Driven by an encouraging fourth-quarter earnings and a relatively table oil market, Qatar’s benchmark index crossed the psychological 11,000 mark yesterday. Supported by bluechips the index rose 0.98 percent or 107.49 points to finish at 11.057.
Islamic lender Masraf Al Rayan, the most heavily traded stock of the day rose 4.62 percent to a 14-month high. Commercial Bank, Ezdan, Industries Qatar and QNB advanced by 2.74 percent, 1.53 percent, 0.25 percent and 0.23 percent, respectively. The sector indices rose collectively with the real estate gaining the most by 1.39 percent. “After taking a breather, investors once again bought into Qatari market on the back of earnings and a positive economic outlook”, analysts at Al Masah Capital said.
Trading volume increased to 7.43 million shares from 7.25million shares exchanged on Monday, turnover also rose to QR 265.9m from QR242.42m.
“The week ahead might be important to test the buying momentum in Kuwait, while Egypt might continue to remain under pressure due to the expected stamp duty on market transactions”, Al Masah Capital noted in its weekly analysis issued on Sunday.
