DOHA: After snapping a fourth straight rally on Sunday, Qatar stock index resumed its upward momentum yesterday gaining 1.18 percent or 120.24 points to finish at high 10,274.45 points. Banks and real estate were the main drivers.
Qatar National Bank gained 1.64 percent and Qatar Islamic Bank recorded a 1.69 percent increase. Commercial bank surged 3.23 percent, closing at QR41.50. The stock approached the target price at QR43.10, as was expected, but failed to accumulate additional momentum to break above it, market watchers said.
Real estate sector index jumped 2.80 percent. Barwa was up by 1.20 percent. Ezdan surged 4.27 percent.
QP yesterday announced that its newly-founded company QAMCO will go public on December 30. The announcement is expected to add further momentum to the market.
“The market continues to print new highs for this period as it remains within its 10-months ascending channel. The next overhead level comes at 10,560 point, while above it would allow a re-test of the resistance area at 11,100 point-11,400 poin,” analysts at KAMCO Research noted.
On the negative side, there could be some selling activity on the short-term period as part of a natural correction, knowing that the nearby support levels are located at 10,000 point, 9,660 point and 9,450 point. Medium-term and long-term investors can stay in the market as long as the index is closing above 9,350 point and 9,200 point, respectively, they said.
