(MENAFN- The Peninsula) By Satish Kanady I The Peninsula
Qatar's stock market rose sharply yesterday, the day the country made the surprise announcement to quit from the Organization of the Petroleum Exporting Countries (Opec). The world's largest liquefied natural gas exporter announced that it would be focusing more on gas.
The QSE benchmark index rose 1.30 percent or 134.37, supported by banks and industrials. Oil prices jumped by more than 5 percent yesterday after the US and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of Opec that is expected to cut supply.
The banking sector rose 1.55 percent with Commercial Bank rising the most by 2.20 percent. QNB gained 1.77 percent as QIB and QIIB added 1.80 percent and 1.56 percent, respectively. Bellwether Industries Qatar (IQ) advanced 1.92 percent. Telecom giant Ooredoo gained 1.81 percent.
Market experts advised Medium-term and long-term investors can stay in the market as long as the index is closing above 9,600 point and 9,300 point, respectively.
Global ratings agency S & P Global yesterday said GCC banks' financial profiles should remain stable in 2019, absent any unexpected geopolitical shock. The Bank lending growth should stabilise at around 5 percent in 2019, as stronger public investments raise economic growth in the region overall, it said in its 'Global Banks 2019 Outlook. 'GCC (Gulf Cooperation Council) countries to remain comfortable from a fiscal point of view with Brent oil prices at USD 60-70/bbl, Retuers quoted Arqaam Capital as saying in a note, adding that it expects a downside risk in GCC equities if prices drop below the range after the Opec meeting.
Sending another positive message to the market, Qatar bourse yesterday announced the launch of a unified electronic disclosure system project using XBRL language. The project is aimed at facilitating better disclosure process.
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