By Mahmoud Gamal:
Qatar-Mubasher: The Qatar Exchange (QE) continued its way up on Monday, as the benchmark index rose 3.26% or 391.63 points to close at 12421.22 points, thus crossing the 12400 barrier.
The QE All Share Index added 2.8% to 3153.65 points.
The market rally was driven mainly by real estate, banks and industrials sectors, said Nawaf Al Aawn, technical advisor.
Seven sectors shut in the positive territory, topped by real estate (+5.04%), then insurance (+4.9%). Banks and industrials also advanced 2.8% and 2.16% respectively.
Tracking stock performance, Barwa was the best performer (+10%), followed by Medicare (+9.96%), Gulf International (+9.95%), while Islamic Holding was the biggest loser (-9.97%) followed by Zad (-3%).
Al-Aawn said most GCC stock markets were positive due to the rise in oil prices and the strong performance of global markets.
He expected market to continue the rally for several sessions during which the index may target 12600 or 12800 levels.
Monday’s turnover fell to QAR 1.004 billion from QAR 1.25 billion, while traded volume declined to 24.7 million shares from 25.10 million shares. The number of transactions rose to 10931 from 9437.
Gulf International was the most active with turnover exceeding QAR 130.3 million, while Ezdan was the most active with a traded volume of around 4.20 million shares.
Market capitalization rose by around QAR 16.15 billion to reach QAR 677.8 billion from QAR 618.6 billion.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters