The Qatar Exchange (QE) benchmark index snapped a two-day slide, as it shut Thursday’s session slightly higher.
The market was buoyed by the news that Qatar has been cleared to host the 2022 World Cup after Fifa’s ethics committee ruled that any breaches of the rules were only of “very limited scope” and closed its investigation into the controversial bidding process.
QE Index rose 0.05% or 6.27 points to close at 13729.78 points, compared with 13723.54 points on Wednesday.
Thursday’s turnover fell slightly to QAR 666.40 million from QAR 667.7 million and the traded volume declined to 11.08 million shares from 11.36 million shares.
The market saw active buying and building of more positions on several stocks topped by National Cement that was the biggest gainer (+2.65%). It was followed by Doha Insurance (+2.15%), Al Khaleej Insurance (+1.63%), Islamic Holding (+1.55%), Barwa (+1.2%) and Widam (+1.02%).
Mohamed El Gendi, head of research, ICN, said these stocks saw active buying and building of new positions following the positive news about the World Cup.
The Qatari stock market has several investment opportunities, especially amid resumed positive news about the bourse and the local economy, according to the analyst.
El Gendi also noted that speculators moved out of some stocks that reached their targets and built more positions in non-leading stocks.
The market rise was mainly driven by real estate, insurance, transport and telecom sectors. QE All Share Real Estate sector rose 0.78% backed by Barwa (+1.2%) and Ezdan (+0.73%). QE All Share Insurance sector also added 0.73%, backed by Doha Insurance (+2.15%) and Al Khaleej Insurance (+1.63%).
QE All Share Transport sector gained 0.4% after Gulf Warehousing and Nakilat rose 0.8% and 0.6% respectively.
Meanwhile, industrials, banks and services bucked the market trend, falling 0.2%, 0.07% and 0.02% respectively.
(written by Mahmoud Gamal; translated by Sayed Abdel Rahman)
The market was buoyed by the news that Qatar has been cleared to host the 2022 World Cup after Fifa’s ethics committee ruled that any breaches of the rules were only of “very limited scope” and closed its investigation into the controversial bidding process.
QE Index rose 0.05% or 6.27 points to close at 13729.78 points, compared with 13723.54 points on Wednesday.
Thursday’s turnover fell slightly to QAR 666.40 million from QAR 667.7 million and the traded volume declined to 11.08 million shares from 11.36 million shares.
The market saw active buying and building of more positions on several stocks topped by National Cement that was the biggest gainer (+2.65%). It was followed by Doha Insurance (+2.15%), Al Khaleej Insurance (+1.63%), Islamic Holding (+1.55%), Barwa (+1.2%) and Widam (+1.02%).
Mohamed El Gendi, head of research, ICN, said these stocks saw active buying and building of new positions following the positive news about the World Cup.
The Qatari stock market has several investment opportunities, especially amid resumed positive news about the bourse and the local economy, according to the analyst.
El Gendi also noted that speculators moved out of some stocks that reached their targets and built more positions in non-leading stocks.
The market rise was mainly driven by real estate, insurance, transport and telecom sectors. QE All Share Real Estate sector rose 0.78% backed by Barwa (+1.2%) and Ezdan (+0.73%). QE All Share Insurance sector also added 0.73%, backed by Doha Insurance (+2.15%) and Al Khaleej Insurance (+1.63%).
QE All Share Transport sector gained 0.4% after Gulf Warehousing and Nakilat rose 0.8% and 0.6% respectively.
Meanwhile, industrials, banks and services bucked the market trend, falling 0.2%, 0.07% and 0.02% respectively.
(written by Mahmoud Gamal; translated by Sayed Abdel Rahman)
Source:
Mubasher Exclusive
