Ahead of Eid al-Fitr holidays, the Qatar Stock Exchange rebounded strongly to cross the 9,000 level with more than 95% of the traded stocks extending gains and capitalisation expanding about QR15bn.
An across-the-board buying – particularly in telecom, consumer goods, industrials and banks – lifted the 20-stock Qatar Index 2.88% to 9,030.44 points, after being under bearish spell for the previous four sessions.
Foreign institutions turned bullish and there was increased net buying by local retail investors in the market, whose year-to-date losses were contained at 13.47%.
The market was on a consistent gaining path in the first 30 minutes, after which it made some course correction and remained almost stable for the next 120 minutes. Thereafter, the index was on rising path to finally settle 253 points higher against the previous close.
Islamic stocks were seen gaining faster than the main index and other indices in the bourse, which saw stronger buying in the mid and large cap segments.
Gulf institutions’ substantially weakened net selling was visible in the market, which, however, saw lower buying support from their domestic counterparts.
Market capitalisation increased 3.08% to QR489.08bn as mid, large, micro and small cap scrips gained 3.17%, 2.98%, 2.79% and 2.5% respectively.
Trade turnover and volumes were on the decline in the bourse, where banking, realty and telecom sectors together accounted for about 80% of the total volumes.
The Total Return Index soared 2.88% to 15,143.51 points, the All Share Index by 2.98% to 2,581.2 points and the Al Rayan Islamic Index by 3.04% to 3,626.12 points.
The telecom index shot up 3.57%, followed by consumer goods (3.32%), industrials (3.27%), banks and financial services (3.11%), realty (2.83%), insurance (2.12%) and transport (1.64%).
Major gainers included QNB, Industries Qatar, Mesaieed Petrochemical Holding, Mazaya Qatar, Vodafone Qatar, Gulf Warehousing, Barwa, Ezdan, Ooredoo, Qatar Islamic Bank, Commercial Bank, Doha Bank, QIIB, al khaliji, Dlala and Mannai Corporation; even as Al Khaleej Takaful and Doha Insurance were the losers.
Non-Qatari institutions turned net buyers to the tune of QR30.72mn compared with net sellers of QR23.08mn on June 21.
Local retail investors’ net buying increased significantly to QR17.15mn against QR7.84mn the previous day.
The GCC (Gulf Cooperation Council) funds’ net profit-booking fell considerably to QR30mn compared to QR80.18mn on Wednesday.
However, domestic institutions’ net buying weakened substantially to QR1.44mn against QR102.31mn on June 21.
The GCC individuals’ net selling strengthened influentially to QR12.78mn compared to QR5.14mn the previous day.
Non-Qatari retail investors’ net profit-booking rose perceptibly to QR6.53mn against QR1.74mn against on Wednesday.
Total trade volumes fell 16% to 12.52mn shares, value by 17% to QR361.04mn and deals by 2% to 4,365.
The banks and financial services sector saw a 36% plunge in trade volume to 4.88mn equities, 43% in value to QR147.07mn and 26% in transactions to 1,606.
The industrials sector’s trade volume plummeted 31% to 1.16mn stocks and value by 18% to QR53.1mn, while deals rose 18% to 689.
There was a 19% shrinkage in the telecom sector’s trade volume to 2.45mn shares but on a 15% rise in value to QR34.69mn and 57% in transactions to 494.
However, the real estate sector’s trade volume soared 83% to 2.64mn equities, value by 95% to QR47.3mn and deals by 31% to 788.
The consumer goods sector reported a 26% surge in trade volume to 0.48mn stocks, 96% in value to QR44.12mn and 20% in transactions to 442.
The transport sector’s trade volume expanded 22% to 0.56mn shares, while value shrank 23% to QR16.63mn and deals by 12% to 266.
The market witnessed a 21% increase in the insurance sector’s trade volume to 0.35mn equities and 14% in value to QR18.13mn but on a 20% fall in transactions to 80.
In the debt market, there was no trading of treasury bills and government bonds.