Bullish Trend Continues As QSE Index Surpasses 10,500 Level

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: The positive trend in the Qatar stock exchange (QSE) index is continuing at the beginning of 2024 as the QSE Stocks continued their bull run at yesterday's trading. The QSE index jumped 44.11 points or 0.42 percent in the trading of third week of January trading to close at 10,509.85 points.

The Qatar Stock Exchange general index increased at the end of trading on Thursday, by 36 points, or 0.34 percent, to close at 10,465.74 points. The index rose on the back of buying support from Arab shareholders despite selling pressure from Qatari, GCC and Foreign shareholders.

The figures that attributed the rise in the general index to the positive performance in several sectors included Industrials by 0.77 percent; Transportations by 0.44 percent; Consumer Goods and Services by 0.22 percent; Real Estate by 0.15 percent; and Banks and Financial Services by 0.11 percent. In contrast, the performance was negative for the Insurance sector by 0.28 percent and the Telecoms sector by 0.40 percent.

On January 4, QSE witnessed first positive session since the beginning of 2024, coming after a distinguished performance during December 2023, in which the general index was able to exceed 10,800 points, which represented an important resistance barrier for the market as a result of profit taking operations.

During yesterday's session the volume of shares traded stood at 153.583 million from 133.072 million on Thursday and the value of shares reached QR372 from QR451 on January 11, as a result of implementing 11,821 deals in all sectors. In the session, the shares of 22 companies rose, while the prices of 24 companies decreased, and seven companies maintained their previous closing price.

At the end of the trading session, the market capitalisation reached QR611, compared to QR609 in the previous session. The indices of all five sectors ended in green zone and two in red zone yesterday.

QSE figures attributed the recorded rise to the positive performance of the Industrial sector by 0.28 percent, Telecoms by 2.09 percent, Real Estate by 0.89 percent, Banks and Financial Services by 0.02 percent, and Transportations by 0.78 percent. On the other hand, the performance was negative for the Insurance sector by 0.59 percent and consumer goods and services sector by 0.30 percent.

QSE Total Return Index gained 0.42 percent to 22,555.63, QSE Al Rayan Islamic index added 0.61 percent to 4,644.22 points and QSE All Share Index rose 0.29 percent to 3,535.09 points.

Top gainers in yesterday's trade were Ooredoo, Qatar Navigation, Gulf International Services, United Development, Qatar Gas Transport rising by 2.8 percent, 2.4 percent, 1.6 percent, 1.4 percent and 1.3 percent respectively. While Qatar Industrial Manufacturing, Qatar German for Medical Devices, Inma Holding, Zad Holding, Widam Food Company lost 1.4 percent, 1.2 percent, 1.2, 1.2 percent, and 1.1 percent respectively.

Companies listed on the Qatar Stock Exchange (QSE) will see strong recovery in their earnings in 2024-25, boosted mainly by the expansion of LNG production and Qatar's drive to grow and diversify the non-oil and gas economy.

“With the base effects of higher oil prices and a hugely successful FIFA World Cup in 2022 soon to be in the rearview mirror, we see strong aggregate earnings pick up for the QSE in 2024-25 driven primarily by the ramping up of the NFE project (and its downstream effects) and continued government efforts to grow/diversify the non-oil/gas economy as espoused in the Qatar National Vision 2030,” said a year-end strategy report on Qatari stocks issued recently by QNB Financial Services (QNBFS).

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