Doha: Qatar’s stock market has started the week with strong momentum. The Qatar Stock Exchange (QSE) index jumped 108.5 points, or 1 percent, to close at 10,587.1 points. The index had declined marginally to close at 10,478.6 on Wednesday. There was no trading session on Thursday as the Qatar Stock Exchange was closed due to Qatar National Day official holiday.
In terms of performance of sectoral indices, Insurance, Industrials, Telecom indices led the gains in yesterday’s trade. All Share Industrials Index rose 1.6 percent to close at 3145 points, All Share Insurance Index jumped 1.6 percent to close at 2429 while All Share Telecoms Index closed at 1016 points, after rising 3.2 percent yesterday.
The optimism among investors was boosted by a statement issued by the International Monetary Fund yesterday which said that the Qatari economy will show a strong recovery in 2021. According to IMF projections, the Gross Domestic Product (GDP) of Qatar is expected to grow at 2.7 percent in 2021.
Qatar’s stock market has started showing sign of solid recovery. The QE Index has surged around 30 percent from March, when COVID-19 outbreak slowed the economic activity in the country. The index has risen over 620 points in November, making it the best monthly performance since start of this year.
Among the top gainers, Qatari German for Medical Devices jumped 7 percent, Gulf International Services gained 6.4 percent, while Ooredoo gained 4 percent. Qatar Industrial Manufacturing, Mannai Corporation and Zad Holding were among the top losers in yesterday’s trading session. The volume of shares traded increased to 260.16 million from 184.8 million on Wednesday and the value of shares increased to QR1.55bn from QR713m on Wednesday.
Indices of six sectors ended in green zone and one sector in red zone today. QSE Total Return Index increased 1.04 percent to 20,353.35 points and QSE Al Rayan Islamic Index topped 0.96 percent to 4,234.23 points. QSE All Share Index gained 0.97 percent to 3,239.48 points.
