Qatar Exchange closed Tuesday in the positive territory, helped by the strong financial results of Al-Rayan and International Islamic Bank, in addition to the select buying transactions on some leading stocks as well as the rally in the U.S. and European markets.
The benchmark rose 0.88% or 113.7 pts to cross the 13000 level, closing at 13076.41 pts. Some leading stocks witnessed buying transactions by foreign and local portfolios, such as Al-Rayan whose financial results were 19% higher than forecasts in Q3.
Technical analyst Amir Al-Mansour said the market reacted positively to the financial results of Al-Rayan, International Islamic Bank, Medicare and Mesaieed. He added that the buying transactions on some leading stocks such as Al-Rayan, QNB and Ezdan are a positive sign that portfolios focus on the stocks which are able to boost the market.
The insurance sector gained 1.56%, as General Insurance and Al Khaleej Takaful rose 3.4% each.
Services rose 1.24%, boosted by Al-Salam (+2.5%) and Medicare (+1.56%).
Banks moved up 0.89%, powered by Al-Rayan (+1.9%).
Turnover declined from QAR 505.36 million to QAR 415.08 million, and trading volume fell from 10.55 million shares to 8.24 million shares.
Technical analyst Khalid Al-Ansari said the exchange is mainly bolstered these days by Q3 strong financial results, which are better than the last year for most leading companies.
Al-Ansari said despite Tuesday’s rally, the index has not completed the correction wave so far. He advised investors to be cautious until the market trend becomes clear.
If the index declines below 12900, it will face support at 12840 pts, the analyst said.
(Written by Mahmoud Gamal, Translated by Abdul Maguid Aboshahla)