QSE opens week on a strong note on robust buying

Robust buying interests of domestic institutions largely masked the intense selling from their foreign and Gulf counterparts that the Qatar Stock Exchange opened the week strong, albeit at lower levels.

Although losers outnumbered gainers, the 20-stock Qatar Index was up 0.09% for the fifth consecutive day to 9,950.37 points amid falling trading turnover and volumes.

Islamic stocks were seen dropping faster than the conventional ones in the market, which is however down 4.59% year-to-date.

However, there was weakened selling by local and non-Qatari retail investors as well as marginal buying support from Gulf individuals in the bourse, where industrials and banking stocks together constituted more than 73% of the total trading volume.

Market capitalisation was down 0.04% or QR23mn to QR534.86bn with small and microcap equities falling 1.86% and 1.08%; but mid and large caps rose 0.19% and 0.13% respectively.

The Total Return Index was up 0.09% to 16,099.03 points, while All Share Index fell 0.08% to 2,776.46 points and Al Rayan Islamic Index by 0.81% to 3,906.23 points.

Insurance stocks gained 0.44%, telecom (0.1%) and banks and financial services (0.01%); whereas consumer goods shrank 1.07%, real estate (0.25%) and transport (0.18%). The industrials index was unchanged.

Major gainers included Gulf International Services, Qatar Insurance, Qatar First Bank, Vodafone Qatar and Commercial Bank; even as Qatar Islamic Bank, Alijarah Holding, Islamic Holding Group, Qatari Investors Group, Aamal Company, Mazaya Qatar, Ooredoo, Milaha, Qatari German Company for Medical Devices and Al Meera bucked the trend.

Domestic institutions turned net buyers to the tune of QR21.45mn against net sellers of QR46.36mn on May 12.

Local retail investors’ net selling weakened to mere QR0.36mn compared to QR8.14mn the previous trading day.

The GCC (Gulf Cooperation Council) individual investors were net buyers to the extent of QR0.18mn against net sellers of QR1.13mn last Thursday.

Non-Qatari individual investors’ net selling declined to QR1.11mn compared to QR7.94mn on May 12.

However, non-Qatari institutions turned net sellers to the tune of QR3.05mn against net buyers of QR73.63mn the previous trading day.

The GCC institutions’ net profit booking strengthened to QR17.08mn compared to QR10.06mn last Thursday.

Total trade volume was down 1% to 10.15mn shares, value by 10% to QR299.21mn and deals by 14% to 4,564.

The real estate sector saw 66% plunge in trade volume to 0.83mn equities, 66% in value to QR16.38mn and 47% in transactions to 440.

The transport sector’s trade volume plummeted 42% to 0.25mn stocks, value by 46% to QR6.89mn and deals by 71% to 103.

There was 30% shrinkage in the consumer goods sector’s trade volume to 0.52mn shares, 27% in value to QR38.12mn and 6% in transactions to 700.

The telecom sector’s trade volume declined 7% to 0.99mn equities, value by 40% to QR12.61mn and deals by 56% to 274.

The banks and financial services sector reported 5% fall in trade volume to 3.11mn stocks, 35% in value to QR63.05mn and 26% in transactions to 993.

However, the industrials sector’s trade volume surged 93% to 4.34mn shares, value by 69% to QR157.16mn and deals by 44% to 1,928.

The market witnessed 22% expansion in the insurance sector’s trade volume to 0.11mn equities but on 25% decline in value to QR5.01mn. Transactions shot up 21% to 126.

In the debt market, there was no trading of treasury bills and government bonds.