Robust buying support from foreign and domestic institutions on Wednesday provided a huge more than 250-point thrust to take the Qatar Stock Exchange near 9,300 points altitude. More than 95% of the traded stocks gained and capitalisation rose about QR13bn to almost touch QR500bn.
An across-the-board buying – notably in insurance, consumer goods and industrials – led the 20-stock Qatar Index to surge 2.77% to close at 9,280.38 points, a day after QSE chief executive Rashid bin Ali al-Mansoori disclosed the increased exposure of the US and UK fund houses in the bourse.
Islamic stocks were seen outperforming the main index and other indices in the market, whose year-to-date losses were contained at 11.08%.
The initial weak buying trend later gave way for mild profit-booking, but after that the index was consistently on a gaining course to finally settle 250.22 points higher against the previous close, largely reflecting the sentiments in the region, ahead of US Federal Reserve’s testimony on US benchmark rates.
Small and large cap equities witnessed higher demand in the bourse, which, however, saw increased net selling by local and non-Qatari retail investors.
Market capitalisation expanded 2.57% to QR499.7bn as small, large, mid and microcap equities gained 3.89%, 2.88, 2.23% and 1.78% respectively.
Trade turnover and volumes were on an expansive mode in the bourse, where banking, industrials and telecom sectors together accounted for about 73% of the total volumes.
The Total Return Index soared 2.77% to 15,562.64 points, the All Share Index by 2.63% to 2,635.24 points and the Al Rayan Islamic Index by 2.95% to 3,680.6 points.
The insurance index surged 4.2%, followed by consumer goods (3.66%), industrials (3.16%), telecom (2.72%), banks and financial services (2.53%), real estate (1.56%) and transport (1.43%).
Major gainers included Qatar Insurance, QNB, Ooredoo, Qatar National Cement, Industries Qatar, Gulf Warehousing, Mannai Corporation, Qatar Electricity and Water, Barwa, Mazaya Qatar, Qatar Islamic Bank, Masraf Al Rayan, Ahli Bank, Zad Holding, Qatari Investors Group, Nakilat, Qatari German Company for Medical Devices, Medicare Group ad Widam Food.
Non-Qatari institutions’ net buying strengthened substantially to QR51.32mn compared to QR22.77mn on Tuesday.
Domestic institutions turned net buyers to the tune of QR14.02mn against net profit takers of QR2.87mn on July 11.
The GCC (Gulf Cooperation Council) funds’ net selling fell marginally to QR0.33mn compared to QR0.5mn the previous day.
However, local retail investors’ net profit-booking increased considerably to QR52.6mn against QR15.13mn on Tuesday.
Non-Qatari retail investors’ net selling also strengthened perceptibly to QR8.92mn compared to QR4.31mn on July 11.
The GCC individuals turned net sellers to the extent of QR3.72mn against net buyers of QR0.05mn the previous day.
Total trade volumes more than doubled to 12.78mn shares and value also more than doubled to QR413.53mn on more-than-doubled deals to 5,114.
The industrials sector’s trade volume grew more than six-fold to 3.05mn equities and value almost quadrupled to QR89.36mn on almost-doubled-transactions to 868.
The transport sector’s trade volume more than tripled to 1.03mn stocks and value more than doubled to QR21.93mn on more-than-doubled deals to 618.
The real estate sector’s trade volume more than doubled to 1.93mn shares and value more than tripled to QR42.29mn on an 83% jump in transactions to 680.
The banks and financial services sector’s trade volume more than doubled to 4.22mn equities and value also more than doubled to QR192.3mn on more-than-doubled deals to 2,012.
There was an 86% surge in the consumer goods sector’s trade volume to 0.39mn stocks to more than double value to QR28.77mn on a 52% jump in transactions to 454.
The telecom sector’s trade volume grew 7% to 2.03mn shares, value by 50% to QR31.46mn and deals by 81% to 374.
The insurance sector reported a 38% plunge in trade volume to 0.13mn equities and 41% in value to QR7.42mn but on a 54% expansion in transactions to 108.
In the debt market, there was no trading of treasury bills and government bonds.
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