Posted on April 06, 2018

Impressive gains made by blue chip banking stocks lifted the Qatari bourse higher on Thursday. The Qatar Stock Exchange (QSE) main index gained 85.24 points (0.98 percent) to reach 8,792.91 points at the close of the trading session for the day.

The banking sector index, which gained 2.01 percent, was the best performing sector index for the day with heavyweight Commercial Bank finishing 3.9 percent up and Qatar National Bank rising 2.6 percent. Another major constituent of the banking sector Masraf Al Rayan also gained 2.19 percent to push the banking index higher. The realty sector index also made an impressive gain of 1.83 percent on the back of 3.22 percent increase in the share price of Ezdan.

Out of the seven sector indices, six closed higher. The transportation segment was the lone decliner, dragged by Qatar Navigation that closed 1.7 percent lower. The bourse also witnessed higher trade value and volume on a day that saw 29 of the 44 traded stocks close in the positive territory. QSE's liquidity increased to QR287.55 million on Thursday compared to QR204.05 million in the previous session after the trading volume grew to 11.42 million shares from 11.92 million in the past session.

Qatar General Insurance topped the gainers by rising 4.42 percent, while Doha Insurance headed the losers with a decline of 3.64 percent. Vodafone Qatar, which gained 1.2 percent, was the most active stock with 3.4 million shares exchanged on the day. Industries Qatar witnessed the highest liquidity of QR61.2 million. Today's gains helped the QSE index rise by 219 points, or 2.6 percent, for the week. "Index is edging towards the upper range of the corrective channel. In our assessment, the main index should rise toward the 9,000 mark in the coming sessions," QNB Financial Services (QNBFS) has said in its weekly comment.

source: Qatar Tribune