Doha: Qatar Stock Exchange (QSE) reported gains for the fourth consecutive month during September 2024. The QE 20 index closed the month at 10,614.1 points registering a monthly gain of 4%.

The benchmark index soared in almost all trading sessions this month supported by several factors, primarily Qatar Central Bank’s (QCB) reduction of interest rates by 55 bps points, the QNB Group’s initiative to repurchase bank shares valued at up to QR2.9bn, the distribution of semi-annual dividends making it the first financial institution to adopt to this approach, Kamco Invest noted in a recent report.

The Qatar All Share Index witnessed slightly better performance and registered a monthly gain of 4.4% during September 2024 indicating investor interest across the broader market segments.

The monthly sector performance chart reflected gains for most of the sectors. The Banks and Financial Services index topped during the month with a gain of 6.9%, followed by Real Estate and Telecoms Services indices with gains of 6.1% and 5.9%, respectively. On the decliner’s side, the Transportation Index witnessed the biggest decline of 2.1% during the month.

While gains for the Real Estate Sector were mainly led by shares of Ezdan Holding and Mazaya Real Estate that were up by 26.6% and 7.5%, respectively. During the month, both the constituents in Telecoms sector, Ooredoo and Vodafone Qatar, reported gains of 6.4% and 4.5%, respectively.

In the Banks and Financial Services sector, shares of all the listed Qatari banks witnessed gains during the month with Doha Bank topping with a gain of 9.4% followed by Qatar Islamic Bank and Commercial Bank of Qatar with gains of 9.3% and 7.7%, respectively.

Within the Consumer & Goods sector, shares of Medicare Group reported a double-digit gain of 10.4% followed by Qatar Fuel with 4.8%, respectively.

The monthly stock performance chart was topped with Ezdan Holding Group with a gain of 26.6 % followed by National Leasing Co. and Qatar General Insurance & Reinsurance with gains of 14.0% and 13.3%, respectively.

In terms of the trading activity, total volume of shares traded during the month increased by 29.2% to 3.6 billion shares during September 2024 as compared to 2.7 billion shares in August 2024. Value traded also increased by 20.1% to reach QR8.3bn during September 2024 compared to QR6.9bn shares in August 2024.

The GCC equity markets mostly closed with monthly gains during September 2024 taking cues from the rally in global financial markets that was seen during the second half of the month the report noted.

The surge that was seen across most asset classes globally came after the US Fed implemented a larger-than-expected rate cut of 50 bps so as not be late in providing the necessary boost to the economy.

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