QSE surpasses 10,600 level on increased net buying by Gulf funds

The Qatar Stock Exchange on Thursday defied the general declining trend in view of the 25 basis points rate hike by the US Federal Reserve as its key index surged 155 points to surpass 10,600 levels.
The Gulf institutions were seen increasingly into net buying as the 20-stock Qatar Index surged 1.48% to 10,639.9 points.
The market, which was skewed towards movers, saw the index regain from an intraday low of 10,496 points.
The banking and telecom counters witnessed higher than average demand in the main market, whose year-to-date losses narrowed to mere 0.39%.
The domestic funds’ weakened net selling had its say on the main bourse, whose capitalisation added QR10.8bn or 1.77% to QR622.64bn, mainly on account of large and midcap segments.
The Arab retail investors’ lower net profit booking also had its influence in the main market, which saw a total of 0.22mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.55mn changed hands across 80 deals.
The foreign retail investors were seen decreasingly into net profit booking in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen gaining much slower than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index gained 1.48%, the All Share Index by 1.6% and the Al Rayan Islamic Index (Price) by 0.4% in the main bourse, whose trade turnover decreased amidst higher volumes.
The banks and financial services sector index shot up 2.92%, telecom (2.52%), real estate 90.83%), transport (0.81%) and consumer goods and services (0.59%); while industrials and insurance declined 0.53% and 0.37% respectively.
About 56% of the traded constituents in the main market extended gains with major movers being Ahlibank Qatar, Commercial Bank, Salam International Investment, QNB, Alijarah Holding, Qatari German Medical Devices, Gulf International Services, Ezdan, Mazaya Qatar, Ooredoo and Vodafone Qatar.
Nevertheless, Qatar Industrial Manufacturing, Qatar Cinema and Film Distribution, QLM, Widam Food, Baladna, Inma Holding and Qamco were among the losers in the main market.
In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.
The Gulf institutions’ net buying increased perceptibly to QR1501.9mn compared to QR145.09mn on May 3.
The Arab individuals’ net selling declined substantially to QR0.33mn against QR2.15mn the previous day.
The foreign individuals’ net profit booking weakened markedly to QR5.03mn compared to QR11.33mn on Wednesday.
The domestic institutions’ net selling decreased considerably to QR66.74mn against QR83.75mn on May 3.
However, the local retail investors’ net profit booking grew marginally to QR62.61mn compared to QR59.58mn the previous day.
The foreign institutions were net sellers to the extent of QR9.38mn against net buyers of QR33.32mn on Wednesday.
The Gulf retail investors’ net profit booking shot up significantly to QR6.05mn compared to QR1.06mn on May 3.
The Arab institutions had no major net exposure against net sellers to the tune of QR0.4mn the previous day.
The main market saw a 4% jump in trade volumes to 271.67mn shares but on 9% slump in value to QR670.33mn and 8% in deals to 24,202.