(MENAFN- The Peninsula) Qatari stocks broke the psychological 12,000 mark in intraday trade yesterday before finishing slightly lower at 11,987, up 0.3 percent from the previous session. The benchmark index extended the rally into third successive session to rebound to early March highs.
The surge in the market activity comes as the earning season kicked off. Major companies have announced decisions to disclose their first quarter results during the week starting April 19. Among the banking stocks, QNB, which announced a QR2.7bn net profit for the first quarter on Wednesday, rose the most by 0.85 percent. Ezdan was the value leader.
Ooredoo and QIB both were up 0.60 percent and CBQ and Barwa increased 0.69 percent. QIIB gained 0.59 percent. Industries Qatar (IQ) lost 0.69 percent and Qatar Fuel was down 1.2 percent. Qatar Insurance dropped 3 percent and Qatar Navigation declined 1.1 percent. Foreigners were net sellers.
Real Estate sector outperformed other sector indices by soaring 1.41 percent. Ezdan advanced 2.10 percent and Barwa gained 0.74 percent as UDC shed 0.37 percent.
Analysing the daily stock chart of Qatar Exchange (QE), technical analysts noted the index ended in a series of bullish candlestick formation, indicating optimism and further upside potential. On Wednesday, the index ended above the 20 simple moving average (SMA), supporting the positive bias on the index.
Furthermore, the RSI (relative strength index) has entered the positive territory, corroborating the optimistic view. RSI is a technical indicator intended to chart the current and historical strength or weakness of a stock market.
"The index could test 11,960 and 12,130 if it sustains above 11,835. On the downside, it could find support at 11,700 and 11,560", Global Research said in its MENA Technical Analysis on Wednesday.
The QE weekly data released yesterday said the benchmark index rose 2.47 percent in the past week. Market capitalisation rose by 1.80 percent to QR643bn compared to the previous week. Of the 43 listed companies, 32 ended the week higher, while 11 fell.
Trading value was declined by 13.06 percent during the week as volume increased by 15.06 percent. The Ezdan was the value leader.
Elsewhere, Saudi Arabia's stock market rose across the board with the main index up 1.1 percent. Even petrochemicals, very sensitive to oil prices, posted gains; Saudi Basic Industries Corp (SABIC) climbed 0.8 percent, Reuters reported.
United Arab Emirates stock markets fell in early trade but closed well off their lows because of Saudi Arabia's strength.
Dubai's index ended 0.2 percent lower as some of the low-priced shares which led the market up earlier in the week lost steam.
Egypt's market continued a rebound after a three-week profit-taking bout dragged it as much as 15 percent off February's multi-year peak. The index rose 1.2 percent.The Peninsula
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