Qatar bourse key index inches near 8,900 levels on buy support

Qatar bourse key index inches near 8,900 levels on buy support

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The Gulf funds’ increased net buying and local retail investors’ bullish outlook Wednesday lifted the Qatar Stock Exchange for the third straight session and its key index gained more than 54 points to inch near 8,900 levels.The banking and telecom counters witnessed higher than average demand as the 20-stock Qatar Index settled 0.61% higher at 8,856.15 points, although it touched a low of 8,782 points intraday.Foreign funds’ weakened net selling pressure also had its role in the bourse, whose year-to-date losses were at 15.05%.Market capitalisation saw more than QR2bn or 0.47% growth to QR501.36bn mainly owing to small and microcap segments.Islamic stocks were seen gaining faster than the other indices in the market, where domestic and Arab institutions turned net profit takers.Trade turnover and volumes were on the increase in the market, where the consumer goods, industrials and banking sectors together accounted for more than 62% of the total trading volume.The Total Return Index gained 0.61% to 17,025.65 points, All Share Index by 0.58% to 2,748.21 points and Al Rayan Islamic Index (Price) by 0.79% to 1,982.29 points.The banks and financial services index expanded 0.93%, telecom (0.87%), realty (0.55%) and industrials (0.49%); whereas transport declined 1.5%, consumer goods and services (0.17%) and insurance (0.1%).About 66% of the traded constituents extended gains with major movers being Masraf Al Rayan, Dlala, QIIB, Islamic Holding Group, QNB, Commercial Bank, Baladna, Mannai Corporation, Qatar National Cement, Qatar Electricity and Water, Al Khaleej Takaful, Mazaya Qatar, Vodafone QatarOoredoo and Milaha; even as Qatar Oman Investment, Alijarah Holding, Gulf International Services, Ezdan and Nakilat were among the losers.The Gulf institutions’ net buying increased noticeably to QR11.44mn compared to QR5.26mn on May 19.Local retail investors were net buyers to the tune of QR2.74mn against net sellers of QR1.7mn the previous day.Foreign funds’ net selling decreased considerably to QR2.36mn compared to QR22.07mn on Tuesday.The Gulf individuals’ net profit booking fell perceptibly to QR0.98mn against QR2.05mn on May 19.However, the Arab individuals turned net sellers to the extent of QR7.31mn compared with net buyers of QR2.57mn the previous day.Domestic funds also turned net sellers to the tune of QR3.12mn against net buyers of QR16.31mn on Tuesday.The Arab funds were net profit takers to the extent of QR0.38mn compared with no major exposure on May 19.Foreign individuals turned net sellers to the tune of QR0.06mn against net buyers of QR1.64mn the previous day.Total trade volumes rose 6% to 155.91mn shares, value by 8% to QR315.02mn and transactions by less than 1% to 10,855.The transport sector’s trade volume grew almost five-fold to 26.72mn equities and value almost quadrupled to QR63.13mn on more than tripled deals to 2,630.The insurance sector’s trade volume doubled to 10.93mn stocks and value also doubled to QR21.95mn on 41% increase in transactions to 1,180.The real estate sector reported 14% surge in trade volume to 19.97mn shares but on 1% fall in value to QR19.23mn and 53% in deals to 705.However, the telecom sector’s trade volume plummeted 47% to 1.42mn equities, value by 53% to QR3.1mn and transactions by 28% to 247.The market witnessed 21% plunge in the consumer goods and services sector’s trade volume to 32.65mn stocks and 18% in value to QR43.59mn but on 5% jump in deals to 1,756.The industrials sector’s trade volume plummeted 16% to 32.27mn shares, value by 14% to QR43.16mn and transactions by 3% to 1,525.The banks and financial services sector saw 11% shrinkage in trade volume to 31.94mn equities, 10% in value to QR120.87mn and 32% in deals to 2,812.In the debt market, there was no trading of sovereign bonds and treasury bills.

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