The Qatar Stock Exchange on Monday continued its bullish run for the second day, mainly on the back of strong buying interests of foreign institutions.
The Qatar Stock Exchange on Sunday opened the week on a stronger note mainly on the back of bullish outlook of local retail investors.
Foreign funds’ strong buying were mainly instrumental in the Qatar Stock Exchange settle above 9,600 levels this week which saw global credit rating agency Capital Intelligence affirm Qatar’s long term foreign and local currency ratings at ‘AA-’ and the corresponding short term ratings at ‘A1+’.
The Qatar Stock Exchange on Thursday witnessed some buying interests in Islamic equities but overall it settled in the negative for the third consecutive day, but above 9,600 levels.
The Qatar Stock Exchange on Wednesday witnessed domestic funds turn bullish, yet it settled marginally lower but above 9,600 levels.
Foreign institutions’ substantially strengthened buying interests on Tuesday imparted a strong 183 points thrust to the Qatar Stock Exchange, whose key index broke the 9,600 levels with an ease.
An across-the-board selling — particularly within insurance, real estate and telecom — on Sunday dragged the Qatar Stock Exchange below 9,400 levels.
The bullish outlook of domestic funds helped the Qatar Stock Exchange (QSE) stay afloat in the positive trajectory this week which saw QNB report net profit of QR7.1bn in the first six months of this year.
The Gulf institutions bearish outlook and substantially weakened net buying interests of foreign funds on Wednesday steered the Qatar Stock Exchange onto the negative turf.
An across-the-board buying — especially in banking and telecom — on Tuesday lifted the Qatar Stock Exchange whose key barometer inched towards 9,400 levels and capitalisation gained more than QR7bn.
Snapping eight consecutive days of bullish run, the Qatar Stock Exchange on Monday fell more than 60 points to retreat below 9,300 levels, mainly on increased net selling by foreign funds.