The Qatar Stock Exchange (QE) Index has risen over 620 points in November, making it the best monthly performance since start of this year. The QE Index closed at 10,262 points yesterday, witnessing a rise of around 6.5 percent from 9640 points on November 1.
The index has traversed much distance since mid-March when it had plunged to around 8,300 points due to COVID-19 outbreak. Since then, it has been a volatile run for the stock market as coronavirus pandemic has tested the will power and patience of investors.
“Sentiments play crucial role in setting trends in stock market and there were many positive news in November that fuelled the optimism of investors. The biggest news was from global front as three pharmaceutical companies announced positive outcome regarding COVID-19 vaccines. Many companies announced better than expected third quarter results which also worked in favour of the stock market,” a Doha based financial analyst told The Peninsula.
In November, sentiments in the market were boosted by series of good news at global and local market.
In the second week of November, the QE Index had jumped over surged by over 320 points buoyed by outcome of US Presidential elections. Analyst said that the results provided much need clarity to the market.
News about success of COVID-19 vaccines continued during the months which played important role in propelling the market.
On the monthly basis, the stock market has had mixed year so far. April was the second best month in terms of monthly performance. The QE Index had gained around 569 points as it started the month at 81,95 points and closed at 8,764 points at the end of the month.
The rally continued next month also as the index opened at 8,688 points at the beginning of May while it closed at 8,845, registering a rise of 157 points. The index registered a gain of 280 points in July as it started the month at 9088 points and closed at 9368 points. The index staged rally of 139 points in September as it started the month at 9851 points and closed at 9990 points. In January, February, March, June and October, the QE Index registered monthly decline.
