Qatar Stock Exchange on Thursday gained a huge 135 points to surpass the 10,400 level with an ease on euphoria over next month’s meeting of oil producers, which continued to lift sentiments in the global energy market.
Foreign institutions' increased buying pressure largely drove the 20-stock Qatar Index up 1.31% to 10,425.97 points as oil prices rose above $41 a barrel, near its 2016 high.
The Organisation of the Petroleum Exporting Countries' current president, Qatar Energy Minister Dr Mohamed bin Saleh al-Sada, confirmed a Doha meeting on April 17 to "follow up" an earlier proposal by Saudi Arabia, Qatar, Venezuela and Russia on freezing the output in order to rebalance the market.
An across-the-board buying, especially in real estate and insurance counters, was seen in the bourse, which narrowed its year-to-date losses to mere 0.03%.
The Gulf institutions’ bullish outlook also helped maintain rally in the market, where trading turnover and volume increased.
However, there was strong to moderate selling pressure from domestic institutions and local retail investors respectively in the market, where banking, realty, industrials and consumer goods stocks together accounted for about 88% of the total trading volume.
Market capitalisation expanded 1.22% or about QR7bn to QR548.09bn.
The Total Return Index gained 1.48% to 16,698.99 points, All Share Index by 1.45% to 2,840.54 points and Al Rayan Islamic Index by 1.45% to 3,933.88 points.
Real estate stocks appreciated 4.32%, insurance (1.89%), telecom (1.28%), industrials (1.02%), banks and financial services (0.7%), transport (0.38%) and consumer goods (0.36%).
More than 63% of the stocks extended gains to investors with major movers being Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Ezdan, Qatar General and Reinsurance, Doha Insurance, Al Khaleej Takaful, Dlala, Islamic Holding Group, Dlala, QNB, Doha Bank, Ooredoo, Medicare Group and Widam Food.
However, Vodafone Qatar, Milaha, Qatar Electricity and Water, Alijarah Holding, United Development Company and Qatari German Company for Medical Devices were seen bucking the trend.
Non-Qatari institutions’ net buying increased perceptibly to QR150.05mn compared to QR26.19mn the previous day.
The GCC (Gulf Cooperation Council) institutions turned net buyers to the tune of QR23.12mn against net sellers of QR6.8mn on Wednesday.
However, domestic institutions’ net selling strengthened considerably to QR141.98mn compared to QR29.89mn on March 16.
Local retail investors turned net sellers to the extent of QR15.8mn against net buyers of QR5.34mn the previous day.
Non-Qatari individual investors were also net sellers to the tune of QR13.9mn compared with net buyers of QR6.54mn on Wednesday.
The GCC individual investors’ net profit booking increased to QR1.56mn against QR1.38mn on March 16.
Total trade volume rose 10% to 21.31mn shares, value by 53% to QR678.04mn and deals by 27% to 8,110.
The insurance sector’s trade volume almost tripled to 0.2mn equities and value also almost tripled to QR15.57mn on almost tripled transactions to 175.
The banks and financial services sector saw 43% surge in trade volume to 7.88mn stocks, 76% in value to QR319.41mn and 53% in deals to 2,633.
The industrials sector’s trade volume surged 35% to 3.38mn shares to more than double value to QR129.58mn on 24% jump in transactions to 1,492.
There was 11% expansion in the real estate sector’s trade volume to 5.14mn equities, 10% in value to QR94.83mn and 4% in deals to 1,650.
However, the telecom sector’s trade volume plummeted 53% to 1.62mn stocks, value by 37% to QR30.01mn and transactions by 17% to 778.
The consumer goods sector’s trade volume declined 7% to 2.25mn shares, while value grew 55% to QR65.95mn and deals by 41% to 1,030.
The transport sector reported 1% fall in trade volume to 0.83mn equities but on 22% jump in value to QR22.7mn and more than doubled transactions to 352.
In the debt market, there was no trading of treasury bills and government bonds.
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