DOHA: Qatar stocks staged a relief rally yesterday, after shedding 6.43 percent in the past week. Analysts noted the rally was triggered by solid corporate earnings. Yesterday’s rally was triggered by solid corporate earnings delivered by over half-a-dozen companies on Monday.
The Qatar Exchange (QE) main index, which plunged 1.41 percent a day earlier, yesterday dropped another 50 points during the intraday before gaining 113 points to finish at 13,076. Doha Bank , which announced a 5 percent growth in net profit yesterday, was the top gainer among the bank stocks. Its shares were up 2.48 percent. International Islamic which delivered a 10 percent growth in net profit edged 0.73 percent up, while QNB added 0.95 percent.
Despite its weak numbers, the market heavy weight Industries Qatar (IQ) gained 1.26 percent.
The market gyrations are a reminder that short-term volatility is the price that investors have to pay for long-term outperformance. Slowing growth, steady fall in oil prices, geo-politics, the end of quantitative easing are all contributing to the market volatility.
The Peninsula
