DOHA: Qatar Exchange (QE) extended its rally for the fifth straight session yesterday, lifting the benchmark index to almost two-month high. The index surged to 12,550 levels before settling at 12,520, or 0.84 percent, to end the week. Real estate and Industrial stocks were the support.
The market added 621.03 points, or 5.22 percent during the past week. Market cap jumped 4.20 percent to QR28bn compared to previous week.
Masraf Al Rayan, Barwa and Ezdan were the top gainers yesterday. QNB slipped 0.57 percent.Gulf International and MPHC declined 1.36 percent and 1.97 percent, respectively.
Masraf Al Rayan jumped 3.5 percent. Analysts noted the stock has risen 15.9 percent since the bank posted a 21.2 percent jump in fourth-quarter profit. Barwa jumped 2.30 percent and Ezdan rose 1.73 percent.
Bellwether Industries Qatar (IQ) gained 0.78 percent to QR154.30. On Wednesday, IQ reported QR6.3bn full-year net profit for 201 and recommended a total annual dividend distribution of QR4.2bn, equivalent to a payout of QR7 per share, representing 70 percent.
Sector wise, real estate was the top advancer. The sector rose 1.75 percent. Early this week, leading developer Al Asmakh Real Estate Development Company noted the country’s real estate sector is expected to grow by nearly 20 percent during the first quarter of 2015. Al Asmakh said the total amount of selling contracts regarding residential buildings and compounds would witness a surge in the Q1, 2015 compared to the corresponding period of 2014.
Banks and Financial Services gained 0.90 percent. Industrials advanced 0.80 percent. Insurance Index plunged 1.20 percent.
QE’s weekly data indicates 36 companies of the 43 listed companies ended higher in the past week, while seven fell. The bourse’s trading value increased by 73.36 percent in the past week to hit QR3.51bn. Trading volume surged by 109.86 percent to over 91 million shares as the number of transactions rose by 49.07 percent to 40,426 transactions.
The Banks and Financial Services sector led trading value during the week, accounting for 28.87 percent of the total trading value, followed by Real Estate sector, Industrials and Telecoms. The trading volume was led by Real Estate sector accounting for 40.47 percent of the total volume. Banks and Financial Services sector accounted for 20.85 percent.
Saudi Arabia’s equities index inched up 0.1 percent, but Saudi Basic Industries, the Gulf’s largest petrochemicals producer, dropped 2.3 percent. Dubai’s index rose 1.0 percent.
Kuwait’s index slipped 0.1 percent as central bank governor Mohammad Al Hashel denied allrgations of illicit share trading, after a local newspaper reported the securities regulator had decided to refer him to prosecutors on suspicion of violating investment rules. Egypt’s market edged down 0.8 percent as major property names pulled back.
The Peninsula
