Global rally lifts sentiments on Qatar Stock Exchange as index vaults 215 points

Global rally lifts sentiments on Qatar Stock Exchange as index vaults 215 points

The Qatar Stock Exchange (QSE) on Tuesday opened the week on a stronger note with its key index gaining as much as 215 points and capitalisation adding about QR11bn, reflecting the global rally in anticipation of the US rate cuts.

The positive regional sentiments in view of strengthened oil prices also had its influence on the 20-stock Qatar Index, which rose 2.17% to 10,142.72 points.

The telecom, industrials and banking counters witnessed higher demand in the main market, whose year-to-date losses truncated further to 5.04%.

About 88% of the traded constituents extended gains in the main bourse, whose capitalisation zoomed QR10.72bn or 1.85% to QR589.04bn with large and midcap segments gaining the most.

The foreign institutions were seen increasingly bullish in the main market, which touched an intraday high of 10,171 points.

The domestic funds were net buyers in the main bourse, which saw as many as 7,071 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn trade across five deals.

The Gulf institutions’ weakened net profit booking was visible in the main market, which saw no trading of sovereign bonds.

The Islamic index rose slower than the main barometer in the main bourse, which witnessed no trading of treasury bills.

The Total