By Santhosh V Perumal
Business Reporter
The Qatar Stock Exchange on Wednesday rose more than 1%, mainly on the back of banking and insurance stocks.
Institutional buying support lifted the market. The 20-stock Qatar Index (based on price data) settled 124 points higher at 11,181.65 points amid fall in volumes.
Small and large cap equities were increasingly sought after in the bourse, which is up 7.73% year-to-date. Small and large caps vaulted 2.56% and 1.51%; while micro and small caps fell 0.84% and 0.3% respectively.
The index that tracks Shariah-principled stocks was, however, seen in the negative trajectory vis-à-vis gains in the other indices. QSE market capitalisation rose 1.09% or about QR7bn to QR618.6bn.
The Total Return Index rose 1.12% to 16,667.33 points and the All Share Index by 1.04% to 2,851.85 points; while the Al Rayan Islamic Index was down 0.06% to 3,599.81 points.
Banks and financial services stocks gained 1.61%, followed by insurance (1.23%), transport (0.99%), industrials (0.93%) and consumer goods (0.89%); whereas realty fell 0.09% and telecom was unchanged.
About 61% of the traded stocks extended gains with major movers being QNB, Gulf International Services, Qatar Islamic Bank, Salam International Investment, United Development Company, Ezdan, Mazaya Qatar, Milaha and Gulf Warehousing.
However, Industries Qatar, Barwa, Dlala and Islamic Holding Group were seen bucking the trend.
Domestic institutions turned net buyers to the tune of QR65.28mn against net sellers of QR19.52mn the previous day.
Foreign institutions’ net selling sunk to QR36.66mn compared to QR106.79mn on Tuesday.
Qatari retail investors’ net buying fell to QR24.57mn against QR123.33mn on December 16.
Non-Qatari individual investors turned net profit-takers to the extent of QR53.12mn compared with net buyers of QR2.97mn the previous day.
Total trade volume fell 31% to 14.08mn shares, value by 31% to QR643.12mn and transactions by 2% to 7,846.
The insurance sector’s trade volume plummeted 80% to 0.02mn equities, value by 86% to QR0.81mn and deals by 59% to 27.
The real estate sector saw its trade volume plunge 51% to 3.85mn stocks, value by 43% to QR94.1mn and transactions by 16% to 1,567.
The banks and financial services sector reported a 33% slippage in trade volume to 3.71mn shares, 39% in value to QR232.82mn and 15% in deals to 2,088.
The consumer goods sector’s trade volume tanked 33% to 0.83mn equities, value by 53% to QR42.29mn and transactions by 30% to 600.
The industrials sector’s trade volume declined 23% to 2.07mn stocks and value by 7% to QR180.67mn, while deals rose 18% to 1,978.
However, there was a 39% surge in the telecom sector’s trade volume to 2.57mn shares, 18% in value to QR53.01mn and 36% in transactions to 1,130.
Although the transport sector’s trade volume was flat at 1.03mn, its value fell 12% to QR39.41mn. Deals were up 4% to 456.
In the debt market, there was no trading of treasury bills and government bonds.
In a separate communiqué, the bourse informed that it will remain closed on Thursday for Qatar National Day and will resume trading on Sunday.
