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QE rises above 11800 pts on select buying

QE rises above 11800 pts on select buying
Photo Credit: Arabianeye-Reuters

By: Mahmoud Gamal

Doha-Mubsher: Qatar Stock Exchange (QSE) ended Wednesday in the green, concurrently with select buying trades on leading stocks.

QE index rose by 0.97% or 114.24 points to 11,892.15 points. Trading volume reached 7.23 million shares, at a turnover of QAR 309.13 million, traded through 4584 transactions.

Financial analyst Ahmed Akl told Mubasher that the index returned to the level of 11800 points, affected by speculative buying trades on blue chips in the industrial and real estate sectors.

The real estate sector topped gainers by 2.1%, followed by the industrial and the insurance sectors at 1.47% and 0.16% respectively.

Qatari Investors Group led risers by 10% to QAR 45.65, while Qatar Industrial Manufacturing Co was the major dragger by 0.75% to QAR 46.10.

Vodafone Qatar was the most active company with a trading volume reaching 1.24 million shares, while Gulf International Services was the value leader, upon generating QAR 72.45 million.

The market is currently witnessing a fluctuating performance amid anticipation of the Q1-15 financials, which will mainly help the index stay above the 12,000 points, according to the analyst.

Akl added that it is important for the index to close above the levels of 11,800 or 12,000 points to continue its bullish performance.

The stocks will witness a strong performance during the next week amid forecasts of companies’ stronger earnings during the first quarter of 2015.

Translated by: Julian Nabil