An across-the-board buying — particularly in real estate, transport, insurance and banking sectors — on Monday helped the Qatar Stock Exchange rebound and its key index comfortably surpassed 9,400 levels.
Mainly on the back of the strong bullish outlook of foreign institutions, the 20-stock Qatar Index gained about 1% to 9,436.08 points.
The Gulf institutions were seen marginally bullish and there was increased buying support from non-Qatari individuals in the market, whose year-to-date losses were at 9.59%.
Islamic stocks were seen gaining slower than the main index and other indices on the bourse, where both domestic institutions and Gulf individuals however turned net profit takers and there was increased net selling by local retail investors.
The market opened on a weak note and continued the slide for the next 30 minutes to reach near 9,300 points, after which there was mild buying support for the next 60 minutes. Slower profit booking ensued for the next 30 minutes. Then the market was on a consistent upward path with strong buying reported in the last few minute. Thus, the index settled 93 points higher against the previous close.
Market capitalisation expanded 1.02% or more than QR5bn to QR509.78bn as large, mid and small cap scrips gained 1.17%, 0.62% and 0.45% respectively; even as microcaps fell 0.24%.
Trade turnover and volumes were on the increase in the bourse, where industrials, banking and telecom sectors together accounted for about 83% of the total volumes.
The Total Return Index gained 0.99% to 15,823.75 points, All Share Index by 1.14% to 2,685.1 points and Al Rayan Islamic Index by 0.85% to 3,728.02 points.
The realty index soared 2.22%, transport (1.73%), insurance (1.4%), banks and financial services (1.21%), industrials (0.41%), telecom (0.28%) and consumer goods (0.04%).
More than 71% of the traded stocks extended gains with major movers being Gulf Warehousing, Gulf International Services, Qatar Insurance, Ezdan, QNB, Qatar Islamic Bank, QIIB, Masraf Al Rayan, Barwa, Mazaya Qatar, Ooredoo, Nakilat, Qatar Electricity and Water, Qatari German Company for Medical Devices and United Development Company.
Nevertheless, Qatar First Bank, Zad Holding, Widam Food, Qatar Islamic Insurance, Vodafone Qatar and Commercial Bank were among the losers.
Non-Qatari institutions turned net buyers to the tune of QR34.47mn compared with net sellers of QR2.72mn the previous day.
The GCC (Gulf Cooperation Council) funds were also net buyers to the extent of QR0.61mn against net sellers of QR3.86mn on Sunday.
Non-Qatari retail investors’ net buying increased perceptibly to QR0.71mn compared to QR0.37mn on July 14.
However, domestic institutions turned net sellers to the tune of QR14.5mn against net buyers of QR8.21mn the previous day.
The GCC individuals were also net sellers to the extent of QR11.26mn compared with net buyers of QR0.46mn on Sunday.
Local retail investors’ net profit booking strengthened influentially to QR10.09mn against QR2.45mn on July 14.
Total trade volumes rose 49% to 7.26mn shares, value by 59% to QR208.89mn and deals by 49% to 2,799.
The industrials sector’s trade volume grew more than seven-fold to 2.39mn equities and value more than tripled to QR64.17mn on more than doubled transactions to 561.
The insurance sector’s trade volume quadrupled to 0.08mn stocks and value rose about 13-fold to QR5.12mn on more than five-fold jump in deals to 95.
The transport sector’s trade volume almost tripled to 0.35mn shares and value grew almost six-fold to QR15.48mn on more than doubled transactions to 296.
There was 22% surge in the real estate sector’s trade volume to 0.67mn equities, 10% in value to QR11.89mn and 24% in deals to 337.
The banks and financial services sector’s trade volume soared 16% to 2.18mn stocks, value by 18% to QR84.82mn and transactions by 25% to 1,021.
However, the telecom sector reported 21% plunge in trade volume to 1.42mn shares and 6% in value to QR15.99mn but on 41% increase in deals to 290.
The consumer goods sector’s trade volume declined 11% to 0.17mn equities, whereas value rose 8% to QR11.43mn and transactions by 5% to 199.
In the debt market, there was no trading of treasury bills but a total of 123,210 government bonds valued at QR1.23bn traded across three deals.