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QE strengthens backed by Industries Qatar

QE strengthens backed by Industries Qatar
By Mahmoud Gamal:
Doha-Mubasher: The Qatar Exchange (QE) benchmark index was back in green, as it broke above the 12900 mark on Tuesday, propelled by rally in global markets, in addition to select buying on blue chips.
The benchmark index rose 0.71% or 84.4 points to close at 11920.48 points, while the all share index gained 0.65% to 3064.68 points.
The rebound of global markets boosted trader sentiment and triggered select buying spree that push the index higher towards 11900 mark, said Mahmoud Abu Zeid, financial analyst.
He added that the market rise was mainly driven by the strong buying on Industries Qatar that accounts for 15% of the index weight.
The market was buoyed by six sectors that moved higher topped by industrials (+1.42%), then real estate (+0.66%) after Barwa (+0.56%) announced slashing debt to QAR 8 billion.
The services sector also rose 0.42% backed by Doha Bank (+1.5%) and Al Rayan (+1.02%) that posted profit rise.
Meanwhile, the telecommunications sector bucked the market trend, dipping 0.47% after Ooredoo fell by 1.37%.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters