Oil producers' meeting in Doha lifts QSE to near 10,300 level

Producers’ meeting in Doha next month brightened sentiments in the global energy front to instil a positive effect on the Qatar Stock Exchange, which on Wednesday gained 91 points to inch near the 10,300 level.
Stronger buying – especially in telecom, real estate, banks and industrials – lifted the 20-stock Qatar Index 0.9% to 10,291.33 points as members of the Organisation of the Petroleum Exporting Countries and those outside it will meet on April 17 in Doha to "follow up" an earlier proposal by Saudi Arabia, Qatar, Venezuela and Russia on freezing the output in order to rebalance the market.
Local retail investors’ bullish outlook and domestic institutions’ weakened net selling were seen rallying the bourse, which is however down 1.32% year-to-date.
Lower net selling by Gulf institutions also played its part in the market, where trading turnover fell amidst an increase in volumes.
The index that tracks Shariah-principled stocks was seen gaining faster than the other indices in the market, where banking, realty and telecom stocks together accounted for about 70% of the total trading volume.
Market capitalisation rose 0.85% or about QR5bn to QR541.46bn with large, micro, small and mid cap equities gaining 1.03%, 0.76%, 0.32% and 0.17% respectively.
The Total Return Index gained 1.18% to 16,455.05 points, All Share Index by 1.02% to 2,799.9 points and Al Rayan Islamic Index by 1.22% to 3,877.5 points.
Telecom stocks surged 1.41%, real estate (1.25%), banks and financial services (1.14%), industrials (1.05%), insurance (0.87%) and transport (0.61%); whereas consumer goods fell 0.34%.
About 53% of the stocks extended gains to investors with major movers being QNB, Industries Qatar, Vodafone Qatar, Aamal Company, Gulf International Services, Mazaya Qatar, Ezdan, Nakilat, Dlala, Alijarah Holding and Qatar Insurance; even as Barwa, Doha Bank and Mesaieed Petrochemical Holding bucked the trend.
Local retail investors turned net buyers to the tune of QR5.34mn compared with net sellers of QR2.88mn on March 15.
Domestic institutions’ net profit booking weakened to QR29.89mn against QR40.66mn the previous day.
The GCC (Gulf Cooperation Council) institutions’ net selling also declined to QR6.8mn compared to QR15.17mn on Tuesday.
The GCC individuals’ net profit booking shrank to QR1.38mn against QR2.65mn on March 15.
However, non-Qatari institutions’ net buying plunged to QR26.19mn compared to QR51.8mn the previous day.
Non-Qatari individual investors’ net buying weakened to QR6.54mn against QR9.5mn on Tuesday.
Total trade volume rose 16% to 19.42mn shares, while value fell 3% to QR444.59mn and deals by 5% to 6,386.
The real estate sector’s trade volume more than quadrupled to 4.61mn equities and value grew about six-fold to QR85.83mn on more than tripled transactions to 1,581.
There was 75% surge in the insurance sector’s trade volume to 0.07mn stocks, 66% in value to QR5.4mn and 33% in deals to 61.
The telecom sector’s trade volume soared 45% to 3.46mn shares, while value shrank 19% to QR47.81mn and transactions by 17% to 932.
However, there was 39% plunge in the consumer goods sector’s trade volume to 2.43mn equities, 43% in value to QR42.57mn and 27% in deals to 732.
The banks and financial services sector’s trade volume declined 7% to 5.51mn stocks, even as value rose 5% to QR181.25mn. Transactions declined 27% to 1,723.
The transport sector reported 5% shrinkage in trade volume to 0.84mn shares, 42% in value to QR18.57mn and 59% in deals to 156.
The industrials sector’s trade volume was down 1% to 2.5mn equities, value by 36% to QR63.15mn and transactions by 11% to 1,201.
In the debt market, there was no trading of treasury bills and government bonds.