Domestic institutions on Tuesday turned net buyers to extend the bullish run on the Qatar Sock Exchange to the second day.
Buying interests, particularly at the consumer goods, industrials, insurance and banking counters, led the 20-stock Qatar Index to gain another 0.16% to 9,594.51 points.
"The index continues to push on from its recent low with the prospect of a re-test of 10,000 points and 10,165 points," Kamco analysts said in their technical analysis.
The jump was supported by the oversold status of the weekly and daily relative strength index indicators along with the market approaching the support level at around 8,660 points, they said, adding medium and long-term investors can re-enter the market once the index sustains a close above 10,000 points and 10,165 points respectively.
Gulf individual investors’ weakened net selling also helped the market, whose year-to-date losses were contained at little over 8%.
Islamic stocks were seen underperforming the main index in the bourse, which however saw increased net selling by local retail investors and lower buying support from foreign funds.
Buying was skewed towards large-cap segments in the market, where Gulf institutions and non-Qatari individuals turn net profit takers.
Market capitalisation gained 0.21%, or more than QR1bn, to QR519.62bn as large and microcap scrips gained 0.38% and 0.1%, while small and midcaps fell 1.07% and 0.14% respectively.
Trade turnover expanded amidst lower volumes in the bourse, where industrials, banking and telecom sectors together accounted for more than 62% of the total volumes.
The Total Return Index gained 0.16% to 16,089.43 points, the All Share Index by 0.08% to 2,728.85 points and the Al Rayan Islamic Index by 0.09% to 3,813.68 points.
The consumer goods index rose 1.34%, followed by industrials (0.41%), insurance (0.36%) and banks and financial services (0.16%); while transport, telecom and real estate declined 1.18%, 0.88% and 0.35% respectively.
Major gainers included Industries Qatar, QNB, Qatar Insurance, Al Meera Consumer Goods, Gulf International Services, Qatar Electricity and Water, Widam Food and Medicare Group; even as Aamal Company, Vodafone Qatar, Nakilat, Qatar National Cement, Qatar Islamic Bank, Ahli Bank, Mazaya Qatar and Barwa were among the losers.
Domestic institutions turned net buyers to the tune of QR35.78mn compared with net sellers of QR2.89mn on July 24.
GCC (Gulf Cooperation Council) individuals’ net selling fell influentially to QR5.54mn against QR10.16mn on Monday.
However, local retail investors’ net selling rose considerably to QR27.46mn compared to QR15.21mn the previous day.
GCC institutions turned net profit-takers to the extent of QR11.81mn against net buyers of QR9.33mn on July 24.
Non-Qatari retail investors were also net sellers to the tune of QR3.65mn compared with net buyers of QR3.82mn on Monday.
Non-Qatari institutions’ net buying weakened perceptibly to QR12.67mn against QR15.09mn the previous day.
Total trade volumes fell 22% to 7.74mn shares, while value rose 38% to QR320.07mn and deals by 27% to 4,324.
There was a 68% plunge in the telecom sector’s trade volume to 1.56mn equities, 56% in value to QR22.47mn and 31% in transactions to 344.
The transport sector’s trade volume plummeted 39% to 0.76mn stocks and value by 35% to QR17.22mn, whereas deals increased 14% to 534.
The real estate sector reported a 16% shrinkage in trade volume to 0.88mn shares, 1% in value to QR17.01mn and 1% in transactions to 433.
The banks and financial services sector’s trade volume declined 10% to 1.59mn equities and value by 9% to QR71.81mn, while deals expanded 12% to 1,175.
However, the consumer goods sector’s trade volume more than quadrupled to 1.08mn stocks and value grew more than five-fold to QR123.26mn on almost-tripled-transactions to 1,024.
The industrials sector’s trade volume more than doubled to 1.67mn shares and value also more than doubled to QR56.66mn on a 32% growth in deals to 699.
The market witnessed a 58% surge in the insurance sector’s trade volume to 0.19mn equities to more than double value to QR11.64mn on an 83% surge in transactions to 115.
In the debt market, there was no trading of treasury bills and government bonds.
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