Qatar’s stock market interrupted a three-day losing streak to gain over 160 points to close at 9,782.25 points on Sunday, its biggest daily gain since June 20 this year.
The main index of Qatar Stock Exchange (QSE) rose 1.7 percent thanks to market heavyweight Industries Qatar’s 4.3 percent jump after six sessions of declines.
“Industries Qatar went down so much last week that it became a compelling valuation,” said Talal Samhouri, head of asset management at Amwal, adding that the index was also buoyed by gains on international markets.
“Qatari stocks have opened on positive note for the week after losing 2.2 percent last week amid selling pressure. The decline is expected to subside this week as investors return to trading desks after long summer vacation,” a Doha-based equity analyst said.
The day, however, saw both volume and value of shares traded decrease. While the volume of shares traded decreased to 43.2 million from 61.08 million in the previous trading session, the value of shares decreased to QR86.1 million from QR216.2 million on Thursday.
Investors’ wealth surged more than QR8 billion on the day that saw all seven sector indices close in the positive territory.
The industrial sector, which gained 2.22 percent, was the best performing sector index for the day. Besides Industries Qatar, another major constituent of Gulf International Services (GIS) was instrumental in lifting the index higher with a gain of more than 6.5 percent.
e telecom sector, which gained 2.2 percent on the back of an impressive rise of 3.83 percent in Ooredoo, was the second best performing sector index for the day.
Masraf al Rayan and Qatar National Bank gaining 2.6 percent and 1.4 percent respectively were also vital in supporting the main index.
From the 49 companies listed on QSE, shares of 46 saw trading today. From these, 29 companies gained and eight closed lower, while there was no change in the share prices of the remaining nine stocks.
The day saw both Qatari retail and institutional investors remain bullish throughout the day as they accounted for more than 60 percent of total buy on Sunday. While the individual Qatari shareholders accounted for 35.4 percent of total buy, the Qatari institutions’ share in total buy was 24.79 percent.
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