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Home /  Business  /  QSE soars 209 points as 7 Qatari stocks enter FTSE Russell index

QSE soars 209 points as 7 Qatari stocks enter FTSE Russell index

QSE soars 209 points as 7 Qatari stocks enter FTSE Russell index

Satyendra Pathak
Doha
The Qatar Stock Exchange (QSE) climbed sharply on Thursday for its biggest one-day gain since August 2018 on the back of impressive performance by blue-chip stocks amid heavy trading after FTSE Russell added seven Qatari stocks to its index.
As per FTSE Russell’s announcement earlier, Mesaieed Petrochemical Holding Company (MPHC), Qatar Fuel (Woqod), Qatar Insurance, Qatari Investors Group, Al Khaleej Takaful, Qatar First Bank (QFB), and Widam Food were added to its emerging stocks index from March 14.
The QSE general index jumped 208.86 points, or 2.14 percent, to close at 9,970.55 points.
Blue chip banking stocks like Qatar Islamic Bank (QIB), Commercial Bank (CB) and Masraf al Rayan gained 3.27 percent, 4.27 percent and 3.55 percent respectively amid high foreign investment inflows and soaring liquidity to lift the main index higher.
Heavyweight Qatar National Bank (QNB) also gained 0.56 percent to make the banking index second best performer for the day with a rise of 1.73 percent.
The industrial sector led gainers and advanced 2.53 percent headed by MPHC that rose 6.09 percent to QR18.99, its highest level since December 2015.
Industries Qatar, the stock with the biggest weighting on the index, also climbed 3 percent.
Witnessing heavy trading, the QSE’s liquidity jumped to QR1.43 billion from QR275.97 million in the previous session, while trading volume climbed to 39.36 million shares from 8.15 million on Wednesday.
MPHC registered the highest trading volume of 16.05 million shares, while Woqod added 2.76 percent to spearhead the QSE in terms of turnover with QR401.13 million.
“The decision of Qatar’s cabinet to approve a draft law for identifying 10 locations where foreigners are allowed to own real estate, together with 16 areas that could be held for a period of 99 years, providing great incentives for investors was instrumental in lifting the index higher,” a financial market analyst said.
Thursday’s gain was also instrumental in making QSE gain 189.37 points, or 1.94 percent, for the week.
Market capitalisation of the bourse went up 0.9 percent to QR561.1billion against QR556.1 billion in the previous trading week. Ooredoo was the best performing stock for the week with a gain of 10.3 percent on a trading volume of 1.4 million shares.
Ooredoo, Qatar Fuel and Commercial Bank were the primary contributors to the weekly index gain.
Trading value during the week increased by 158.23 percent to QR2.5 billion against QR961.8 million in the previous week.
The industrial sector led the trading value during the week, accounting for 29.1 percent of the total trading value.
Trading volume increased by 128.8 percent to reach 75.6 million shares against 33.1 million shares in the previous week.
The industrial sector led the trading volume, accounting for 43.9 percent, followed by the Real Estate sector which accounted for 19.2 percent of the overall trading volume.
MPHC was the top volume traded stock during the week with 23.9 million shares.
Foreign institutions turned bullish during the week with net buying of QR436.6 million against net selling of QR42.7 million in the previous week.

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