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Satyendra Pathak
Doha
Qatari shares surged for the second session in a row as a massive stimulus in the United States lifted investor sentiment worldwide.
The Qatar Stock Exchange (QSE) main index gained 257.96 points, 3.12 percent, when the bourse closed trading at 8,534.32 points Wednesday.
The volume of shares traded increased to QR117.340 million from QR84.079 million on Tuesday and the value of shares decreased to QR269.694 from QR292.457 in the previous trading session.
Indices of all sectors ended in the green zone on the day that saw the local bourse’s market capitalisation rise by more than QR 5 billion to QR483.65 billion.
The telecom index, which gained 6.92 percent on the back of more than 7 percent rise in its main constituent Ooredoo, was the best performing sector index on the day.
Out of the 44 stocks traded on the day, as many as 38 stocks gained. While seven stocks declined, there was no change in the share price of the remaining one stock.
Ooredoo with a gain of 7.2 percent, United Development Company (6.48 percent), Qatar General Insurance & Reinsurance (6.3 percent), Vodafone Qatar (5.8 percent) and Qatar First Bank with a gain of 5.02 percent were the top five gainers for the day.
Qatar National Bank, Masraf Al Rayan, Ooredoo, United Development Company and Qatar Islamic Bank were the top five traded stocks in terms of value for the day.
Foreign institutional investors remained bullish throughout the day as they bought more than what they sold. While the foreign institutional investors accounted for 38 percent of the total buy, they accounted for 21.11 percent of the total sale.
Qatari investors (individual and institutional) accounted for 46.98 percent of total buy and 60 percent of the total sell.
Meanwhile, Gulf bonds also posted further gains as global markets rebounded on news of a $2 trillion US fiscal stimulus package. Qatar’s 30-year dollar bonds due in 2049 rose 6.4 cents.
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26/03/2020
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