triggered by pressures from random sell-offs that followed the slump in global stock markets and in crude prices.
The QE Index rose 1.6% or more than 13100 points to close the session at 13147.79 points. Meanwhile The QE All Share Index added 1.6% to 3334.23 points.
Most GCC bourses were in green on Sunday, buoyed by the rebound of global markets, especially the US and Europe that hit record levels.
Ibrahim Al Failakawy, technical analyst, said the rebound of the Qatari stock market today was expected.
The Qatari market performance is strongly related to global peers, the analyst said, adding that traders put their money back to work after restoring confidence in Qatari shares, especially blue chips.
The market was powered by real estate, banks and industrial stocks. QE All Share Real Estate Index rose 2.05%, powered by Mazaya Qatar (+4.05%). QE All Share Services Index gained 1.67% after Widam rose 3.3% to QAR 60 and Salam added 2.9% to QAR 17.8.
QE All Share Banks Index jumped 1.57% backed by QNB (+7.4%) and CBQ (+2.7%). QE All Share Industrial Index climbed 1.51%, backed by Mesaieed (+2.6%) and Industries Qatar (+2.5%).
QE All Share Transport Index rose 1.46%, Insurance (1.43%) and Telecoms (0.73%) Al Failakawy noted that the Qatari index is moving within a corrective range, adding that it may rally towards 13500 then 14000 upon crossing the resistance level of 13250 points.
However, the index will likely head for 12800 support level then 12500 if it continues the slide, according to the analyst.
The market’s turnover fell to QAR 576.62 million from QAR 771.86 million and traded volume fell to 11.017 million shares from 14.33 million shares.
Stocks headed north, except for seven stocks that bucked the market uptrend topped by Mannai (2.5%) and Zad (1.9%).
QNB led the way on gains, soaring 7.4% to QAR 56.9.