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Satyendra Pathak
Doha
Continuing its bull run for the fourth consecutive day, Qatari stocks made impressive gains amid high liquidity on Thursday.
The Qatar Stock Exchange (QSE) main index rose 141.60 points, or 1.56 percent, to finish at 9,196.62 points.
The rise was mainly driven by a 5.1 percent increase in the share price of Qatar National Bank (QNB) after shareholders approved a previously proposed increase of its non-Qatari ownership limit to 49 percent from 25 percent and a rise in the amount a single investor can own to 5 percent from 2 percent.
QNB getting approval from its shareholders to increase foreign ownership limit (FOL) meant that index trackers, especially the international investors who track the emerging market (EM) indices, will increase their allocation to Qatar mainly in QNB, Amwal Asset Management Head Talal F Samhouri told Qatar Tribune.
This in turn will pave the way for a larger turnover of other stocks as sellers of QNB shares will have to recycle their proceeds to other Qatari stocks, he said.
The QSE's liquidity increased to QR449.28 million from QR365.28 million on Wednesday, while the trading volume decreased to 16.13 million shares against 19.19 million in the previous session.
The number of trade also increased to 5,761 from 5,146 in the previous session. With yesterday's gain, the year-to-date (YTD) increased to 7.9 percent
The day saw all the seven sector indices close in the positive territory with the real estate index leading the gainers.
The real estate sector gained 5.26 percent on the back of a 7.77 percent jump in the share price of Ezdan Holding Group. Barwa Real Estate, the other major component of the real estate sector, also made positive contribution to the index by rising 2.2 percent.
The banking and financial services sector index, which gained 3.01 percent following a big jump in heavyweight QNB, was mainly instrumental in lifting the main index higher.
The other major components of the banking sector like Qatar Islamic Bank (QIB), Commercial Bank and Doha Bank also made positive contributions by gaining 1.5 percent, 1.99 percent and 2.02 percent respectively.
The other sector indices also gained to support the main index.
Vodafone Qatar's stock, which advanced 0.87 percent, led the bourse in terms of trading volume with 5.6 million shares, while QNB's stock headed the market in terms of liquidity with QR136.5 million.
The day also saw 31 stocks out of the 44 trading close in the green. While 12 declined, there was no change in the remaining one.
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20/04/2018
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