Doha: Qatar Exchange continued its gaining streak yesterday adding 92.53 points (or 1.04 percent) to advance to 9,009.43 points from 8,916.90 on Thursday.
The volume of the shares traded up to 10,964,251 from 7,399,703 on Thursday, and the value of shares increased to QR376,487,431.31 from QR245,067,111.76 on Thursday.
Among the top gainers were Qatar National Bank which was up 1.76 percent to QR144.20, Masraf Al Rayan rose 2.33 percent to QR26.30, Barwa Real Estate gained 4.58 percent to QR25.55 and Vodafone Qatar up by 0.21 percent to Q9.48.
The banking and financial sector index was up 1.28 points while consumer goods and services sector index rose 0.04 points. The industrial sector was added 0.31 points while insurance sector gained 0.78 points.
“It’s a corrective move — there are some stocks undervalued after the strong selling pressure due to the IPO news and people are coming back to buy,” said Yassir Mckee, wealth manager at Al Rayan Financial Brokerage.
“The market momentum is picking up and we might stay over the 9,000 mark this year but we will have to see corporate earnings and performance of IPOs in coming months for further direction.”
Meanwhile, Regional shares rallied yesterday with markets in Kuwait breaking key psychological levels as gains in US equities and oil prices spurred renewed buying to top off an underlying bullish sentiment.
In Saudi Arabia, the index climbed one percent, extending gains to hit a one-year high.
Bluechips led the rally with eight of the 10 largest firms rising. Sentiment turned around from last week’s selling, as upbeat global markets buoyed hopes world demand will pick up.
Saudi petrochemicals index climbed 0.9 percent, helped by gains in oil price — a proxy for global economic activity and also demand for petrochemical products.
US equities surged after consumer sentiment in the world’s largest economy hit an almost six-year high in early May.
In the UAE, Abu Dhabi developers Aldar Properties and Sorouh Real Estate rallied 14.7 and 15 percent respectively in heavy trading — hitting the maximum limit for daily gains of 15 percent. Analysts said market talk the firms may be awarded a mega government housing project ahead of their planned merger in June triggered the buying.
Aldar and Sorouh declined to comment on the price movement.
Abu Dhabi’s benchmark climbed 1.4 percent, while Dubai’s index advanced 2.5 percent — hitting fresh multi-year highs.
“(There’s) no looking back as regional markets, especially the UAE and Kuwaiti markets, seem to be catching a second wind in their momentum buying,” investment firm Al Masah Capital said in a note.
Investors tend to sell in May ahead of a slow summer and travel abroad to escape the searing desert heat but, this year, the trend seems to have broken as chasing gains takes the lead.
“Bears and short-sellers have no choice but to stay on the sidelines for the time being although once the momentum slows, there may be some interesting entry points,” Al Masah Capital’s note added.
Kuwait’s measure rose 1.5 percent to finish at 8,021 points - closing above the psychologically-important 8,000 level for the first time since July 2009.
Agencies
