Increased buying support from foreign institutions was instrumental in lifting the 20-stock Qatar Index 0.29% to 10,444.93 points; even as global oil prices showed a downward trend on excess supply concerns.
The index that tracks Shariah-principled stocks was seen gaining slower than the other indices in the bourse, which has for the first time shown a gain of 0.15% year-to-date.
Lower selling pressure from domestic institutions and bullish outlook of their Gulf counterparts also helped the rally in the market, where trading turnover and volumes were on the decline.
However, local, Gulf and foreign retail investors turned net sellers in the bourse, where banking, industrials, realty and consumer goods stocks together accounted for about 87% of the total trading volume.
Market capitalisation gained 0.26% or more than QR1bn to QR549.67bn with large, micro and small cap equities gaining 0.3%, 0.17% and 0.12% respectively; even as midcaps were down 0.01%.
The Total Return Index rose 0.29% to 16,729.36 points, All Share Index by 0.29% to 2,847.97 points and Al Rayan Islamic Index by 0.22% to 3,943.94 points.
Insurance stocks gained 0.85%, real estate (0.72%), consumer goods (0.64%), telecom (0.61%), transport (0.25%) and banks and financial services (0.18%); while industrials fell 0.2%.
Major gainers included Industries Qatar, Ezdan, Ooredoo, Nakilat, Qatar National Cement, Qatar Islamic Bank, Commercial Bank, Dlala, Qatari German Company for Medical Devices and Widam Food.
However, Aamal Company, Gulf International Services, Vodafone Qatar, Milaha, Mesaieed Petrochemical Holding, Doha Bank, Barwa, Mazaya Qatar, United Development Company and Islamic Holding Group bucked the trend.
Non-Qatari institutions’ net buying increased perceptibly to QR70.46mn compared to QR52.85mn the previous day.
The GCC (Gulf Cooperation Council) institutions turned net buyers to the tune of QR2.26mn against net sellers of QR4.4mn on March 20.
Domestic institutions’ net profit booking weakened to QR47.17mn compared to QR60.36mn on Sunday.
However, local retail investors turned net sellers to the extent of QR16.87mn against net buyers of QR9.46mn the previous day.
Non-Qatari individual investors were also net sellers to the tune of QR8.4mn compared with net buyers of QR1.49mn on March 20.
The GCC individual investors turned net profit takers to the extent of QR0.29mn against net buyers of QR1mn on Sunday.
Total trade volume was down 9% to 9.58mn shares and value by 13% to QR358.96mn; while deals were up 6% to 5,101.
The banks and financial services sector saw 30% plunge in trade volume to 3.37mn equities, 31% in value to QR150.97mn and 25% in transactions to 1,372.
The real estate sector’s trade volume declined 22% to 1.57mn stocks and value by 22% to QR33.29mn, while deals rose 1% to 722.
The market witnessed 20% shrinkage in the insurance sector’s trade volume to 0.12mn shares but on 22% jump in value to QR10.11mn and 50% in transactions to 215.
However, the telecom sector’s trade volume soared 46% to 0.89mn equities and value by 89% to QR23.39mn on more than doubled deals to 753.
There was 44% surge in the consumer goods sector’s trade volume to 1.5mn stocks, 1% in value to QR59.55mn and 4% in transactions to 734.
The transport sector’s trade volume expanded 18% to 0.26mn shares, value by 70% to QR9.62mn and deals by 98% to 239.
The industrials sector reported 12% increase in trade volume to 1.89mn equities, 6% in value to QR72.03mn and 12% in transactions to 1,066.
In the debt market, there was no trading of treasury bills and government bonds.