The general index of the Qatar Stock Exchange rose yesterday by 73.14 points, or by 0.72 percent, to reach the level of 10,254.22 points.
During the session, 187 million and 961 thousand and 4 shares were traded, with a value of 467 million and 466 thousand and 574,175 riyals, as a result of the implementation of 17,132 transactions in all sectors.
Shares of 31 companies rose in the session, while the prices of 10 other companies decreased, while 4 companies maintained their previous closing prices.
The market capitalization at the end of the trading session amounted to 606 billion and 864 million and 913 thousand and 391,820 riyals, compared to 602 billion and 311 million and 341 thousand and 942,020 riyals, in the previous session.
For its part, most stock markets in the Gulf region closed higher yesterday, following the impact of the rise in oil prices, while the Dubai index achieved its highest level in nearly eight years.
Oil prices, a major catalyst for financial markets in the Gulf, rose after Saudi Arabia and Russia announced supply cuts in August, offsetting a downturn in the global economic outlook.
The main index in Saudi Arabia rose 0.6 percent to 11,619 points, driven by a 3.4 percent rise in the share of the First Saudi Bank, while the share of Saudi Airlines Catering Company jumped 9.8 percent after it announced the signing of a contract with the Red Sea International Company at about 6.3 billion riyals ($ 1.7 billion).
And the main index in Dubai increased 1.4 percent to 3931 points, to achieve its highest level in nearly eight years, supported by a 3.9 percent jump in shares of Emirates NBD Bank, the largest bank in the UAE. Shares of Emaar Properties also rose 0.2 percent, to their highest level since 2018.
Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said that the Dubai Stock Exchange increased its gains thanks to the reactions of dealers regarding the improvement in the credit rating of Emaar Properties, in addition to the announcement by the federal government of new economic efforts.
“Both events raised the market’s sentiment and may help push it to achieve positive results,” Najm added.
Outside the Gulf region, the Egyptian blue-chip index, which resumed its transactions after a five-session holiday, fell 1.1 percent at 17,466 points, affected by a 2 percent fall in the shares of the Commercial International Bank, the largest private bank in Egypt.
