By Santhosh V. Perumal/Business Reporter
Qatar Stock Exchange continued to be under bullish momentum for the third consecutive day as its key index gained 42 points, mainly lifted by telecom, insurance and industrials stocks.
Local retail investors turned marginally bullish and there was increased net buying support from non-Qatari individual investors as the 20-stock Qatar Index added another 0.41% to 10,258.72 points.
Gulf institutions were also seen exhibiting increased net buying in the market, which is, however, down 16.5% year-to-date.
Micro cap equities were high in demand in the bourse, where overall volumes expanded.
However, foreign and domestic institutions turned bearish and the buying support of Gulf retail investors weakened in the bourse, where industrials, consumer goods and banking sectors dominated the trading ring as their stocks accounted for about 67% of the volumes.
Market capitalisation rose 0.34% or about QR2bn to QR541.6bn.
The Total Return Index rose 0.41% to 15,945.71 points, All Share Index by 0.38% to 2,732.5 points and Al Rayan Islamic Index by 0.11% to 3,798.82 points.
Telecom stocks gained 1.21%, insurance (1.17%), industrials (0.88%), banks and financial services (0.21%), real estate (0.13%) and consumer goods (0.11%); while transport fell 0.55%.
More than 56% of the traded stocks extended gains with major gainers being QNB, Industries Qatar, QIIB, Aamal Company, Gulf International Services, Mesaieed Petrochemical Holding, Al Khaleej Takaful, Mazaya Qatar, United Development Company, Barwa, Vodafone Qatar and Ooredoo; even as Commercial Bank, Qatar Islamic Bank, Nakilat and Qatari Investors Group bucked the trend.
Local retail investors turned net buyers to the extent of QR1.03mn against net sellers of QR13.49mn the previous day.
Non-Qatari individual investors’ net buying strengthened to QR6.18mn compared to QR3.05mn on Wednesday.
The GCC (Gulf Cooperation Council) institutions’ net buying rose to QR1.79mn against QR1mn on December 23.
However, domestic institutions turned net sellers to the tune of QR0.05mn compared with net buyers of QR1.77mn the previous day.
Non-Qatari institutions were also net sellers to the extent of QR10.51mn against net buyers of QR5.47mn on Wednesday.
The GCC individual investors’ net buying weakened to QR1.54mn compared to QR2.19mn on December 23.
Total trade volume rose 16% to 6.27mn shares, value by 31% to QR229.89mn and deals by 14% to 3,797.
The insurance sector’s trade volume grew nine-fold to 0.27mn equities and value by more than nine-fold to QR14.16mn on more than five-fold jump in transactions to 190.
The consumer goods sector’s trade volume more than doubled to 1.2mn stocks and value also more than doubled to QR22.73mn on 71% expansion in deals to 464.
The market witnessed 97% surge in the industrials sector’s trade volume to 1.87mn shares, 81% in value to QR90.13mn and 88% in transactions to 1,431.
However, the real estate sector’s trade volume plummeted 40% to 0.67mn equities, value by 39% to QR14.44mn and deals by 26% to 400.
The telecom sector saw 21% plunge in trade volume to 0.89mn stocks, 25% in value to QR13.58mn and 33% in transactions to 403.
The banks and financial services sector’s trade volume tanked 18% to 1.1mn shares but value rose 1% to QR64.94mn. Deals shrank 24% to 774.
The transport sector’s trade volume was down 4% to 0.27mn equities, even as there was 20% surge in value to QR9.9mn and 32% in transactions to 135.
In the debt market, there was no trading of treasury bills and government bonds.