|
Buying support from foreign institutions extended the bull run on the Qatar Exchange for the second day yesterday, which also saw the QR3.23bn initial public offer of the Qatar Petroleum unit open for subscription. |
Local retail investors, who are primarily the beneficiaries of the IPO, continued to be net buyers as the 20-stock Qatar Index rose by 0.11% to 10,379.59 points.
However, domestic institutions increasingly sought to book profits in the market, which is up 24.17% or 2,021 points year-to-date.
Buying pressure was largely witnessed at the industrials counter at the bourse, whose key index has been remaining above the 10,000 mark for the 35th consecutive day.
Mesaieed Petrochemical Holding Company (MPHC), a holding entity of Q-Chem I, Q-Chem II and Qatar Vinyl Company is offering 323.19mn shares, primarily to local investors, at QR10.2 per share through its maiden offer.
Amid an overall bullish run, the index that tracks Shariah-principled stocks was seen to lose its sheen.
The 20-stock Total Return Index (TRI) was up 0.11% to 14,830.05 points and the All Share Index (ASI, with wider constituents) by 0.08% to 2,587.57; whereas the Al Rayan Islamic Index (ARII) fell 0.05% to 3,036.14.
All the three indices factored in dividend income as well.
On an YTD basis, TRI gained 31.09%, ASI by 28.44% and ARII by 22.02%.
Industrials stocks gained 0.49%, followed by banks and financial services (0.07%) and consumer goods (0.05%), whereas transport fell 0.43%, telecom 0.36%, insurance 0.35% and real estate lost 0.33%.
YTD, transport equities surged 38.65%, followed by telecom (36.51%), industrials (33.23%), consumer goods (27.35%), banks and financial services (25.36%), realty (21.18%) and insurance (18.98%).
Influential gainers included Industries Qatar, Gulf International Services, Commercial Bank, Doha Bank and United Development Company.
However, Vodafone Qatar, Barwa, Mazaya Qatar, Nakilat, Masraf Al Rayan, Qatari Investors Group and Milaha bucked the trend.
Market capitalisation rose 0.19%, or more than QR1bn, to QR555.61bn. Micro, large and mid-cap stocks gained 0.38%, 0.16% and 0.08% respectively, whereas small caps fell 0.55%.
Foreign institutions’ net buying stood at QR45.06mn against QR4.98mn the previous day.
Non-Qatari institutions’ net buying was QR8.82mn compared to QR3.67mn on Monday.
Qatari individual investors’ net buying was QR2.19mn against QR2.52mn the previous day.
Domestic institutions’ net selling amounted to QR56.04mn compared to QR11.19mn on Monday.
Total trading volume was down 6% to 7.22mn stocks, whereas value rose 7% to QR273.77mn and transactions by less than 1% to 3,694.
The insurance sector’s trading volume grew five-fold to 0.3mn shares and value by about six-fold to QR13.28mn on more-than-quadrupled deals to 173.
There was 26% surge in industrials sector’s trading volume to 1.16mn equities, 36% in value to QR88.51mn and 3% in transactions to 1,153.
The real estate sector’s trading volume soared 20% to 0.98mn stocks, while value fell 1% to QR19.03mn and deals by 4% to 382.
However, the consumer goods sector’s trading volume plummeted 33% to 0.36mn shares, while value rose less than 1% to QR12.67mn. Transactions fell 13% to 216.
The banks and financial services sector reported 23% plunge in trading volume to 2.2mn equities, 11% in value to QR101.58mn and 20% in deals to 1,075.
The telecom sector’s trading volume tanked 11% to 1.92mn stocks, whereas value was up 1% to QR25.23mn and transactions by 37% to 503.
The transport sector’s trading volume was down 6% to 0.31mn equities and value by 25% to QR13.47mn but deals gained 8% to 192.
In the debt market, there was no trading of treasury bills and government bonds.