Telecoms, insurance, banks and financial services lift QSE index in August

DOHA: The Qatar Stock Exchange (QSE) recorded a marginal gain during August 2024, in line with most markets in the GCC. The QE 20 index closed the mon...

DOHA: The Qatar Stock Exchange (QSE) recorded a marginal gain during August 2024, in line with most markets in the GCC. The QE 20 index closed the month at 10,203 points registering a monthly gain of 0.5 percent.

The Qatar All Share Index witnessed slightly better performance and registered a monthly gain of 1.2 percent during August indicating investor interest across the broader market segments.

Contrary to the headline index, the monthly sector performance chart reflected gains for most of the sectors. The telecoms index topped during the month with a gain of 5.7 percent, followed by Insurance and banks and financial services indices with gains of 3.8 percent and 1.6 percent, respectively. On the decliner’s side, the transportation Index witnessed the biggest decline of 0.8 percent during the month followed by real estate with declines of 0.1 percent, according to a report by Kamco Invest.

During the month, both the constituents in telecoms sector, Ooredoo and Vodafone Qatar, reported gains of 5.5 percent and 6.4 percent, respectively. Gains for the insurance sector was mainly led by shares of Qatar General Insurance & Reinsurance Co. and QLM Life & Medical Insurance Co. which were up by 24.8 percent and 10 percent, respectively.

Within the consumer & goods sector, shares of Al Faleh Educational Holding reported a double-digit gain of 26.3 percent followed by Salam International Investment with 2.9 percent, respectively. In the banks and financial services sector, shares of four out of nine banks reported declines during the month barring Qatar National Bank and Doha Bank which reported gains of 3.6 percent and 5.4 percent, respectively.