Mawashi surges 5.7% to hit fresh all-time high

Gulf markets ended mixed on Thursday in lacklustre trade with Qatar Company for Meat and Livestock (Mawashi) surging 5.7 percent to hit a fresh all-time high. The stock is up 80.5 percent year-to-date, outperforming Doha’s benchmark, which is down 6.3 percent so far this year.

“The activity is mostly retail dominated and is looking more like a momentum play,” said Ahmed Shehada, head of trading at Qatar National Bank Financial Services. “There is a strong move in several mid- and small-caps and you see money moving from one name to the other.” Other stocks being targeted by retail investors include Vodafone Qatar and Mazaya Qatar, which have year-to-date gains of 17.9 percent and 52.6 percent respectively.

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Doha’s index ended little changed. Gains in Mawashi and banks offset declines in 13 stocks. Masraf Al Rayan added 0.2 percent.

source: Reuters