(MENAFN- Arab Times) A recovery in investor confidence lifted QEs benchmark index to 180 points last week. The market capitalisation grew by nearly QR10bn to its former level of QR530.1bn.
The optimism was a result of calm in the Syrian issue at the international level after the UN Security Council resolution. In addition to several local good tidings, the buyout of Qatar Exchange by Qatar Investment Authority (QIA) from its foreign partner Euronext also helped lift the market sentiment. There was also some news about companies including the declaration of dates of disclosure of results for the third quarter, and the signing of Qatar Electricity and Water Company financing agreement for the establishment of a desalination plant with four national banks including, QIB, Al Rayyan, QNB and Barwa Bank.
As for the details of last weeks developments, it is notable that the index rose by 180.3 points, which is 1.88 percent more to reach the level of 9761 points, and all-shares indexes amounted to 39.2 points by 1.62 percent to the level of 2452.2 points. The general index and the all-share index benefited from the increase of all sector indexes prices in different rates.
The real estate sector index increased by 4.19 percent followed by transportation sector (2.78 percent), industrial sector (2.65 percent), telecommunications sector (0.98 percent), industry sector (2.48 percent) and the insurance sector (0.93 percent). The index of banking sector increased by 0.93 percent and the goods and services sector by 0.03 percent.
The rise in the index was a result of an increase in the prices of 34 stocks. Seven companies saw a drop in their prices. Gulf International Services (GIS) share price was the highest and reached 4.88 percent, followed by Barwa (4.68 percent), the Investors Group (4.31 percent) UDC (4.25 percent), Zad Holding Company (4.15 percent) and Qatar German Co (4.15 percent). Qatar Fuel dropped by 0.77 percent. Mazaya, Amal and Islamic Insurance dropped by 0.35 percent each, while Qatar Industries shed 0.20 percent, and Salaam dropped 0.08 percent.
The total trading volume dropped by 12 percent to QR1,274m, and the daily trading average decreased to QR254.8m compared to QR289.6m the previous week. The total trading on shares of the top six companies amounted around QR787m, 61.8 percent of the total. Al Rayyan came on the top with value of QR210.5m followed by QNB.
The non-Qatari institutional investors bought net stocks worth QR42m, and non- Qatari individual bought shares worth QR5.36m. Qatari institutions sold stocks to a net value of QR4.74m and Qatari individuals sold net worth of QR42.5m. The index regained last week probably because of the companies alert regarding the disclosure of the results the coming week.
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