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QE jumps on bullish telecom, industrial, banking stocks sentiment

QE jumps on bullish telecom, industrial, banking stocks sentiment

Strong bullish sentiments, especially in the telecom, industrials and banking sectors, yesterday lifted the Qatar Stock Exchange and its key index comfortably surpassed the 13,500 mark.

Robust buying in the large and mid cap segments led the 20-stock Qatar Index (based on price data) to gain huge 243 points, or 1.83%, to close at 13,522.79 points.

However, the transport and consumer goods sectors experienced profit-booking in the market, which is up 30.28% year-to-date.

The QSE’s market cap and the investors’ composition could not be ascertained as the bourse’s main website met with some technical glitches yesterday.

Large, mid, micro and small-cap equities gained 2.22%, 1.31%, 0.66% and 0.57% respectively.

Telecom stocks appreciated 1.84%, followed by industrials (0.7%), banks and financial services (0.53%) and insurance (0.17%); whereas transport fell 0.47%, consumer goods 0.41% and realty was down 0.01%.

Major gainers included Industries Qatar, Vodafone Qatar, Mesaieed Petrochemical Holding, Masraf Al Rayan and Islamic Holding Group, even as Mazaya Qatar, Zad Holding and Nakilat were seen to buck the trend.

Vodafone Qatar and Mesaieed Petrochemical Holding were the most active in terms of both volume and value respectively.

A total of 28.23mn shares valued at QR1.14bn changed hands across 11,352 transactions.

In the debt market, there was no trading of treasury bills and government bonds.