Mainly led by realty and banking segments, the 20-stock Qatar Index gained 0.52% to 9,867.94 points as global oil price futures rose above $48 a barrel as investors cashed in on the slide following Brexit vote.
“There appears to be cautious optimism in the market and Brexit concerns have already been discounted for but trading levels remains relatively shallow,” an analyst with a bank brokerage house said.
Large and midcap equities witnessed some brisk buying although they underperformed the key index in the Qatari bourse, which is however down 5.38% year-to-date.
Increased buying support from foreign institutions and lower net selling by their domestic counterparts helped the positive rally in the market, where trading turnover and volumes were on the increase.
However, Gulf institutions resorted to profit booking in the bourse, where banking, industrials and real estate stocks together constituted about 73% of the total trading volume.
Market capitalisation expanded 0.41% or more than QR2bn to QR531.94bn as large, mid, micro and small cap equities rose 0.41%, 0.39%, 0.38% and 0.35% respectively.
The Total Return Index gained 0.52% to 15,965.68 points, All Share Index by 0.45% to 2,745.41 points and Al Rayan Islamic Index by 0.49% to 3,818.83 points.
Realty stocks soared 1.03%, banks and financial services (0.68%), transport and telecom (0.32% each), and consumer goods (0.13%); while insurance and industrials fell 0.24% and 0.08% respectively.
About 55% of the stocks extended gains with major movers being Ezdan, Mazaya Qatar, QNB, Qatar Islamic Bank, Commercial Bank, Dlala, Vodafone Qatar, Aamal Company, Ooredoo, Nakilat and United Development Company; even as Industries Qatar, Barwa and Doha Bank bucked the trend.
Non-Qatari institutions’ net buying strengthened to QR9.59mn compared to QR6.99mn on Monday.
Non-Qatari individual investors turned net buyers to the tune of QR0.92mn against net sellers of QR0.24mn on June 27.
Domestic institutions’ net selling weakened to QR1.87mn compared to QR4.23mn the previous day.
Local retail investors’ net profit booking also declined to QR4.19mn against QR4.5mn on Monday.
However, the GCC (Gulf Cooperation Council) institutions turned net sellers to the extent of QR5.05mn compared with net buyers of QR1.04mn on June 27.
The GCC retail investors’ net buying weakened to QR0.6mn against QR0.92mn the previous day.
Total trade volume rose 67% to 4.33mn shares, value by 42% to QR129.75mn and deals by 17% to 1,980.
The transport sector’s trade volume more than doubled to 0.39mn equities and value soared 59% to QR9.2mn, while transactions fell 3% to 99.
The telecom sector’s trade volume more than doubled to 0.46mn stocks, value rose 88% to QR6.24mn and deals by 33% to 156.
The banks and financial services sector’s trade volume more than doubled to 1.98mn shares and value almost doubled to QR71.24mn on 46% jump in transactions to 898.
The industrials sector reported 24% surge in trade volume to 0.62mn equities, 14% in value to QR23.9mn and 13% in deals to 463.
The consumer goods sector’s trade volume expanded 20% to 0.3mn stocks, whereas value declined 27% to QR7.55mn and transactions by 26% to 140.
There was 17% increase in the real estate sector’s trade volume to 0.55mn shares and 2% in value to QR9.86mn but on 13% decline in deals to 188.
However, the insurance sector’s trade volume tanked 71% to 0.02mn equities, value by 58% to QR1.76mn and transactions by 20% to 36.
In the debt market, there was no trading of treasury bills and government bonds.
