Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- QE index posts biggest jump in 5 years, up 5.62pc  Join our daily free Newsletter

MENAFN - The Peninsula - 02/07/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - The Peninsula) Qatar bourse, after closing a record monthly low in June, racked up one of its biggest single-day gain yesterday. The market made a strong start to the second half of the year as the main index skyrocketed to 5.62 percent, the biggest single-day jump in five years, to finish at 12,134.

The heaviest trading day saw over 20 million shares changing hands. Market cap jumped by QR34bn to cross QR666bn

Analysts differed on the reasons behind the sizeable rally.

The surge was because of heavy selling during the past few weeks. Eager investors were drawn into the market by exceptionally low prices prevailing, said one section of analysts.

Others believe the Advisory Council's decision to approve draft law on tax exemption for foreign investors fired up the market. "The sudden surge is quite unexplainable ...", commented another market expert

"It seems investors were holding their breath. The market slid by 3,000 points during the past two weeks. Everybody was asking whether it is the best time to buy. Now traders found prices much lower than expected and they took the plunge", market analyst Bashir Yousef Kahloud commented.

The market witnessed, though slow, but steady pull back after reports of Advisory Council shooting down an official panel's decision to exempt foreigners trading in Qatari stocks from tax on capital gains.

Today's repors that Advisory Council revoked its decision and approved the draft law on the tax exemption have boosted the sentiments, a top market expert told The Peninsula

However, the day's equity trading summary data illustrates foreign institutional buyers continued to remain moribund and the market boost was mainly driven by local retail investors

Real estate, telecoms and bank sector indices galloped. Real estate jumped 7.26 percent with Ezdan surging 9.97 percent and Barwa climbing 7.04 percent. The telecom sector that saw non-stop selling for the past few trading sessions jumped 6.22 percent. Vodafone pushed up to 10 percent and Ooredoo gained 5.13 percent

The entire 12 banking stocks were in green territory. Rayan was the top gainer adding 9.89 percent. Banking major QNB was up 6.67 percent. QIB edged 6.33 percent up and International Islamic added 7.53 percent.

Companies are expected to report their second-quarter earnings in the coming weeks. Ooredoo has announced to disclose its semi-annual financial results on July 23. Rayan and Al Khaleej will announce their results in the third week of this month. Vodafone's first quarter results will be announced on July 22. Investors are bullish on most of these stocks."People expect Qatar's banks and real estate companies to outperform the first quarter," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House in Kuwait as saying


The Peninsula

  MENA News Headlines
 Dec 1 2015 - Opec oil output increases in Nov, led by Iraq, SaudiMENAFN
(MENAFN) Opec oil output grew in Nov compared with the previous month, led by a rebound in Iraqi exports.Moreover; Opec supply increased in Nov to 31.77mn containers per day, from 31.64mn in ...

 Dec 1 2015 - Etihad Airways enhances presence in East Africa with new service between Dar Es Salaam and Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM) --- Etihad Airways the national airline of the United Arab Emirates today enhanced its presence in East Africa with the ...

 Dec 1 2015 - Hazza bin Zayed statement on national day UAENationalDay44Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM)--H.H. Sheikh Hazza bin Zayed Al Nahyan National Security Advisor has paid a glowing tribute to the founding fathers who ...

 Dec 1 2015 - Rising foreign investment in Dubai realty to ensure stability in real estate market: H Holding EnterpriseEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 1st December 2015 (WAM) --- The growing number of foreign investors in Dubai property will lead to more stability in the real estate market according ...

 Dec 1 2015 - Mansour bin Zayed's statement on national day UAENationalDay44Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 1st December 2015 (WAM)H.H. Sheikh Mansour bin Zayed Al Nahyan Deputy Prime Minister and Minister of Presidential Affairs has extended his ...

 Dec 1 2015 - ST Topping Pattern Begins to Emerge in USDOLLARDailyFX
(MENAFN - DailyFX) On a fundamental basis, we were already concerned about the viability of a USDOLLAR Index bull flag breakout given the wave of impending "high" level event risk at the end of this ...

 Dec 1 2015 - Saudi- Competition Council launches awareness caign to combat collusion in public tendersSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh 19 Safar 1437 AH December 1 2015 SPA -- The Competition Council has launched its 5th awareness campaign for the second year of publication of competition culture ...

 Dec 1 2015 - Competition Council launches awareness caign to combat collusion in public tenders 2 RiyadhSaudi Press Agency
(MENAFN - Saudi Press Agency) The campaign also aims to deliver the message of the Council using a variety of methods of press and electronic ads and the design and production of audio-visual films ...

 Dec 1 2015 - Kuwait Stock Exchange ends session with mixed boardsSaudi Press Agency
(MENAFN - Saudi Press Agency) KUWAIT Safar 19 1437 December 01 2015 SPA -- Kuwait Stock Exchange (KSE) ended its session Tuesday in a mixed board with the price index up by 0.98 points to reach 5803 ...

 Dec 1 2015 - Muscat Securities Market Gains 9 PointsSaudi Press Agency
(MENAFN - Saudi Press Agency) Muscat Safar 19 1437 December 01 2015 SPA -- Muscat Securities Market (MSM) general index (30) today added (9.9) points comprising a rise by (0.18%) to close at ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help