The Qatar Stock Exchange on Thursday witnessed more than 65% of the traded stocks extend gains, enabling it to inch towards 9,550 levels.
Increased buying support from domestic institutions was instrumental in lifting the 20-stock Qatar Index for the second consecutive day by 0.42% to 9,542.28 points.
Islamic stocks were seen gaining faster than the main index and other indices in the market, whose year-to-date losses were contained at 8.57%.
The market opened a stronger note and the index inched near 9,580 points, after which it was largely on a slow selling mode to finally settle 40 points higher against the previous close.
Weakened net selling by Gulf institutions as well non-Qatari and Gulf individuals also helped the bourse, where buying was skewed towards microcap equities.
Market capitalisation rose 0.22% or more than QR1bn to QR517bn as micro, large, small and midcap scrips gained 0.61%, 0.32%, 0.15% and 0.06% respectively.
However, foreign institutions turned bearish and there was also higher net profit-booking by local retail investors.
Trade turnover shrank amidst higher volumes in the bourse, where transport, real estate and banking sectors together accounted for about 68% of the total volumes.
The Total Return Index rose 0.42% to 16,001.83 points, the All Share Index by 0.22% to 2,716.48 points and the Al Rayan Islamic Index by 0.63% to 3,792.61 points.
The telecom index soared 2.05%, followed by industrials (0.88%), consumer goods (0.87%) and banks and financial services (0.09%); while transport, insurance and realty declined 1.75%, 0.36% and 0.08% respectively.
Major gainers included Ooredoo, Gulf International Services, Aamal Company, Barwa, Mazaya Qatar, Gulf Warehousing, Doha Bank, Commercial Bank, QIIB, Qatar Islamic Bank, Woqod, Qatari Investors Group and Industries Qatar.
Nevertheless, QNB, Milaha, Vodafone Qatar, Ezdan, Qatar National Cement, Al Khaliji and Qatari German Company for Medical Devices were among the losers.
Domestic institutions’ net buying strengthened substantially to QR38.42mn compared to QR13.08mn on July 19.
The GCC (Gulf Cooperation Council) funds’ net selling weakened influentially to QR7.9mn against QR20.1mn on Wednesday.
The GCC individuals’ net profit-booking also declined to QR0.76mn compared to QR9.19mn the previous day.
Non-Qatari retail investors’ net selling weakened perceptibly to QR0.51mn against QR0.97mn on July 19.
However, non-Qatari institutions turned net sellers to the tune of QR21.66mn compared with net buyers of QR21.47mn on Wednesday.
Local retail investors’ net profit-booking increased significantly to QR7.62mn against QR4.36mn the previous day.
Total trade volumes rose 9% to 11.46mn shares, while value fell 16% to QR283.1mn despite 16% higher deals to 4,162.
The transport sector’s trade volume grew more than seven-fold to 2.87mn equities and value by about six-fold to QR68.23mn on almost-tripled transactions to 959.
The real estate sector’s trade volume more than doubled to 2.5mn stocks, value soared 63% to QR33.04mn and deals by 13% to 477.
There was an 85% surge in the industrials sector’s trade volume to 1.63mn shares, 15% in value to QR54.85mn and 30% in transactions to 764.
However, the telecom sector’s trade volume plummeted 58% to 1.66mn equities, value by 32% to QR29.92mn and deals by 18% to 361.
The insurance sector reported a 50% plunge in trade volume to 0.02mn stocks, 65% in value to QR0.86mn and 44% in transactions to 40.
The consumer goods sector’s trade volume tanked 49% to 0.36mn shares, value by 49% to QR23.27mn and deals by 47% to 334.
The banks and financial services sector saw a 28% decline in trade volume to 2.4mn equities and 56% in value to QR72.93mn but on a 9% increase in transactions to 1,227.
In the debt market, there was no trading of treasury bills and government bonds.
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