The Qatar Stock Exchange on Monday crossed 9,200 levels on robust buying especially in real estate, telecom and banking equities.
Foreign institutions’ strong bullish outlook helped the 20-stock Qatar Index gain 0.72% to 9,211.02 points. The local bourse is up 8.07% year-to-date.
The market had touched a low of less than 9,150 points in the first 15 minutes of opening but to see progressive strengthening for the rest of the session to finally settle 66 points higher.
Non-Qatari individuals’ marginal net buying and Gulf funds’ weakened net selling also helped the bourse, whose capitalisation added 0.96% to QR505.26bn.
Islamic equities, however, declined vis-à-vis gains in the other indices in the market, which saw large cap scrips outperform the market.
Trade turnover expanded amidst lower volumes on the bourse, where banking sector alone accounted for more than 62% of the total volume.
The Total Return Index gained 0.72% to 15,446.34 points and All Share Index by 0.94% to 2,613.42 points, while Al Rayan Islamic Index declined 0.16% to 3,622 points.
The realty index soared 2.68%, telecom (1%), banks and financial services (0.78%), transport (0.55%), industrials (0.51%) and insurance (0.41%); whereas consumer goods fell 0.18%.
More than 56% of the traded stocks extended gains with major movers being QNB, Ezdan, Qatar Electricity and Water, Industries Qatar, Gulf International Services, Barwa, Ooredoo, Milaha, QIIB, al khaliji and Masraf Al Rayan.
Nevertheless, Qatar First Bank, Islamic Holding Group, Medicare Group, Qatari Investors Group, Aamal Company, Mazaya Qatar, Vodafone Qatar and Gulf Warehousing were among the losers.
Non-Qatari funds turned net buyers to the tune of QR24.69mn compared with net sellers of QR5.21mn the previous day.
Non-Qatari retail investors were also net buyers to the extent of QR0.07mn against net sellers of QR1.32mn on January 21.
The Gulf institutions’ net profit booking fell substantially to QR7.65mn compared to QR11.62mn on Sunday.
However, local individuals’ net profit booking rose marginally to QR11.58mn against QR11.46mn the previous day.
Domestic institutions turned net sellers to the tune of QR5.45mn compared with net buyers of QR29.28mn on January 21.
The Gulf retail investors were also net sellers to the extent of QR0.09mn against net buyers of QR0.39mn on Sunday.
Total trade volume was down 2% to 11.68mn shares, while value gained 15% to QR233.85mn and deals by 8% to 3,552.
The transport sector’s trade volume more than doubled to 0.29mn equities, value soared 24% to QR5.35mn and transactions by 41% to 169.
There was 57% surge in the insurance sector’s trade volume to 0.11mn stocks and 41% in value to QR5.59mn on more than tripled deals to 148.
The consumer goods sector’s trade volume expanded 24% to 0.42 shares, while value fell 1% to QR25.03mn despite 47% higher transactions to 646.
The banks and financial services sector saw 17% increase in trade volume to 7.26mn equities, 32% in value to QR131.12mn and 8% in deals to 1,319.
The telecom sector’s trade volume gained 7% to 0.59mn stocks and value by 28% to QR12.08mn, while transactions declined 18% to 249.
The real estate sector reported 1% jump in trade volume to 1.6mn shares, value by 5% to QR23.47mn and deals by 18% to 545.
However, the market witnessed 52% plunge in the industrials sector’s trade volume to 1.41mn equities, 20% in value to QR31.21mn and 7% in transactions to 658.
In the debt market, there was no trading of treasury bills but as many as 66,200 sovereign bonds valued at QR654.69mn changed hands across three deals.