Satyendra Pathak
Doha
Extending its rally to a third straight session, the Qatari Stock index (QSE) gained 119.98 points or 1.2 percent to close trading at 10,126.18 points on Sunday.
Qatar’s stock market outperformed other bourses in the Gulf region, as expectations of a pause in rate hikes by the US Federal Reserve lifted investor sentiment.
The Fed raised its main interest rate by a quarter point on Wednesday but signalled it would consider a pause in light of banking system stresses.
Most Gulf central banks lifted their rates by a quarter percentage point on Wednesday, mirroring the Fed’s rate hike as their currencies are largely pegged to the dollar.
The index recorded an advance in all sectors, with the Gulf’s biggest lender Qatar National Bank rising 3.1 percent and Qatar Islamic Bank adding 2.7 percent.
The volume of shares traded increased to 177,269,768 from 140,838,711 on Thursday and the value of shares decreased to QR346,927,365.116 from QR428,226,415.15 on Thursday.
All the seven sectors closed in the positive territory. QSE Total Return Index added 1.20 percent to 21,732.20, the QSE Al Rayan Islamic index gained 0.99 percent to 4,490.04 points and QSE All Share Index increased 1.34 percent to 3,391.85 points.
