DOHA: Qatar stock market started off 2018 on a positive note as the benchmark index gained 1.14 percent or 96.88 percent to finish the first trading session of the year at 8,620.26, yesterday. The entire sector ended in green, as real estates, banks, consumers and telecoms led the charge at the start of the new year.
Qatar companies that rely on the strength of the economy for their businesses staged strong performance on the first day of trading, as traders bet that an economy recovery will continue and boost the valuations.
Property developers, energy sensitive stocks and banks were the top performers. Real estate shares outperformed other sectors by surging 1.89 percent, thanks to the policy boost from the government to the construction sector.
Barwa, which announced a major development project recently, advanced 3.13 percent, as Ezdan added1.74 percent and UDC edged up 0.35 percent. The real estate shares were up 35.32 percent in December 2017, when compared to the previous month.
Banking sector closed, up 0.93 percent as Masraf Al Rayan, the most heavily traded stock, surged 2.4 percent. Banking heavyweight QNB added 0.87 percent. Islamic lender QIIB added 0.73 percent. Global ratings agencies Moody’s and Fitch last week affirmed QIIB’s ratings at A2 and A, respectively.
Energy sensitive GISS and MPHC advanced 1.36 percent and 0.16 percent, respectively. The industrials sector ended 0.86 percent up, from the previous trading session.
The daily turnover surged to QR QR236m from QR104m, yesterday. Among the 41 traded companies, 30 advanced.
The boards of directors of listed companies will discuss their fourth quarter numbers in the coming weeks. These meetings are important for a dividend-focused market. QNB Group announced that its board of directors will meet on January 16 to discuss the Bank’s 2017 financial results and discuss the profit distribution. Masraf Al Rayan’s Board of Directors will hold a board meeting on the same day.
Qatar Islamic Bank announced that its board of directors will meet on January 17 to discuss the Bank’s 2017 financial results and discuss the profit distribution. Doha Bank’s board of directors will meet on January 23.
Vodafone yesterday announced that its Extraordinary General Assembly (EGM) held on 18 October 2017, had changed its financial year end from 31 March to 31 December. The Company’s financial year will now run from 1 January to 31 December.
The Board of Directors of Vodafone Qatar will meet on January 18 and will issue a trading update for the 9-month period ending 31 December 2017.
