Strong earnings helped QE Index break 14000 level – The Peninsula

Strong earnings helped QE Index break 14000 level – The Peninsula

Doha: The Qatar Stock Exchange index broke 14,000 points resistance yesterday, closing up 2 percent on the week.

Financial analyst Ramzy Qasmiya told Qatar News Agency (QNA) that the rise was driven by strong earnings in the first half, which were up close to 29.2 percent year-over-year. He added that the recent rebound in global equities also contributed to the strong performance from the Qatari index, especially positive retail sales results.

The financial analyst highlighted the strong demand and purchases made by foreign funds on leading stocks such as Commercial Bank, Industries, the Bank and Nakilat, with anticipation for the announcement of the results of the semi-annual review of the FTSE Emerging Markets Index.

The weekly report of the Qatar Stock Exchange pointed out that the market value increased by the end of the week’s trading to reach QR781.054bn, compared to its level last week, which amounted to QR762.070bn, an increase of 2.5 percent.