Doha: The Qatar Stock Exchange (QSE) benchmark index gained 1.45 percent yesterday and recovered some sharp losses suffered in the previous sessions, after the government announced a massive stimulus package on Sunday. The banking sector jumped 2.78 percent with the QIB gaining the most by surging 6.49 percent. The banking major QNB advanced 2 percent as Doha Bank jumped 2.85 percent.
The Supreme Committee for Crisis Management on COVID-19 announced a massive QR75bn to support the private sector and an additional QR10bn to boost the country’s stock market.
QSE lost an estimated QR39bn in capitalisation over the past two weeks, as global market was hit by a double whammy-crash in oil prices and Coronovirus stress.
The stock market across the globe has been witnessing steady decline over the past several weeks highlighting the waning confidence and nervousness among investors. The selling pressures since the start of 2020 has wiped off more than $8.4 trillion in the investor wealth globally. GCC markets followed the global trends, noted analysts at Kamco Invest.
“We expect the GCC countries to expedite their transformation roadmaps aimed at diversification, once business as usual is back”, they said.
