By Satish Kanady
DOHA: Qatari stocks climbed yesterday, rebounding at the end of the worst quarter of the year. Powered by banking sector, the benchmark index surged 190 points, or 1.69 percent, to finish at 11,465.
Banking sector rose 2.14 percent, with Masraf Al Rayan gaining the most by 3.12 percent. QNB gained 2.68 percent, while Commercial Bank and QIB edged up 1.99 percent and 1.06 percent, respectively.
The local bourse wrapped up the third quarter (Q3, 15) after turbulent trading sessions. Dropping sharply in July (-3.41 percent), market remained volatile in the remaining months , often seeing big daily swings. The benchmark index plummeted 1.88 percent in August before declining 0.88 percent in September.
The industrials, insurance and banking stocks struggled in the past month. Insurance sector was tanked by 4.14 percent, while industrials lost 3.57 percent. The market cap fell by 0.46 percent at the end of September.
Industrials stocks were upbeat with the bellwether Industries Qatar (IQ) surging 2.07 percent. The energy sensitive stocks Gulf International and MPHC spiked 3.83 percent and 2.76 percent, respectively. Interpreting the technical charts, market experts noted Gulf International’s performance suggests buying interest among traders. “We are bullish on the stock for the short term. We believe the stock could advance in the near term and reach our price targets of QR64.80 and QR66.00. Traders could consider buying above QR63.20 and maintain a stop loss at QR60.40,” analysts at Global Research noted yesterday.
Momentum indicators in sell mode suggests a market correction from current levels. The index could decline to 11,201 and 11,100 if it sustains below 11,300. On the other hand it could face resistance at 11,355 and 11,475.
In September, the trading value was decreased by 18.15 percent from the previous month. Trading volume was declined by 16.6 percent, while the number of transactions fell by 22.11 percent.
Sector-wide bank and financial services was the value leader of the month, while real estate sector led the volume. QNB, Gulf International, Masraf Al Rayan, Barwa and Industries Qatar were the toppers of the month in terms of the value.
Reuters reported Middle East stock markets rose yesterday after oil prices and the global market environment improved.
The Peninsula
