(MENAFN- The Peninsula) Qatar stock market logged its longest winning streak in the year, by extending the rally to eighth straight session yesterday. The benchmark index surged to 12,800 levels during the intraday trade before settling at 12,689, up 0.17 percent. The index is 3.28 percent up year-to-date.
After closing the month of January by 3.14 percent down, the benchmark index opened this month by surging 1.37 percent on blue chips. The bourse extended the bull run eight sessions to lift the main index 790 points. The market cap surged by QR37bn during the eight-day rally.
The main index gained 621.03 points, or 5.22 percent, during the past week, the highest weekly rise of the year. Trading value increased by 73.36 percent and the volume increased by 109 percent in the week. The number of transactions jumped 49.07 percent from the previous week.
Oil price volatility saw Qatari bourse's benchmark index retreating from its all-time high of 14,350 point to reach 10,920 point. Analysts told The Peninsula, the market currently seems to be on a recovery mode and is heading to the pre-oil crisis level. "Regaining above the overhead resistance line at around 12,300 point would increase the chances of moving further up towards 12,8000 point and 13,000 point," analysts at Global Investment House (GIH) noted in its monthly GCC equity monitor last week, meaning the market is presumably regaining its lost ground.
In its annual results snapshot for listed banks in Qatar, KPMG yesterday noted Qatar will see an increase in capital market activity in 2015. Banks are looking to tap into the sukuk and bond markets, while exploring possible capital raising opportunities. Early this month, Al Rayan Investment announced its readiness to launch the country's first Sukuk Fund.
Omar Mahmood, Partner at KPMG in Qatar and Head of the Firm's Financial Services division in the Middle East and South Asia noted Qatar's banking stocks were immune from the impact of oil slip. QIB outperformed banking stocks by surging 48.12 percent on year-on-year basis. Rayan's share prices rose by 41.21 percent. International Islamic rose by 32.41 percent and banking major QNB jumped 23.78 percent.
Islamic banks share prices have on average increased by 41 percent and conventional banks share prices increased by 10 percent year-on-year. Net profit of all listed banks has collectively increased by 12.3 percent in 2014, predominantly driven by higher net interest income and lower net impairment charges.
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