Qatar: 'QSE Index driven by rise in leading stocks, higher distributions'
Doha: Qatar Stock Exchange (QSE) closed its last session of the week with a slight gain of 0.08%, bringing the weekly performance to a positive note, with the index rising by 0.33% overall. The highest level reached during the week was 10,654 points, after dipping to its lowest at 10,552 points.
Head of Investment at Qatar Securities Company, Ramzi Qasmieh, told Qatar News Agency (QNA) that the stock market's performance this week was supported by the rise of some major stocks, including Qatar Islamic Bank (QIB), which increased by nearly 1.6%, as well as QNB and Industries Qatar, both rising by around 1%.
He also highlighted that this week's trading marked the start of the annual general assembly season, with meetings for companies like GWC, Qatar National Cement Company, and Qatar Fuel (WOQOD) taking place. Looking ahead, Qasmieh noted that investors are expecting more general assembly meetings next week, which would lead to more generous cash distributions compared to last year.
In his weekly review of the market, Qasmieh pointed out that some listed firms saw notable gains. For example, the shares of Investment Holding Company rose by nearly 11% after announcing 10% stock dividend.
Al Mannai also increased by about 7% after the company reported its results and announced a 25% cash dividend for 2024. In terms of sector performance, Qasmieh mentioned that the financial sector, which holds the largest weight in the '20 Index,' posted gains of almost 1%, followed by the transport sector with a 0.44% rise. Meanwhile, the telecommunications and real estate sectors saw declines, with the telecommunications index dropping by 0.54% and the real estate index falling by 0.33%.
On liquidity, Qasmieh explained that total trading for the week reached approximately QR1.98bn, with an average daily turnover of QR397m. He pointed out that the market is still moving within narrow ranges due to weaker liquidity compared to previous years at this time.
© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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