QE investors’ wealth jumps to QR574.37bn

January 10, 2014 - 3:28:54 am

DOHA: Qatari shares rallied last week in anticipation that companies would report robust financials for 2013 and declare handsome dividend.

Qatar’s main benchmark index jumped 328 points, or 3.11 percent, to 10, 873 during the five-day trading that ended yesterday.

As usual, the buoyancy was led by banking and financial services stocks. The sector’s index showed the maximum gain in the week, at 82 percent.

Overall, liquidity indicators were good, with the trading value jumping more than one-and-a-half times to QR2.9bn, and trading volumes more than doubling over the previous week, to 61.94 million shares. 

The number of deals concluded on the bourse (Qatar Exchange) rose more than 84 percent, to over 31,000. 

Investors’ wealth jumped an incredible QR12.66bn ($3.48bn) in the week, with the market capitalisation of the equity market surging to QR574.37bn ($157.73bn).

As for the trading value, the banking and financial services stocks accounted for more than a third (36 percent) of the total, followed by the industrial counters whose share in the total was a quarter (25 percent).

The lending counters dominated trading volumes as well with a share of almost 30 percent in the total, with the real estate stocks closely trailing (their share in the total being a little more than 28 percent).

It were the banking and financial services shares, again, that had the largest share in the total number of deals that were concluded on the bourse last week.

Of the 42 listed entities, as many as 31 ended higher in the week, with nine falling and two remaining unchanged.

Top gainers of the week were Islamic Holding, International Islamic and Doha Insurance, which announced in the week that it had sought approval to launch a rights issue priced at QR18 (QR10 being the face value, and QR8 being premium).

Trading ended on a positive note yesterday with the index gaining 38 points. A highlight was strong buying support from foreign institutional investors.

Soon, companies should begin reporting their 2013 financials and dividend. Analysts, therefore, expect the bourse to keep its upward trend at least until the financials are out.

The Peninsula

 

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