DOHA: Woqod (Qatar Fuel) stocks gained marginally yesterday to QR250 from QR248 (previous closing) after the local petroleum producing and distributing company announced a major hike in petrol, diesel and kerosene prices late on Saturday.
The surge in Woqod stocks was despite the fact that trading remained subdued on the Qatari bourse and its main 20-share index fell 1.47 percent (or 134 points) sliding below the psychologically critical level of 9,000 points to 8,932.
The fall was mainly attributed by analysts to foreign institutional investors booking profit. The market capitalization of the bourse (Qatar Exchange) fell accordingly but remained well above QR450bn-mark.
The new petrol and diesel rates were already effective at Woqod-run as well as private filling stations across the country when trading resumed on the Qatar Exchange last morning.
"We hope the company to make more profits now that petrol and diesel prices are up," a small investor said. "I think it's a good ling-term bet," he added talking of Woqod stocks.
The value of traded stocks of Woqod, which is already known for distributing handsome dividend to its shareholders, totaled an impressive QR11m at the close of trading. Woqod is listed in the services sector.
© The Peninsula 2011
