QE extends rally on banking stocks support

03/07/2014 06:29 AST

Banking stocks helped Qatar Exchange (QE) index extend its rally, rising 2.06 percent yesterday. Banking sector rose 2.50 percent . QIB surged 7.10 percent and International Islamic soared 5.73 percent and Rayan rose 3 percent.

Market cap rose to QR678bn from the previous session’s QR666bn. Total traded value increased to QR947m from QR848m. Traded volume rose to 25 million shares from 20 million.

Telecom index nudged up to 3.95 percent with Vodafone Qatar gaining the most by 5.10 percent. Ooredoo rose 3.60 percent. Industrials sector edged down by 0.6 percent Bellwether Industries Qatar lost 2.16 percent.

Elsewhere in the region, Dubai’s bourse jumped for a second day as investors bet on good news from builder Arabtec, Reuters reported.

The main index closed up 7.9 percent, its biggest daily rise since last September, while Arabtec surged its 15 percent daily limit, recovering further from a slump that at one stage wiped out more than two-thirds of the stock’s value.


The Peninsula

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