Doha, Qatar: The Qatar Stock Exchange (QSE) witnessed the best monthly returns in the GCC during June 2024. The QE 20 index soared in almost all sessions this month posting its highest monthly gain this year supported by robust domestic buying, rebound in natural gas prices that strengthened the sentiments in the market.

The benchmark index came close to breaching the psychological mark of 10,000 points but trended slightly downward by the end of the month to close with a gain of 7.0% at 9,967.6 points. The Qatar All Share Index witnessed a gain of 6.4% during the month indicating investor interest across the market segments, noted Kamco Invest report.

The monthly sector performance chart reflected gains for most of the sectors. The Transportation index topped during the month with a double-digit gain of 11.8%, followed by Bank & Financial Services indices and Consumer Goods & Services indices with gains of 6.9% and 6.6%, respectively. On the other hand, the Real Estate Index reported the biggest monthly decline of 3.2% followed by the Insurance index with a small decline of 0.8%.

The monthly stock performance chart was topped with Qatar Gas Transport with a gain of 17.2% followed by Industries Qatar and The Commercial Bank with gains of 11.5% and 10.7%, respectively. On the decliners side, Qatar General Insurance & Reinsurance topped with a decline of 13.4% followed by Mesaieed Petrochemical Holding Co. and United Development with declines of 4.4% and 3.4%, respectively.

In terms of the trading activity, total volume of shares traded during the month declined by 37.1% to 2.6bn shares compared to 4.1bn in May 2024. Value traded also decreased by 30.6% to reach QR8bn during June 2024 compared to QR11.5bn.

Dukhan Bank topped the monthly volume traded chart with 228.6 million traded shares followed by Qatar Aluminum Manufacturing Company and Masraf Al Rayan at 196.4 million shares and 189.2 million shares, respectively. On the value traded chart, Qatar National Bank topped with QR1.07bn worth of trades during the month followed by Dukhan Bank and Qatar Islamic Bank at QR827.1m and QR682.3m, respectively.

The report noted, after three consecutive months of decline, the GCC index monthly performance witnessed its first monthly gain during June 2024 amid mixed market performance in the region. The MSCI GCC index was up by 3.4% during the month mainly led by strong gains in Qatar and Abu Dhabi benchmarks further supported by low-single-digit gains in Saudi and Dubai benchmarks.

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