Doha, Qatar: Stocks in the Qatar Stock Exchange (QSE) have continued their bull run with an impressive beginning of yesterday’s trading. The QSE index surged 114.47 points or 1.11 percent yesterday to close at 10,399.77 points.

The index closed Thursday’s trading at 10,285.30 points. The index rose on the back of buying support from Qatari and Foreign shareholders despite selling pressure from GCC and Arab shareholders.

During yesterday’s session the volume of shares traded stood at 157.486 million from 152.234 million on Thursday and the value of shares reached QR434.962m from QR434.122m on December 21 as a result of implementing 13,852 deals in all sectors. In the session, the shares of 33 companies rose, while the prices of 15 companies decreased, and four companies maintained their previous closing price.

At the end of the trading session, the market capitalisation reached QR601.562bn, compared to the last trading session, which amounted to QR596.747bn. The indices of five sectors ended in green zone yesterday.

QSE Total Return Index gained 1.11 percent to 22,319.36, QSE Al Rayan Islamic index added 1.11 percent to 4,590.08 points and QSE All Share Index rose 0.91 percent to 3,486.18 points. The indices of banks and financial services, industrials, real estate, insurance and telecoms gained 1.06 percent, 1.33 percent, 0.14 percent, 0.98 percent, and 1.47 percent respectively. While the indices of transportation and consumer goods and services decreased 0.67 percent, and 0.04 percent respectively.

Top gainers in yesterday’s trade were Qatar General Insurance and Reinsurance, Qatar Islamic Bank, Commercial Bank, Qatar Oman for Investment and Qatar German for Medical Devices rising by 9.8 percent, 3.3 percent, 2.6 percent, 2.6 percent and 2.1 percent respectively.

While Zad Holding, Qatar Navigation, Damaan Islamic Insurance Company, Qatar International Islamic Bank, and Qatari Investors Group lost 1.5 percent, 1.2 percent, 0.8, 0.5 percent, and 0.5 percent respectively.

On Thursday, gains were led by the Transportation and Banks & Financial Services indices, gaining 1.4 percent and 1.2 percent, respectively. Top gainers were Qatar Aluminum Manufacturing Co. and Qatar Gas Transport Company Ltd., rising 3.4 percent and 2.7 percent, respectively. Among the top losers, Qatar Oman Investment Company fell 1.9 percent, while Gulf International Services was down 1.6 percent.

According to Financial advisor Ramzi Qasmieh, QSE’s performance last week was seen the best since the last week of October. This is attributed to the positive performance of the index to the entry of new liquidity into the market, especially in last Tuesday’s session, which targeted leading stocks, especially bank stocks, such as QNB, QIB, and Commercial Bank, in addition to the shares of Industries Qatar and Nakilat.

He expects that the last week of 2023 would witness positive movement, especially in the leading stocks in the banking and industrial sectors.

Qasmieh pointed out the positive impact of stabilising interest rates, as it contributed to raising the morale of traders, stressing the importance of annual closings as we approach the end of the year, which will have an impact on the performance of portfolios, and thus on the profitability of companies.

The financial advisor considered that the disclosure of the new budget data also had a positive impact on various traders on the QSE, especially with the expected surplus despite the adoption of a conservative reference price for oil at levels of $60 per barrel.

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