The Qatar Stock Exchange (QSE) ended Monday’s trading session in the green, hitting its highest level in two years, encouraged by the hike of Qatar National Bank’s (QNB) stock.
On Monday 12 March 2018, the largest lender in the Middle East and Africa by assets announced a plan to increase the percentage of non-Qatari ownership in its capital to 49% from 25%.
The general index surged 410.38 points, or 4.97%, to close at 8,663.04 points.
The bourse would see an upward trend in the coming period, boosted by QNB’s announcement, financial analyst Ahmed Eid told Mubasher.
The new decision of the Middle East’s largest lender positively affected several stocks such as Industries Qatar, Qatar Electricity and Water Company and Barwa Real Estate, as those stocks are expected to overcome their 2017 losses, Eid added.
The financial analyst forecast QNB’s stock to rise to QAR 140 and QAR 145 over the coming sessions.
By the end of Monday’s session, liquidity surged to QAR 871.54 million from QAR 125.22 on Sunday, while the trading volume rose to 17.87 million shares from 5.36 million in the previous session.
The industrial sector topped the QSE’s six gainers adding 6.8% as Industries Qatar jumped 10%, while the banking sector rose 6.23% on the back of QNB’s 10% increase.
On the negative side, the telecommunication sector was the market’s only loser falling 0.20% as Ooredoo went down 1.22%.
Vodafone Qatar’s stock, which advanced 1.8%, led the bourse in terms of trading volume with 3 million shares, while Qatar Navigation’s stock, which levelled up 1.52%, topped the market in terms of liquidity with QAR 136.7 million.