Qatar Exchange (QE) benchmark index extended its winning streak to the fifth successive session, shooting above the 13900 resistance level amid strong buying as investors built more positions on leading stocks particularly in the banking sector.
The QE Index rose 1.07% or 147.58 points to reach 13985.98 points, thus crossing the 13900 barrier, compared with 13838.4 points yesterday.
Thursday’s turnover rose to QAR 812.4 million, from QAR 466.37 million on Wednesday. Traded volume also increased to 14.85 million shares from 9.63 million shares.
The market saw strong buying on several blue chip stocks topped by QNB (+2.6%), Masraf Al Rayan (+0.3%), Industries Qatar (+1.8%).
The benchmark index continued its positive performance propelled by signs of political easing in the GCC and upbeat forecasts of corporate results for Q3, said Nawaf Al Awn, technical advisor.
QE All Share Telecoms rose 1.5%, powered by Ooredoo (+1.7%) and Vodafone Qatar (+0.6%).
QE All Share Banks & Financial Services also gained 1.27%, boosted by QNB (+2.6%), QIIB (+1.8%) and Khaleeji (+1.6%).
QE All Share Transportation rose 1.1%, thanks to Gulf Warehousing (+2.4%), Nakilat (+1.7%).
QE All Share Industrials gained 0.9%, powered by Gulf International Services (+1.6%) and Industries Qatar.
(Written by Mahmoud Gamal, Translated by Sayed Abdel Rahman)