By Satish Kanady
DOHA: Qatari stocks extended its rally for the fourth straight session yesterday, gaining 0.75 percent or 90.07 points to 12,121,22. Real estate that extended the prior day’s robust gains was the main support.
The market is bullish on earning hopes. The earnings flow is set to begin in a few weeks, market watchers said.
“There has been a significant increase in the trade volumes for the past few sessions. It seems investors are pinning hopes on the semi-annual financial results of companies”, local market commentator Abdul Aziz Al Emadi said yesterday.
CBQ increased 2.59 percent and Doha Bank advanced 1.33 percent. Masraf AlRayan closed 1.87 percent higher and Ezdan rallied 3.04 percent yesterday, after increasing 6 percent Sunday, while Qatar Navigation dropped 0.92 percent.
The banking major QNB decreased 1 percent. Ooredoo fell 0.8 percent. and Al Khaliji Bank declined 1.7 percent. Ezdan Real Estate was the top traded stock with over 4mn traded shares. QNB was the value leader.
Trading volume reached 11.5 million shares exchanged through 5,062 transactions, at a turnover of QR 528.9m. The real estate sector led gainers as it closed higher 1.87 percent, followed by the industrials, banks and consumer goods.
The insurance sector slipped 0.47 percent, followed by the transportation and telecom sectors at 0.24 percent and 0.09 percent, respectively.
It seems the market is regaining its lost ground. The past week saw fresh inflow of liquidity to the market. Foreign investors are increasingly becoming bullish, said another market expert Haidoos Abdul Rahman.
QNB will disclose its semi-annual financial results on July 8. QIB and Masraf Al Rayan would be announcing their respective second half financial results in the second week of July.
The Peninsula
