By Santhosh V. Perumal
Business Reporter
Real estate and telecom stocks on Tuesday propelled the Qatar Stock Exchange in higher trajectory with its key index inching near the 12,300 mark.
Domestic institutions’ net buying support lifted the 20-stock Qatar Index (based on price data) for the fourth consecutive session by 0.23% to 12,264.38 points amid lower trade volumes.
The index that tracks Shariah-principled stocks was seen gaining faster than the other indices in the bourse, which is, however, down 0.17% year-to-date.
However, selling pressure was seen strong among foreign retail investors and institutions in the market, where realty, banking and telecom stocks together cornered more than 71% of the total trading volume.
Market capitalisation expanded 0.3% or QR2bn to QR665.48bn with large and small cap equities gaining 0.31% and 0.27%; even as micro and mid caps were down 0.33% and 0.12% respectively.
The Total Return Index rose 0.35% to 18,778.48 points, All Share Index by 0.32% to 3,238.06 points and Al Rayan Islamic Index by 0.47% to 4,428.19 points.
Realty stocks surged 1%, telecom (0.86%), industrials (0.27%), transport (0.22%), banks and financial services (0.21%) and consumer goods (0.17%); while insurance fell 0.75%.
About 74% of the stocks extended gains with major movers being QNB, Mazaya Qatar, Barwa, Ezdan, Vodafone Qatar, Mesaieed Petrochemical Holding, Commercial Bank, Masraf Al Rayan and Milaha, while Qatar Islamic Bank, Dlala, Salam International Investment and United Development Company bucked the trend.
Domestic institutions turned net buyers to the extent of QR36.72mn against net sellers of QR11.8mn the previous day.
Qatari retail investors’ net buying fell to QR2.93mn compared to QR24.73mn on March 9.
Non-Qatari individual investors’ net selling surged to QR22.27mn against QR7.71mn on Monday.
Foreign institutions’ net profit booking strengthened to QR17.37mn compared to QR5.18mn the previous day.
Total trade volume was down 6% to 9.5mn shares, value by 12% to QR418.67mn and transactions by 11% to 4,702.
The market saw 78% plunge in the insurance sector’s trade volume to 0.09mn stocks, 69% in value to QR7.46mn and 76% in deals to 70.
The transport sector’s trade volume plummeted 46% to 0.25mn equities but value rose 42% to QR23.47mn. Transactions fell 51% to 118.
There was 22% shrinkage in the real estate’s trade volume to 2.99mn shares, 32% in value to QR104.93mn and 18% in deals to 1,028.
The banks and financial services sector’s trade volume tanked 4% to 2.18mn stocks but value rose 10% to QR133.92mn. Transactions were down 14% to 1,187.
However, the telecom sector’s trade volume shot up 40% to 1.6mn equities, value by 33% to QR35.1mn and deals by 16% to 741.
The market witnessed 23% surge in the consumer goods sector’s trade volume to 0.96mn shares but on 23% fall in value to QR26.88mn and 10% in transactions to 407.
The industrials sector saw its trade volume soar 15% to 1.42mn stocks, while value lost 12% to QR86.91mn but deals gained 13% to 1,151.
In the debt market, there was no trading of treasury bills and government bonds.
