(MENAFN - The Peninsula)
Sachin Kumar | The Peninsula
The Qatar Stock Exchange (QE) Index yesterday scaled new heights with the index surging 124.5 points. The QE Index jumped around 1.2 percent to close at 10,605 points, yesterday, compared to the close of 10,480 points on Tuesday.
The rally was driven by strong buying interest from individual and institutional investors. Alkhaleej Takaful Insurance, Qatari Investors Group and Investment Holding Group which rose 10 percent, 5.6 percent and 5 percent, respectively.
Commercial Bank shares increased 3 percent while Qatar Islamic Bank jumped 2.7 percent in yesterday's trade. Qatar First Bank, Doha Insurance and INMA Holding were among the top losers. The QE Index has soared by over 200 points since the beginning of this month.
The QE Index had closed at 10401 points on March 31 the last trading session of the last month. The volume of shares traded yesterday decreased to 164 million from 179 million on Tuesday and the value of shares decreased to QR335.9m from QR381.58m on Tuesday.
Indices of seven sectors ended in the green zone yesterday. QSE Total Return Index increased 1.19 percent to 20,985.72 points and QSE Al Rayan Islamic Index gained 1.20 percent to 4,527.04 points. QSE All Share Index added 1.08 percent to 3,372.92 points.
On Monday, The QE Index declined 0.6 percent to close at 10,501.2. The Industrials and Telecoms indices led the losses. The index fell on the back of selling pressure from Qatari, Arab and Foreign shareholders despite buying support from GCC shareholders.
Investment Holding Group and Salam International Investment Limited were the top losers, falling 7.1 percent and 6.0 percent, respectively. Among the top gainers, Qatar First Bank gained 2.5 percent, while Zad Holding Company was up 2.3 percent.
The volume of shares traded on Monday rose by 10.2 percent to 391.5 million from 355.4 million on Sunday. Further, as compared to the 30-day moving average of 290.4 million, volume for the day was 34.8 percent higher.
Qatar Aluminium Manufacturing Company and Salam International Investment Limited were the most active stocks, contributing 32.1 percent and 16.4 percent to the total volume, respectively. On Sunday, the first trading session of the week, the QE Index rose 0.2 percent to close at 10,563.5. The Industrials and Insurance indices led the gains.
The index rose on the back of buying support from GCC and Arab shareholders despite selling pressure from Qatari and Foreign shareholders. Ahli Bank and Qatar Aluminium Manufacturing Company were the top gainers, rising 5 percent and 4.8 percent, respectively. Among the top losers, Qatar Navigation fell 2.4 percent, while Zad Holding Company was down 2.2 percent.
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