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Qatari bourse soars above 13900 propelled by services, telecoms

Qatari bourse soars above 13900 propelled by services, telecoms
The Qatar Exchange (QE) benchmark index extended its uptrend, backed by active buying and building of new positions especially in the services and telecom sectors.
The index rose 0.66% or 91.64 points on Wednesday to reach 13901.08 points, thus crossing the 13900 barrier, compared with 13809.44 points on Tuesday.
The QE All Share Index also rose 0.62% to 3522.44 points.
Wednesday’s turnover rose to QAR 1.11 billion, from QAR 815.7 million, and traded volume rose to 16.47 million shares from 12.10 million shares.
QNB rose 3.5%, Barwa (+3.12%), Al Khaleej Takaful (+3.07%), Healthcare (+2.9%), Al Rayan (+2.8%) and Gulf Warehousing (+2.17%).
Ibrahim Al Failakawy, economic advisor, said today’s uptrend showed renewed confidence in the local market, especially after positive political news.
The market rise was propelled by the services, telecoms, banking and real estate stocks. QE All Share Telecoms Index rose 0.98% backed by Vodafone Qatar (+1.4%) and Ooredoo (+0.8%).
QE All Share Services Index also added 0.97%, backed by Healthcare (+2.9%), Qatar Fuel (+1.8%) and Widam (+0.71%).
The QE All Share Banking Index added 0.83% propelled by QNB (+3.5%), Rayan (+2.8%). QE All Share Real Estate Index rose 0.76% backed by Barwa (+3.12%) and United Development (+0.81%).
QE All Share Insurance Index bucked the uptrend, ending 0.05% lower.
(written by Mahmoud Gamal; translated by Sayed Abdel Rahman)