The Qatar Stock Exchange on Tuesday gained in excess of 1% on receding fears of global banking contagion, snapping eight consecutive days of bearish spell.
The Gulf institutions were increasingly net buyers as the 20-stock Qatar Index shot up about 100 points to 9,876.98 points.
The market, which was heavily skewed towards gainers, recovered from an intraday low of 9,753 points.
The insurance, banking, telecom and real estate counters witnessed higher than demand in the main market, whose year-to-date losses narrowed to 7.53%.
More than 65% of the traded constituents extended gains in the main bourse, whose capitalisation was seen expanding QR7.06bn or 1.25% to QR571.13bn, mainly on account of large and midcap segments.
The Arab retail investors turned bullish in the main market, which saw a total of 2.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR4.72mn changed hands across 72 deals.
The foreign individual investors were net buyers in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index rose 1.16%, All Share Index by 1.21% and Al Rayan Islamic Index (Price) by 0.49% in the main bourse, whose trade turnover and volumes were on the increase.
The insurance sector index shot up 2.83%, banks and financial services (1.74%), telecom (1.45%), realty (1.39%), consumer goods and services (0.98%) and transport (0.59%); while industrials was down 0.05%.
Major gainers in the main market included Estithmar Holding, Lesha Bank, Ezdan, Dlala, Gulf International Services, QNB, Commercial Bank, Inma Holding, Salam International Investment, Woqod, Baladna, Qatari Investors Group, Qatar Insurance, Al Khaleej Takaful, Mazaya Qatar and Ooredoo. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.
Nevertheless, Beema, Barwa, Qatar General Insurance and Reinsurance, QLM, Zad Holding and Industries Qatar were among the losers in the main market.
The Gulf institutions’ net buying increased considerably to QR21.54mn compared to QR11.78mn on March 20.
The Arab individuals turned net buyers to the tune of QR12.56mn against net sellers of QR2.85mn on Monday.
The foreign retail investors were net buyers to the extent of QR2.32mn compared with net sellers of QR4.14mn the previous day.
The Gulf individual investors turned net buyers to the tune of QR0.08mn against net sellers of QR0.66mn on March 20.
However, the domestic institutions’ net selling increased noticeably to QR26.98mn compared to QR17.5mn on Monday.
The foreign institutions’ net profit booking grew significantly to QR19.59mn against QR7.5mn the previous day.
The local retail investors’ net buying declined markedly to QR10.07mn compared to QR20.57mn on March 20.
The Arab institutions had no major net exposure against net buyers to the tune of QR0.29mn on Monday.
In the main market, trade volumes surged 44% to 178.29mn shares, value by 18% to QR443.36mn and deals by 13% to 18,336.