satyendra Pathak
doha
The Qatar Stock Exchange (QSE) outshined other Gulf markets on Monday, closing at 10,344.42 points, up by 113.97 points or 1.11 percent, driven by optimism surrounding potential rate cuts by the US Federal Reserve.
This strong performance reflects a broader positive trend across Gulf markets, fueled by expectations that the Fed will initiate a rate-cutting cycle during its September 17-18 meeting, boosting investor sentiment region-wide.
In other news, QatarEnergy announced plans to increase its urea production capacity to over 12.4 million tonnes annually, up from the current 6 million tonnes, as part of its expansion strategy.
The Qatar Stock Exchange (QSE) closed at 10,344.42 on Monday, rising 113.97 points, or 1.11 percent, from the previous trading session. The market saw activity across 15,073 deals, trading 155,736,314 shares with a total value of QR395.8 million.
At the end of trading, market capitalization increased to QR598.4 billion from QR593.1 billion in the previous session, with 34 companies’ shares rising, 14 declining, and four remaining unchanged.
Monetary policies in the Gulf Cooperation Council (GCC), including Qatar, are closely aligned with Fed decisions as most regional currencies are pegged to the US dollar. Consequently, a rate cut in the US could bolster investor sentiment and drive market gains in the region.
In the broader Gulf region, Dubai’s main share index rose by 0.7 percent, driven by a 3.2 percent gain in blue-chip developer Emaar Properties and a 1.5 percent increase in top lender Emirates NBD. The Abu Dhabi index added 0.3 percent. The Qatari benchmark advanced 1.1 percent, buoyed by gains across most constituents, including Qatar Islamic Bank (QIB), which climbed 2.6 percent.
In contrast, Saudi Arabia’s benchmark index fell by 0.2 percent, weighed down by a 1 percent decline in Al Taiseer Group, a leading aluminium products manufacturer.
