By Santhosh V. Perumal/Business Reporter
Banking stocks continued to attract demand from investors helping lift the Qatari bourse index above the 9,200-mark yesterday.
The 20-stock benchmark gained 0.91% to hit a more than two-year high of 9,221.16 points, also helped by sentiments over the rising oil prices, which is heading towards $100 a barrel. The market is up 6.21% year-to-date.
Among the prime gainers were Qatar Islamic Bank (QIB), Masraf Al Rayan, Industries Qatar, Qatar Telecom and National Leasing.
“The markets had moved knee jerk. The final instalment of 10% (stake purchase by Qatar Investment Authority in Qatari banks) had already been discounted and now investors are now waiting for the last quarter (hence full year) results and the rising oil price is offering better prospects for certain underlying stocks,” an analyst said.
Market capitalisation rose 0.43%, or QR2bn, to QR466.41bn mainly on large, micro and mid cap stocks, which gained 0.58%, 0.28% and 0.16%, respectively.
Industrial stocks gained the maximum of 1.65%, followed by insurance (0.99%), banks and financial institution (0.98%) and services (0.46%).
Of the 43 stocks; 18 gained, while 20 declined, two were unchanged and three were not traded.
Total trading volume fell 3% to 17.22mn equities, value by 8% to QR664.65mn and transactions by 1% to 7,380.
Insurance sector’s trading volume sunk 40% to 0.09mn shares, value by 34% to QR5.87mn and deals by 40% to 91.
Industrial sector witnessed a 16% slump in trading volume to 1.31mn shares whereas value rose 16% to QR108.81mn and transactions by 10% to 1,081.
Banks and financial institution’s trading volume shrank 5% to 11.09mn equities, value by 16% to QR387.45mn and deals by 10% to 3,557.
Services sector’s trading volume was however up 10% to 4.73mn, value by 9% to QR162.32mn and transactions by 14% to 2,651.
Actively traded stocks (in terms of volume) were Rayan (6.92mn shares); Al khaliji (1.76mn); Barwa (1.05mn); Vodafone