Stronger buying interests of foreign institutions reversed three days of bearish spell on the Qatar Stock Exchange, whose key barometer on Monday gained 50 points to cross the 10,400 mark.
Insurance, telecom and industrials counters witnessed stronger demand to lift the 20-stock Qatar Index 0.48% to 10,405.2 points, reflecting the rebound in the global oil market.
"Medium-term investors can stay in the market as long as the index closes above 10,250 points, while long-term investors can only enter above 10,600 points," a Kamco Research note said.
Finding that the market has shifted to a trade range of 10,000-10,600 points; it said however, an escape of that zone would turn the picture brighter and indicate the next direction, knowing that a jump over 10,600 points will target 10,900 points and 11,100 points; but for a positive continuation pattern to take place, bulls are required to push above this year high at around 11,400 points.
On the contrary, a fall below 10,000 points would trigger 9,700 points and maybe further down to 9,500 points, it said, adding both weekly and daily relative strength index indicators are currently looking "neutral".
A lower selling pressure from local retail investors also helped the market, where industrials, banking and telecom sectors constituted about 83% of the total volumes.
Trade turnover and volumes substantially were seen considerably expanding in the bourse, whose year-to-date losses were contained at 0.23%.
Considerable expansion in volumes was registered at industrials, banking, real estate and insurance sectors in the bourse, where domestic institutions turned net sellers.
Market capitalisation rose 0.42% or more than QR2bn to QR558.79bn as large, small and midcap equities gained 0.59%, 0.12% and 0.04% respectively; while microcaps fell 0.21%.
The Total Return Index gained 0.48% to 16,834.92 points, All Share Index by 0.37% to 2,870.78 points and Al Rayan Islamic Index by 0.42% to 3,914.22 points.
Insurance stocks shot up 1.27%, telecom (1.09%), industrials (0.84%), transport (0.33%), banks and financial services (0.24%) and consumer goods (0.07%); whereas realty was down 0.34%.
About 49% of the stocks extended gains with major movers being Qatar Insurance, Ooredoo, Industries Qatar, Qatari Investors Group, Mesaieed Petrochemical Holding, Mazaya Qatar, Barwa, Nakilat, Commercial Bank, Qatar Islamic Bank, Masraf Al Rayan and Dlala; even as al khaliji, Ezdan, United Development Company and Salam International Investment saw their equities slide.
Non-Qatari institutions’ net buying strengthened considerably to QR140.3mn against QR5.58mn on October 9.
Local retail investors’ net profit booking declined to QR8.12mn compared to QR18.56mn the previous day.
However, domestic institutions turned net sellers to the tune of QR118.91mn against net buyers of QR15.18mn on Sunday.
The GCC (Gulf Cooperation Council) institutions’ net selling rose to QR13.04mn compared to QR5.6mn on October 9.
Non-Qatari individual investors were net sellers to the extent of QR0.13mn against net buyers of QR3.44mn the previous day.
The GCC individual investors’ net profit booking rose marginally to QR0.1mn compared to QR0.05mn on Sunday.
Total trade volume more than tripled to 8.42mn shares and value grew almost five-fold to QR325.97mn on 55% jump in deals to 2,233.
The industrials sector’s trade volume rose more than 22-fold to 3.09mn equities and value by more than 26-fold to QR169.53mn on more than doubled transactions to 534.
The transport sector’s trade volume grew 11-fold to 0.44mn stocks and value by more than seven-fold to QR11.02mn on 51% increase in deals to 110.
The banks and financial services sector’s trade volume more than quadrupled to 2.64mn shares and value also more than quadrupled to QR90.4mn on 59% rise in transactions to 772.
The real estate sector’s trade volume more than quadrupled to 0.81mn equities and value also more than quadrupled to QR16.52mn on 30% expansion in deals to 200.
The insurance sector’s trade volume more than doubled to 0.13mn stocks and value almost doubled to QR5.91mn on 18% rise in transactions to 93.
However, there was 25% decline in the consumer goods sector’s trade volume to 0.09mn shares, 53% in value to QR3.03mn and 13% in deals to 117.
The telecom sector’s trade volume shrank 8% to 1.22mn equities, while value expanded 41% to QR29.57mn and transactions by 43% to 397.
In the debt market, there was no trading of treasury bills and government bonds.
"Medium-term investors can stay in the market as long as the index closes above 10,250 points, while long-term investors can only enter above 10,600 points," a Kamco Research note said.
Finding that the market has shifted to a trade range of 10,000-10,600 points; it said however, an escape of that zone would turn the picture brighter and indicate the next direction, knowing that a jump over 10,600 points will target 10,900 points and 11,100 points; but for a positive continuation pattern to take place, bulls are required to push above this year high at around 11,400 points.
On the contrary, a fall below 10,000 points would trigger 9,700 points and maybe further down to 9,500 points, it said, adding both weekly and daily relative strength index indicators are currently looking "neutral".
A lower selling pressure from local retail investors also helped the market, where industrials, banking and telecom sectors constituted about 83% of the total volumes.
Trade turnover and volumes substantially were seen considerably expanding in the bourse, whose year-to-date losses were contained at 0.23%.
Considerable expansion in volumes was registered at industrials, banking, real estate and insurance sectors in the bourse, where domestic institutions turned net sellers.
Market capitalisation rose 0.42% or more than QR2bn to QR558.79bn as large, small and midcap equities gained 0.59%, 0.12% and 0.04% respectively; while microcaps fell 0.21%.
The Total Return Index gained 0.48% to 16,834.92 points, All Share Index by 0.37% to 2,870.78 points and Al Rayan Islamic Index by 0.42% to 3,914.22 points.
Insurance stocks shot up 1.27%, telecom (1.09%), industrials (0.84%), transport (0.33%), banks and financial services (0.24%) and consumer goods (0.07%); whereas realty was down 0.34%.
About 49% of the stocks extended gains with major movers being Qatar Insurance, Ooredoo, Industries Qatar, Qatari Investors Group, Mesaieed Petrochemical Holding, Mazaya Qatar, Barwa, Nakilat, Commercial Bank, Qatar Islamic Bank, Masraf Al Rayan and Dlala; even as al khaliji, Ezdan, United Development Company and Salam International Investment saw their equities slide.
Non-Qatari institutions’ net buying strengthened considerably to QR140.3mn against QR5.58mn on October 9.
Local retail investors’ net profit booking declined to QR8.12mn compared to QR18.56mn the previous day.
However, domestic institutions turned net sellers to the tune of QR118.91mn against net buyers of QR15.18mn on Sunday.
The GCC (Gulf Cooperation Council) institutions’ net selling rose to QR13.04mn compared to QR5.6mn on October 9.
Non-Qatari individual investors were net sellers to the extent of QR0.13mn against net buyers of QR3.44mn the previous day.
The GCC individual investors’ net profit booking rose marginally to QR0.1mn compared to QR0.05mn on Sunday.
Total trade volume more than tripled to 8.42mn shares and value grew almost five-fold to QR325.97mn on 55% jump in deals to 2,233.
The industrials sector’s trade volume rose more than 22-fold to 3.09mn equities and value by more than 26-fold to QR169.53mn on more than doubled transactions to 534.
The transport sector’s trade volume grew 11-fold to 0.44mn stocks and value by more than seven-fold to QR11.02mn on 51% increase in deals to 110.
The banks and financial services sector’s trade volume more than quadrupled to 2.64mn shares and value also more than quadrupled to QR90.4mn on 59% rise in transactions to 772.
The real estate sector’s trade volume more than quadrupled to 0.81mn equities and value also more than quadrupled to QR16.52mn on 30% expansion in deals to 200.
The insurance sector’s trade volume more than doubled to 0.13mn stocks and value almost doubled to QR5.91mn on 18% rise in transactions to 93.
However, there was 25% decline in the consumer goods sector’s trade volume to 0.09mn shares, 53% in value to QR3.03mn and 13% in deals to 117.
The telecom sector’s trade volume shrank 8% to 1.22mn equities, while value expanded 41% to QR29.57mn and transactions by 43% to 397.
In the debt market, there was no trading of treasury bills and government bonds.