Ahead of the US Federal Reserve meeting, the global bourses, including the Qatar Stock Exchange were on an upward trajectory for the second straight session and its key index gained more than 103 points to inch towards 10,000 levels.
The Gulf institutions were increasingly net buyers as the 20-stock Qatar Index shot up 1.04% to 9,980.02 points, reflecting the sentiments on renewed assurances from the US sovereign support amidst the banking crisis.
The market, which was skewed towards gainers, had touched an intraday high of 10,013 points.
The industrials, telecom, consumer goods and insurance counters witnessed higher than demand in the main market, whose year-to-date losses narrowed further to 6.56%.
About 69% of the traded constituents extended gains in the main bourse, whose capitalisation was seen expanding QR6.75bn or 1.18% to QR577.88bn, mainly on account of midcap segments.
The domestic institutions’ weakened net selling had its influence in the main market, which saw a total of 0.42mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.08mn changed hands across 26 deals.
However, the foreign funds were increasingly net profit takers 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 1.04%, All Share Index by 0.99% and Al Rayan Islamic Index (Price) by 0.95% in the main bourse, whose trade turnover grew amidst lower volumes.
The industrials sector shot up 3.01%, telecom (1.71%), consumer goods and services (1.6%), insurance (1.25%), real estate (0.64%) and banks and financial services (0.17%); while transport shrank 0.18%.
Major gainers in the main market included Estithmar Holding, Qatar General Insurance and Reinsurance, Zad Holding, Industries Qatar, Inma Holding, Dukhan Bank, Qatari German Medical Devices, Gulf International Services, QLM, Qatar Insurance, Mazaya Qatar and Ooredoo.
Nevertheless, Qatar Investors Group, Dlala, Lesha Bank, Commercial Bank and Qatar National Cement were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
The Gulf institutions’ net buying increased substantially to QR33.27mn compared to QR21.54mn on March 21.
The domestic institutions’ net selling decreased significantly to QR0.92mn against QR26.98mn the previous day.
However, the foreign institutions’ net profit booking grew notably to QR21.04mn compared to QR19.59mn on Tuesday.
The foreign retail investors were net sellers to the tune of QR4.56mn against net buyers of QR2.32mn on March 21.
The local retail investors turned net sellers to the extent of QR4.19mn compared with net buyers of QR10.07mn the previous day.
The Arab individuals were net profit takers to the tune of QR2.27mn against net buyers of QR12.56mn on Tuesday.
The Arab institutions turned net sellers to the extent of QR0.2mn compared with no major net exposure on March 21.
The Gulf individual investors were net profit takers to the tune of QR0.09mn against net buyers of QR0.08mn the previous day.
In the main market, trade volumes were down about 1% to 176.78mn shares, whereas value surged 23% to QR545.01mn and deals by 8% to 19,806.