QE rebounds breaking three-session pullback

August 12, 2014 - 12:00:00 am

 

DOHA: Qatar stocks rebounded after a three-session pullback to finish at 13,137 points, or 0.47 percent, on local retail investors’ buying support. Widam, Qatar National Cement and Qatar Fuel were among the top gainers.

Heavyweight Industries Qatar, which reported a drop in its second-quarter net profit Sunday, edged marginally up by 0.76 percent. Widam was surged by 7.27 percent. While National Cements rose 4.31 percent, Qatar Fuel jumped 3.09 percent.

Market cap jumped by almost QR5bn to QR698bn, from the previous session’s QR693bn. Total traded value rose to QR740bn from QR614bn. Traded volume surged to 15 million shares from 12 million shares.

Barring transportation index, the entire sector indices ended green with consumer goods sector gaining the most, 2.44 percent. Real estate sector gained 1.12 percent supported by Barwa. Banks and financial services added 0.65 percent. While industrial sector advanced 0.72 percent, insurance appreciated by0.42 percent. Telecoms added 0.41 percent.

The value of Banking stocks jumped to QR275m from QR190m and consumer goods stocks increased to QR108m from QR79m. The value of Industrials stocks slipped to QR162m from QR179m. Insurance stocks plunged to QR14m from the previous session’s QR23m. Real estate added its value to QR129m from QR113. Telecoms stocks jumped to QR34m from QR12m and Transportation stocks value fell to QR15m from QR17m.

Reuters reported Industries Qatar’s shares are up 21.6 percent since the start of 2013.

“Historically, IQ enjoyed a big discount compared to global gas prices,” said Sandeep. He added that shutdowns at IQ’s fertiliser and petrochemical plants this year were more extensive than expected; these two units are the main contributors to the conglomerate’s bottom line.

Industries Qatar’s shares have remained resilient and are up 21.6 percent since the start of 2013.

The Peninsula

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