(MENAFN- The Peninsula) Qatari bourse broke its three-day slide yesterday and bounced back gaining 3.11 percent on oil recovery and Qatar's strong economic outlook data.
Oil recovered more than a dollar yesterday, before falling to $61.20 after the trading hours of the Qatar bourse. Qatar's updated economic outlook released on Sunday had projected a robust 7.7 percent growth for 2015.
Qatari stocks appreciated the most in the region after the entire sector indices entered green. Market cap rose by QR19bn. Total trade value increased to QR1bn from the previous session's QR957m. Volume increased to 25 million shares from 22 million.
QNB, International Islamic, Doha Bank and Barwa Real estate were among the top gainers. QNB rose by 5.28 percent as International Islamic surged by 5.20 percent. Doha Bank gained 4.37 percent and Al Rayan edged 4 percent up.
Barwa Real Estate, which announced winning a QR750m contract from Qatar's Economic Zones Company or Manateq, jumped 5.41 percent. Developer UDC gained 2.40 percent, after tumbling 9.98 percent on Sunday.
Banking and Consumer Goods index appreciated the most. Banking stocks surged 4.31 percent and Consumer Goods soared 4.61 percent. Industrials rose by 2.76 percent.
After its annual rebalancing, the S&P/Hawkamah ESG Pan Arab Index put Qatar as its second largest country in the index, with 11 constituents and a total weight of 20.76 percent. Saudi Arabia is the largest country in the index, with 11 constituents and a total weight of 21.54 percent. The two largest stock in the index are DP World of Dubai and the National Bank of Abu Dhabi, which make up 2.91 percent and 2.79 percent of the index respectively.
Dr Ashraf Gamal, Chief Executive Officer of Hawkamah said in a note to The Peninsula: "Investors have better time series on which they can base their investment decisions. What we can say with confidence is that the trends are encouraging as we continue to see significant year-on-year improvements. The various corporate governance codes issued by the region's regulators and corporate governance centres in the last few years have played a key role in these improvements."
"Companies are now seeing the value of better disclosure and many of them are striving to adopt international best practices. We are equally encouraged by the index performance over the years".
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