QSE inches near 9,200 levels on strong buying at key counters

QSE inches near 9,200 levels on strong buying at key counters

Publication: gulf-times.com – English (English | Website)

The Qatar Stock Exchange on Monday witnessed strong buying at the telecom, real estate and industrials counters as its key barometer inched near 9,200 levels.

Local and Arab retail investors as well as the Gulf funds were increasingly net buyers as the 20-stock Qatar Index settled 0.1% higher at 9,196.47 points, although it touched a high of 9,243 points intraday.

The foreign individuals were bullish on the bourse, which saw QNB, Qatar Islamic Bank, Commercial Bank, Doha Bank, QIIB and Masraf Al Rayan trade in the special segment.

However, domestic funds were seen increasingly net profit takers and their foreign counterparts turn bearish on the bourse, whose year-to-date losses were at 11.79%.

Market capitalisation saw about QR1bn or 0.18% decrease to QR535.49bn mainly owing to small cap segments.

Islamic stocks were seen gaining faster than the other indices on the market, which saw the Gulf retail investors increasingly net sellers.

Trade turnover grew marginally amidst lower volumes on the market, where the real estate and industrials sectors together accounted for about 55% of the total trading volume.

The Total Return Index was up 0.1% to 17,679.91 points and Al Rayan Islamic Index (Price) by 0.34% to 2,083.48 points; while All Share Index declined 0.16% to 2,865.52 points.

The telecom index soared 1.45%, realty (0.42%) and industrials (0.23%); while insurance declined 0.7%, banks and financial services (0.37%), transport (0.34%) and consumer goods and services (0.14%).

Major gainers included Vodafone Qatar, Gulf International Services, Doha Bank, Qatar First Bank, Industries Qatar, Ezdan and Barwa; whereas Islamic Holding Group, Dlala, Alijarah Holding, Salam International Investment, Medicare Group, Baladna, Aamal Company, Qatar Islamic Insurance and Gulf Warehousing were among the losers.

Local retail investors’ net buying increased substantially to QR35.04mn against QR12.45mn on July 5.

The Arab individuals’ net buying grew substantially to QR7.51mn compared to QR0.65mn the previous day.

The Gulf institutions’ net buying also rose considerably to QR7.11mn against QR3.6mn on Sunday.

Foreign individuals turned net buyers to the tune of QR4.15mn compared with net sellers of QR1.85mn on July 5.

However, domestic funds’ net selling strengthened noticeably to QR29.43mn against QR14.8mn the previous day.

Foreign institutions were net sellers to the extent of QR22.47mn compared with net buyers of QR0.65mn on Sunday.

The Gulf individuals’ net profit booking increased marginally to QR1.85mn against QR0.6mn on July 5.

The Arab institutions continued to have no major exposure.

Total trade volumes fell 20% to 270.78mn shares, while value was up less than 1% to QR500.55mn despite 8% higher transactions at 9,065.

The transport sector’s trade volume plummeted 73% to 2.28mn equities, value by 82% to QR6.86mn and deals by 57% to 200.

The consumer goods and services sector saw 45% plunge in trade volume to 34.78mn stocks, 37% in value to QR52.85mn and 9% in transactions to 1,400.

The banks and financial services sector’s trade volume tanked 24% to 58.22 shares, while value grew 9% to QR149.17mn and deals by 9% to 2,625.

The real estate sector reported 22% shrinkage in trade volume to 77.58mn equities but on 17% growth in value to QR144.42mn and 11% in transactions to 1,748.

The industrials sector’s trade volume shrank 17% to 70.36mn stocks, whereas value was up 4% to QR106.85mn and deals by 1% to 2,023.

However, the telecom sector’s trade volume grew about 11-fold to 20.84mn shares and value by about nine-fold to QR28.95mn and transactions by about five-fold to 799.

There was 3% jump in the insurance sector’s trade volume to 6.72mn equities, 4% in value to QR11.45mn and 8% in deals to 270.

In the debt market, there was no trading of sovereign bonds and treasury bills.

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