Qatar Stock Exchange on Wednesday gained 50 points, mainly lifted by buying support from domestic institutions and non-Qatari individual investors, a day after it witnessed heavy selloff.
Banks, telecom, realty and insurance counters witnessed higher demand, which led the 20-stock Qatar Index expand 0.47% to 10,752.1 points.
Lower net selling by Gulf institutions also helped the market, whose year-to-date gains were seen at 3.02%.
Large cap equities witnessed some brisk buying in the bourse where local and Gulf retail investors however turned net sellers.
Islamic stocks were however seen under performing the main index as well as the other indices in the market, where there was also increased net profit booking by foreign institutions.
Trade turnover and volumes were on the decline in the market, where banking, real estate, insurance and industrials sectors together accounted for about 83% of the total volumes.
Market capitalisation gained about QR2bn or 0.3% to QR579.44bn as large and midcap equities rose 0.71% and 0.01%; whereas small and microcaps fell 0.41% and 0.07% respectively.
The Total Return Index rose 0.83% to 17,600.96 points, All Share Index by 0.69% to 2,986.5 points and Al Rayan Islamic Index by 0.1% to 4,129.31 points.
The banks and financial sector saw its index soar 1.15%, telecom (0.94%), realty (0.84%), insurance (0.83%) and industrials (0.05%); while consumer goods fell 0.2% and transport was rather flat.
About 55% of the stocks extended gains with major movers being QNB, Commercial Bank, Doha Bank, QIIB, Alijarah Holding, Ooredoo, Ezdan, Qatar Insurance, Qatar Electricity and Water, Aamal Company, Mazaya Qatar, Milaha, Mesaieed Petrochemical Holding, Salam International Investment, Medicare Group and Widam Food.
Nevertheless, Qatar General Insurance and Reinsurance, Industries Qatar, Qatari Investors Group, Gulf International Services, Doha Insurance, Qatar Islamic Insurance, Barwa, Vodafone Qatar, Nakilat, Mannai Corporation, al khaliji and Qatar First Bank were among the losers.
Domestic institutions turned net buyers to the tune of QR34.2mn compared with net sellers of QR11.91mn on February 28.
Non-Qatari individual investors’ net buying strengthened considerably to QR32.79mn against QR14.93mn the previous day.
The GCC (Gulf Cooperation Council) institutions’ net selling weakened to QR8.61mn compared to QR18.36mn on Tuesday.
However, local retail investors turned net sellers to the extent of QR46.62mn against net buyers of QR15.56mn on February 28.
The GCC retail investors were also net sellers to the tune of QR4.12mn compared with net buyers of QR1.61mn the previous day.
Non-Qatari institutions’ net profit booking increased perceptibly to QR7.64mn against QR1.82mn on Tuesday.
Total trade volume fell 42% to 9.23mn shares, value by 51% to QR345.84mn and deals by 31% to 4,661.
There was 62% plunge in the industrials sector’s trade volume to 1.1mn equities, 60% in value to QR69.15mn and 31% in transactions to 1,218.
The consumer goods sector’s trade volume plummeted 60% to 0.34mm stocks, value by 57% to QR30.29mn and deals by 50% to 389.
The transport sector reported 53% shrinkage in trade volume to 0.29 shares, value by 53% to QR9.67mn and transactions by 15% to 333.
The telecom sector’s trade volume tanked 43% to 0.97mn equities, value by 72% to QR15.19mn and deals by 50% to 180.
The banks and financial services sector saw 40% decline in trade volume to 2.82mn stocks, 53% in value to QR103.93mn and 29% in transactions to 1,518.
The insurance sector’s trade volume shrank 30% to 1.11mn shares, value by 42% to QR48.84mn and deals by 54% to 111.
The real estate sector witnessed 27% slump in trade volume to 2.59mn equities, 13% in value to QR68.77mn and 13% in transactions to 912.
In the debt market, there was no trading of treasury bills and government bonds.
