After witnessing consecutive decline in the past few trading sessions, shares in Qatar’s stock market have staged an impressive bounce-back. The Qatar Stock Exchange (QSE) Index yesterday surged 182 points or 1.4 percent to close at 12,857.7.
Rise in the yesterday’s trade was the first gain for the QSE Index in May. The index has been falling since the trading started in this month. After the long Eid Al Fitr holidays, the market had reopened on May 8. The QE Index had closed at 13555 on May 8 and has shed around 700 points or 5.5 percent since the start of this month.
Among the top gainers, QLM Life & Medical Insurance, Commercial Bank, QNB and Salam International rose 6 percent, 5.4 percent, 3 percent and 2 percent, respectively in yesterday’s trade.
The volume of shares traded yesterday decreased to 162.8 million from 172.29 million on Monday and the value of shares decreased to QR831m from QR848.5m on Monday.
The indices of all sectors ended in green zone yesterday. QSE Total Return Index gained 1.43 percent 26,336.79, QSE Al Rayan Islamic index increased 0.68 percent 5,250.18 points and QSE All Share Index added 1.49 percent 4,144.82 points.
The QE Index declined 1.6 percent to close at 12,675.9 points on Wednesday.
The Banks & Financial Services and Insurance indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from Arab and Foreign shareholders.
During April, the index has risen around 58 points as it had started the month at 13,532 points.
March proved a good month for Qatari stocks as the QE Index had started the month at 12949 points and ended at 13533 points, recording a monthly gain of 584 points.
The QE Index had surged over 800 points in January this year making it the best monthly gain in over a decade for investors.
