(MENAFN- The Peninsula) Qatari stocks extended gains yesterday on strong buying support from local retail investors. The benchmark index surged 3.42 percent, or 407 points, in a broad rally to settle above 12,000 levels.
A combination of positive dividend announcements by companies and uptrend in oil prices lifted the market, analysts noted.
The Banking sector and Industrials were the major supports. Bellwether Industries Qatar (IQ) jumped 5.39 percent as Banking major QNB soared to 3.95 percent. QIB and Barwa Real Estate were among the top gainers. Industries Qatar, Gulf International and MPHC had recommended positive cash dividends to the shareholders of the respective companies.
Market cap jumped by QR21bn to QR677bn. Total traded value surged to QR999bn from the previous session's QR514bn. The volume expanded to over 20 million shares from 12 million shares.
The trading value of banking stocks increased to QR225m from QR168m, while the Industrials stocks' value more than doubled to QR338bn from QR135bn.
Other Gulf markets were also positive; Dubai's equities index rose 2.1 percent, Abu Dhabi's bourse rose 1.2 percent, Kuwait added 1.1 percent and Oman edged up 0.8 percent. Saudi Arabia's stock index climbed 1.9 percent.
QE's weekly trading data noted the bourse's benchmark index advanced 19.74 points, or 0.16 percent, during the past week. Trading value decreased by 27.29 percent. Volume decreased by 35.74 percent to 58 million shares from 90 million shares, while the number of transactions fell by 9 percent to 35,422. Real Estate sector led trading value during the week ,accounting for 28.44 percent of the total trading value, followed by Banks and Financial Services sector; Industrials and Telecom sector. The volume was also led by the Real Estate stocks, accounting for 42.43 percent. The volume of Industrials stood 21.76 percent. The Banks and Financial Services sector accounted for 16.97 percent.
The Barwa Real Estate led trading value during the week, accounting for 19.86 percent of the total, followed by Industries Qatar. Market capitalisation rose by 0.10 percent from the end of previous week. Sixteen companies of the 43 listed companies ended this week higher, while 25 fell and 2 companies remained unchanged.
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