DOHA: Qatar stocks are on an uninterrupted run. After gaining two straight weeks, Qatar Stock Exchange (QSE) benchmark index rose 0.42 percent to 9,174.66 before finishing the first session of the week, yesterday.
Earnings season has started trickling in and the investors are expecting better numbers for the fourth quarter. GWC yesterday announced a 4.7 percent increase in its net profit. The Board of directors has recommended a 17 percent dividend to the shareholders. More companies will be announcing their financial results in the coming days.
Sector-wise, Industrials sector was the top performer yesterday. The bellwether Industries Qatar (IQ) rose 2.83 percent to lift the sector by 1.36 percent. Qatar Electricity and Water was up by 2.15 percent.
QNB, the banking major, advanced 1.13 percent, as Commercial Bank and QIB slipped by 2.52 percent and 0.51 percent, respectively. Masraf Al Rayan lost 1.08 percent. QNB is expected to announce its fourth quarter earnings tomorrow.
Local investors were the net buyers, yesterday. Investors on their part are just bullish ahead of the earnings season. The new IPOs in the pipeline and the soon-to-be listed ETF will provide new fuel to the market, they believe.
Qatari stocks mostly rose over the past two weeks on surging optimism around a steadily expanding economy and a strong oil. Rising by 5.85 percent, Qatar outperformed its regional peers in the past week. QSE was 7.64 percent up year-to-date, yesterday.
2018 continues to boost hope and optimism among investors across the region, with almost all of the main indices ending the second week of the year on a positive note... For the coming period, investors’ optimism will continue driving trading activities in the region higher backed by the increase in oil prices and governments’ improved macro outlook based on this increase, analysts at Al Masah Capital noted.
