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Posted On: 20 April 2009 03:03 pm
Updated On: 12 November 2020 02:09 pm

DSM zooms 3.92 percent

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The Qatari bourse has been witnessing a bullish run on robust first quarter (Q1) financials of listed entities. The 20-stock benchmark index of the Doha Securities Market (DSM) zoomed 211 points, or 3.92 percent, to 5,590 yesterday as local and foreign institutional investors went on a buying spree. “This is the seventh consecutive week the market has been recovering. The latest rally is being fuelled by good Q1 results as companies were not expected to perform so well amid what most see as a worsening global economic crisis,” stock and financial analyst, Thamer Hassan, said. “We were actually not expecting such encouraging Q1 financials due to the global economic gloom,” he added. Net buying from foreign institutional investors rose to a record QR179m at the close of trading yesterday, overtaking the buying figures of local institutional investors at QR104.73m. Asked why Qatari retail investors were on a selling spree, Hassan said it was because they were organising cash to subscribe to the Vodafone Qatar IPO.