QSE extends gains to settle above 12,500 mark

Real estate and banks witnessed higher than average buying interests, leading to an 0.84% gain in the 20-stock Qatar Index on Thursday. PICTURE: Noushad Thekkayil

By Santhosh V. Perumal Business Reporter

Institutional investors’ buying interest onThursday added another 104 points in the Qatar Stock Exchange, which settled above the 12,500 mark. Real estate and banks witnessed higher than average buying interests, leading to an 0.84% gain in the 20-stock Qatar Index (based on price data) to 12,520.66 points amid marginal fall in trade volumes. Islamic stocks were seen gaining faster in the bourse, which is up 1.91% year-to-date. Both local and non-Qatari individual investors, however, continued to be bearish in the market as realty, telecom, banking and industrials stocks cornered more than 93% of the total trading volume. Market capitalisation expanded 0.59%, or about QR4bn, to QR676.06bn with large, mid and micro-cap equities gaining 1.04%, 0.86% and 0.83% respectively, while small caps fell 0.85%. The Total Return Index rose 0.94% to 18,793.1 points, the All Share Index by 0.87% to 3,235.14 points and the Al Rayan Islamic Index by 1.8% to 4,392.14 points. Realty stocks surged 1.75%, followed by banks and financial services (0.9%), telecom (0.82%), industrials (0.8%), transport (0.67%) and consumer goods (0.66%), while insurance fell 1.2%). More than 63% of the stocks extended gains with major movers being Barwa, Ezdan Real Estate, Masraf Al Rayan, Qatar Islamic Bank, Commercial Bank, Ooredoo, Industries Qatar, Aamal Company, Milaha and Salam International Investment. But QNB, Islamic Holding Group, Qatari Investors Group, Mesaieed Petrochemical Holding, Gulf International Services and Nakilat were seen bucking the trend. Foreign institutions’ net buying soared to QR31.02mn compared to QR11.45mn the previous day. Domestic institutions’ net buying increased to QR34.47mn against QR32.63mn on February 4. Qatari retail investors’ net selling rose to QR36.42mn compared to QR27.63mn on Wednesday. Non-Qatari individual investors’ net profit-booking strengthened to QR29.08mn against QR16.56mn the previous day. Total trade volume was down 2% to 28.05mn shares, value by 8% to QR883.88mn and transactions by 1% to 10,641. The insurance sector’s trade volume plummeted 65% to 0.15mn stocks, value by 70% to QR9.28mn and deals by 47% to 146. The market saw a 34% plunge in the telecom sector’s trade volume to 3.87mn equities, 30% in value to QR75.19mn and 7% in transactions to 1,279. The industrials sector witnessed its trade volume decline 18% to 2.73mn shares, value by 28% to QR140.14mn and deals by 21% to 1,614. However, the real estate’s trade volume soared 14% to 14.36mn stocks, value by 11% to QR322.49mn and transactions by 29% to 4,101. The consumer goods sector’s trade volume expanded 9% to 1.12mn equities but value shrank 36% to QR36.56mn and deals by 21% to 587. The transport sector’s trade volume was up 9% to 0.61mn shares, while value tanked 11% to QR31.45mn and transactions by 19% to 251. The banks and financial services reported a 6% expansion in trade volume 5.2mn stocks and 10% in value to QR268.77mn but there was a 7% fall in deals to 2,663. In the debt market, there was no trading of treasury bills and government bonds.