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 reports 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
 Jul 1 2015 - Ban Ki-Moon Appeals for Implementing Geneva Communique on SyriaQatar News Agency
(MENAFN - QNA) Secretary-General of the United Nations Ban Ki-moon has called on to put an end to the suffering of the Syrian people and to find an exit from this madness. In a statement read by a ...

 Jul 1 2015 - UN: 137,000 Flee Across Mediterranean in First Half YearQatar News Agency
(MENAFN - QNA) Some 137,000 fled across the Mediterranean to Europe in the first half of the year, nearly double the amount seen in the same period last year, the UN Refugee Agency (UNHCR) said ...

 Jul 1 2015 - Lebanese Army Kills Five Nusra Gunmen in Arsal OutskirtsQatar News Agency
(MENAFN - QNA) The Lebanese Army killed five militants in northeastern border town of Arsal, while they were attempting to sneak between Arsal and its outskirts, the Army said in a statement ...

 Jul 1 2015 - Jordan- Cooking gas cylinders' price reduced, gasoline's price unchangedJordan News Agency
(MENAFN - Jordan News Agency) Cooking gas cylinders' price will be reduced, while fuel prices will remain unchanged through the month of July, Minister of Industry, Trade and Supply, Maha Ali, ...

 Jul 1 2015 - US to Remove Ban on Security Aid to BahrainJordan News Agency
(MENAFN - Jordan News Agency) The United States lifted its ban on sending security aid to the government of Bahrain due to progress on human rights issues, US State Department spokesperson John Kirby ...

 Jul 1 2015 - Obama offers help to TunisiaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama offered condolences to Tunisian leader Beji Caid Essebsi Monday, after the militant attack that killed 38 people and left the future of the ...

 Jul 1 2015 - Jordan - Moderate weather forecast until FridayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate on Wednesday in the hilly areas, relatively hot in the Badia, and hot in the Jordan Valley and Aqaba, with northwesterly moderate ...

 Jul 1 2015 - Jordan- The Amman Stock Exchange starts trading on higher noteJordan News Agency
(MENAFN - Jordan News Agency) The Amman Stock Exchange (ASE) opened trading on Wednesday with a rise to 2117 points compared to 2115 points of last session closure, according to market sources.The ...

 Jul 1 2015 - Israeli forces move into Deir al-BalahJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Wednesday morning made an incursion into east of Deir al-Balah in the central of the Gaza Strip.Palestinian sources said that Israeli ...

 Jul 1 2015 - Jordan- Exports from Zarqa reach JD30 million in MayJordan News Agency
(MENAFN - Jordan News Agency) The value of commodities re-exported with a certificate of origin from the Zarqa Chamber of Commerce and the chamber's office at the Free Zone in Zarqa, reached JD30 ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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