(MENAFN - The Peninsula) Qatar's benchmark index is heading to a record high level, as the bourse is set to list Mesaieed Petrochemical Holding Company (MPHC) shares on Wednesday. On the back of strong buying interests from local retail investors and foreign institutions, the Qatar Exchange (QE) index yesterday extended its rally to hit a new high of 11885 points, closer to the historic high of 12289 level.
Market cap rose to QR625bn from the previous session's QR623bn. Four sector indices fell yesterday as the total volume dropped to 10.3 million shares from 18.9 million. The total value slipped to QR502m from QR764m.
Market analysts noted that they find value in banking sector where some stocks offer eye-catching opportunities in Qatar. They also see some cement stocks in Qatar as good picks benefitting from increased construction activity pertaining to FIFA 2022.
Of the 40 traded companies, 24 declined, 14 advanced and 2 closed unchanged. With the QE listing MPHC on Wednesday, the total number of QE's listed companies will reach 43. The listing of MPHC will be in the Industrial sector with a symbol MPHC. The QE made the current MPHC shareholders' data to the brokerage firms from yesterday. So investors are able to submit their buy/sell orders directly to the brokers from yesterday.