Qatar Stock Exchange bounced back with huge 231 points gains to inch near the 9,000 mark on the back of an overall stronger buying in the telecom, insurance and industrials stocks.

Global oil prices remaining firm over $30 a barrel has had its reflection in the 20-stock Qatar Index, which rose 2.64% to 8,979.5 points.

Foreign and Gulf institutions turned bullish and there was weakening of net selling by their domestic counterparts in the market, where trading turnover fell amid higher volumes.

However, local retail investors turned bullish in the bourse, which is down 13.9% year-to-date.

Small and large cap equities gained the maximum in the market, where the real estate, banking and industrials sectors together accounted for more than 77% of the total trading volume.

Market capitalisation expanded 2.58% or more than QR12bn to QR478.63bn with small, large, micro and mid cap equities gaining 2.71%, 2.67%, 2.45% and 2.11% respectively.

The Total Return Index shot up 2.64% to 13,957.34 points, All Share Index by 2.56% to 2,386.85 points and Al Rayan Islamic Index by 2.63% to 3,196.71 points.

Telecom stocks surged 4.25%, insurance (3.92%), industrials (3.01%), transport (2.5%), banks and financial services (2.24%), realty (2.09%) and consumer goods (1.38%).

More than 87% of the stocks extended gains with major movers being Industries Qatar, Gulf International Services, Nakilat, Qatari Investors Group, Ooredoo, Vodafone Qatar, QNB, Commercial Bank, Doha Bank, Qatar Islamic Bank, QIIB, Ezdan, Barwa and United Development Company; even as Mazaya Qatar and Milaha bucked the trend.

Non-Qatari institutions turned net buyers to the extent of QR8.82mn compared with net sellers of QR11.24mn on Tuesday.

The GCC (Gulf Cooperation Council) institutions were also net buyers to the tune of QR8.23mn against net sellers of QR7.74mn on January 26.

Domestic institutions’ net profit booking plunged to QR2.79mn compared to QR9.83mn the previous day.

Non-Qatari individual investors’ net selling shrank to QR2.6mn against QR6.09mn on Tuesday.

However, local retail investors turned net sellers to the extent of QR8.57mn compared with net buyers of QR35.85mn on January 26.

The GCC individuals’ net profit booking increased to QR3.09mn against QR0.93mn the previous day.

Total trade volume rose 14% to 7.05mn shares, while value was down 2% to QR213.15mn. Deals grew 22% to 4,091.

The insurance sector’s trade volume more than doubled to 0.05mn equities and value more than tripled to QR3.06mn on almost doubled transactions to 73.

The consumer goods sector’s trade volume more than doubled to 0.69mn stocks and value almost doubled to QR17.63mn on 44% jump in deals to 289.

The real estate sector reported 53% surge in trade volume to 2.67mn shares but on 1% fall in value to QR37.28mn. Transactions gained 24% to 888.

The industrials sector saw 42% increase in trade volume to 1.21mn equities, 27% in value to QR47.22mn and 24% in deals to 922.

The telecom sector’s trade volume expanded 31% to 0.64mn stocks, value by 59% to QR14.41mn and transactions by 16% to 522.

However, there was 51% plunge in the transport sector’s trade volume to 0.21mn shares and 45% in value to QR5.91mn but on 71% rise in deals to 197

The banks and financial services sector’s trade volume tanked 33% to 1.58mn equities and value by 22% to QR87.63mn; while transactions were up 9% to 1,200.

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

 

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