DOHA: The diminishing prospects of the “limited US strike” in Syria lifted Qatar’s benchmark index 4.51 percent or 414.92 points to close 9,619.84 points last week. Of the 42 stocks listed, 40 ended higher. The market capitalisation rose by 4.02 percent to reach QR525bn compared to QR505bn at the end of the previous week.
Though worries of the possibility of Western military intervention contributed to a nervous trading in the early sessions last week, it tremendously returned to firm up the following sessions. On Tuesday, the index ended in a bullish ‘candlestick formation’ above its 20-day exponential moving average (EMA), suggesting continued rebound in the near term, market analysts noted.
All the sector indices ended in the green last week with telecoms, banking and financial services and real estate gaining. Telecoms jumped 6.13 percent while banking and financial Services gained 4.58 percent. The Real Estate index advanced 4.96 percent and transportation added 4.49 percent. QNB, Doha Bank, Dlala, UDC and Nakilat were major gainers.
Trading value last week increased by 15.74 percent to reach QR1.70bn compared to QR1.47bn. Trading volume increased by 18.03 percent to reach over 43 million shares, as against previous week’s 37 million. The number of transactions rose by 6.26 percent to each 21,473 as compared to 20,208 the previous week
The banking and financial services sector led trading value last week, which accounted for 26.93 percent of the total followed by the industrial sector (26.51 percent). The real estate sector’s contribution stood 18.31 percent.
The trading volume was led by the real estate sector accounting for 34.47 percent of the total followed by the banking and financial services sector (24.44 percent), the industrials sector (13.19 percent) and the consumer goods and services sector.
The banking and financial services sector led the trading number of transactions accounting for 26.81 percent of the total, followed by the industrial sector (22.47 percent), the real estate sector (18.52 percent) and the consumer goods and services sector (14.13 percent). Industries Qatar led trading value accounting for 15.23 percent of the total, followed by UDC (12.27 percent) and QNB (7.51 percent).
Yesterday, the index added 31.89 points or 0.33 percent to advance to 9,619.84. The entire sector ended in the green. The top gainers were Masraf Al Rayan, Doha Bank and QIB. Analysts suggested long-term investors could stay in the market as long as the index closes above 9,400.
The Peninsula
