DOHA: Qatar bourse extended its rally for the fifth straight session yesterday lifting the main index closer to Qatar Exchange’s (QE) historical highs. Triggered by real estate and Shariah-compliant stocks, the index climbed 1.51 percent to 12,768 points, much closer to 12,892.76 points, when the index hit its record high on September 20, 2005.
The entire sector indices entered green with real estate and insurance rising the most. The real estate surged 3.95 percent with Ezdan jumping 9.87 percent and UDC by 6.29 percent. Insurance sector climbed 2.09 percent with Qatar Insurance gaining 3.36 percent and Doha Insurance 2.71 percent.
Driven by the Shariah-compliant stocks, the banking sector edged 1.15 percent up. Rayan was up by 5.15 percent. International Islamic soared 2.04 percent as QIB gained 1.43 percent. Bellwether QNB dropped 0.52 percent. The telecoms index that added 1.39 percent saw Vodafone jumping 9.96 percent while Ooredood shed 0.67 percent. However, the Gulf International which announced its first-ever highest first quarter results yesterday, slipped by 0.33 percent.
Market cap jumped to QR752bn from QR737bn. Total traded value surged to QR1.71bn from QR1.09bn. Traded volume increased by 58 million shares from 31 million shares.
Shariah-compliant stocks started gaining earlier this month on expectations of large investments from Ezdan Holding Group.
In March, Ezdan, whose shares jumped 9.9 percent yesterday and have more than doubled in price this month, bought a stake of more than 20 percent in Islamic Holding Group. Investors expect it to make more Shariah-compliant investments.
Dubai’s bourse posted its highest daily gain since late January on Monday as investors scooped up shares of real estate and construction companies on hopes for increased dividend payouts.
The Dubai benchmark rose 2.9 percent to 4,984 points, its highest level since August 2008, while turnover more than doubled compared to the previous session.
Abu Dhabi’s index rose 1 percent to a fresh eight-year high of 5,192 points on the back of stocks that look likely to be included in the MSCI emerging markets index.
In Saudi Arabia, the main index retreated 0.2 percent from a six-year high reached on Sunday. Shares in Saudi Electricity Co fell 1.5 percent after it reported a wider-than-expected net loss for the first quarter.