Shrugging off the concerns about rising COVID-19 cases, shares in the local bourse have surged on investor optimism. Qatar Stock Exchange (QE) index jumped over 200 points to reach near 12,000 mark, helped by strong buying support from foreign and local institutional investors.
The QE index jumped 208.41 points or 1.78 percent to close at 11,922 points, yesterday. The market capitalization moved up to QR678.5bn yesterday from QR668.7bn on Tuesday.
The local bourse has maintained a rising trend since the start of this year. The QE index has surged 302 points in the four trading sessions of this year. The index had closed at 11620 points on January 2- the first trading session of the year.
In yesterday’s trade, foreign institutional investors had a share of around 36 percent in total buy trades while Qatari institutional investors share was around 30 percent. Qatari institutional and individual investors dominated yesterday’s trade. Qatari institutional and individual investors share in total sell trade was around 79 percent while it was 47 percent in buy trades.
Ooredoo, Industries Qatar and Baladna were top gainers in yesterday’s trade rising 3.6 percent, 3.5 percent and 3.47 percent, respectively. Mannai Corporation and Qatar Islamic Bank gained 3 percent each.
The volume of shares traded increased to 140.5 million yesterday from 98.69 million on Tuesday and the value of shares increased to QR557.57m from QR284.55m on Tuesday.
The indices of all seven sectors ended in the green zone yesterday. QSE Total Return Index gained 1.78 percent 23,600.65 points, QSE Al Rayan Islamic index increased 1.97 percent to 4,861.95 points and QSE All Share Index added 1.45 percent 3,758.85 points.
On Tuesday, The QE Index had risen 0.4 percent to close at 11,713.8. The Industrials and Consumer Goods & Services indices had led the gains. The index had increased on the back of buying support from Arab and foreign shareholders despite selling pressure from Qatari and GCC shareholders. QLM Life & Medical Insurance and Qatar National Cement Company were the top gainers, rising 1.6 percent and 1.2 percent, respectively. Among the top losers, Ezdan Holding Group fell 2.4 percent, while Gulf Warehousing Company was down 2.2 percent.
Volume of shares traded on Tuesday rose by 30.9 percent to 98.7 million from 75.4million on Monday. However, as compared to the 30-day moving average of 118.5 million, volume for the day was 16.7 percent lower.
