QSE edges up as key index crosses 10,600; Islamic equities outperform

Reflecting the global optimism over expectations of a strong economic rebound in China, the Qatar Stock Exchange yesterday gained 50 points and its key index surpassed 10,600 levels.
The telecom, real estate, consumer goods and industrials counters witnessed higher than average demand as the 20-stock Qatar Index gained 0.47% to 10,621.81 points.
The market, which was skewed towards gainers, was seen touching an intraday high of 10,741 points.
“The first nearby resistance level comes at 10,780 points, which if broken would lead to 11,215 point and maybe higher to 11,500 point, knowing that a firm close above this would decrease the downside risk,” Kamco said in its technical analysis note.
The foreign institutions were increasingly net buyers in the main market, whose year-to-date losses were curtailed to 0.55%.
About 71% of the traded constituents extended gains to investors in the main bourse, whose capitalisation saw QR1.59bn or 0.26% jump to QR611.26bn, mainly on account of micro and small cap segments.
The foreign retail investors were increasingly net buyers in the main market, which saw a total of 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.36mn changed hands across 24 deals.
The Gulf institutions continued to be net increasingly net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen outperforming the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index rose 0.47%, the All Share Index by 0.24% and the Al Rayan Islamic Index (Price) by 1.22% in the main bourse, whose trade turnover and volumes were on the increase.
The telecom sector index soared 2.12%, realty (1.53%), consumer goods and services (1.22%), industrials (1.13%), insurance (0.1%) and transport (0.09%); while banks and financial services fell 0.49%.
Major gainers in the main market included Ezdan, Zad Holding, United Development Company, Gulf International Services, Qamco, Doha Bank, QIIB, Industries Qatar, Ooredoo, Qatar Electricity and Water, Vodafone Qatar and Gulf Warehousing.
Nevertheless, Mannai Corporation, Qatar General Insurance and Reinsurance, QNB, Inma Holding and Medicare Group were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
The foreign institutions’ net buying increased substantially to QR46.14mn compared to QR18.064mn on March 1.
The foreign retail investors’ net buying expanded marginally to QR0.19mn against QR0.18mn the previous day.
However, the domestic institutions’ net selling grew substantially to QR36.38mn compared to QR3.16mn on Wednesday.
The local individual investors’ net profit booking strengthened noticeably to QR10.08mn against QR8.43mn on March 1.
The Arab individual investors’ net selling grew perceptibly to QR2.5mn compared to noticeably to QR1.92mn the previous day.
The Gulf retail investors turned net sellers to the tune of QR0.93mn against net buyers of QR0.28mn on Wednesday.
The Gulf institutions’ net buying weakened markedly to QR3.54mn compared to QR4.25mn on March 1.
The Arab institutions continued to have no major net exposure for the second straight session.
The main market saw a 31% surge in trade volumes to 153.47mn shares, 28% in value to QR503.24mn and 21% in deals to 16,148.