Doha, (Business News Report) – Qatar Stock Exchange has achieved the best performance in the region’s markets, since the beginning of this year 2022, to close Wednesday at a record high.
The Qatar Stock Exchange index recorded its highest level in more than six and a half years, to close at 12,163 points, with a gain of 4.6%.
Financial analyst Ramzi Qasmieh attributed the reasons for the record rise in the index to direct support from the banking and industry sectors, especially the Mesaed share. He added that the share achieved gains of nearly 15%, in addition to the distinguished performance of some real estate sector.
Qatar Stock Exchange
Qasmieh indicated that a state of optimism prevailed among traders on the morning of the announcement of Qatar National Bank, the largest bank in the Middle East in terms of assets, its annual financial results. They showed a growth in profits that exceeded 10% at 13.21 billion riyals ($3.6 billion).
As well as, the Board of Directors recommended distributing cash dividends to shareholders at 55% of the nominal value of the share, which is a percentage that exceeds the dividends during 2021, which amounted to 45%.
Qasmieh explained that the Doha Securities Market witnessed the traders’ focus on the leading stocks with good returns.
Its profits are expected to be higher than its profitability levels in 2020, as proactive purchases appeared, whether by individuals or companies, on the leading stocks whose dividends will be high.
The distinguished performance was also supported by macroeconomic factors, the rise in oil prices and their highest level since last November. The improvement in macroeconomic indicators contributed to pushing the Qatar Stock Exchange index to record levels in recent days.
Wednesday’s session witnessed trading of more than 148.5 shares, the value of which exceeded 618.4 million riyals as a result of executing 13,283 transactions in all sectors.
During the session, the shares of 34 companies rose, while the prices of eight companies decreased, while one company maintained its previous closing prices.
In a separate context, the Qatari economy grew in the third quarter of last year 2021, by 2.6%. It was supported by the non-oil sector.
During the second half of last year, oil prices rebounded significantly, with the return of demand, which increased the financial gains of the Gulf countries.
The Planning and Statistics Authority said on Wednesday that the gross domestic product grew on a quarterly basis at constant prices by four percent.