DOHA: Qatari stocks closed up yesterday as well almost offsetting the steep fall of Tuesday on the back of strong net buying from foreign and local institutions.
The 20-share benchmark index of Qatar Exchange, the local bourse, bounced back, as a result, to pre-Eid Al Adha levels of over 7,000 points.
The index breached back the psychologically critical level and closed at 7,033.52, pushing the market capitalisation up to QR320.69bn.
Again, it were foreign institutions more than their local counterparts which drove yesterday’s surge. Retail investors (both Qatari and non-Qatari), on the other hand, chose to book profit.
Qatar Cinema, Gulf International, Qatar Telecom (Qtel) and Qatar Insurance were some of the stocks that led the jump.
Among the losers were Qatar General Insurance and Reinsurance. Analysts said they hoped the market to remain upbeat due to expectations of further capital injection into the local banking sector by the state this month. In weekly trading, though, the index shed 2.22 percent, or 160 points, with the major brunt having been borne by industrial and banking shares. The decline was mainly due to Tuesday’s beating caused by Dubai’s debt woes.
Source:thepeninsulaqatar.com/
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