The Qatar Stock Exchange on Sunday opened the week on a stronger note with its key index breaking the 10,000 resistance level, mainly lifted by realty and consumer goods stocks.
Selling pressure from local retail investors and domestic institutions considerably weakened as the 20-stock Qatar Index gained for the third straight session by 97 points or 0.97% to 10,010.27 points.
The market was seen deriving strength from the last week’s decision of the Organisation of the Petroleum Exporting Countries to cut production by 1.2mn bpd, the first in eight years, which led to a more than 10% jump in global oil prices in two days.
Nevertheless, foreign institutions turned net sellers and there was weakened buying support from their Gulf counterparts in the bourse, whose year-to-date losses was at little over 4%, having hit about 8% in the recent past.
Trade turnover and volumes, however, declined in the market, where telecom, banking and real estate sectors together accounted for more than 76% of the total volume.
Islamic stocks were seen gaining faster than their conventional peers in the bourse, where large and midcaps witness brisk demand.
Market capitalisation expanded about QR5bn, or 0.89%, to QR538.63bn as large, mid, small and microcap equities gained 0.79%, 0.71%, 0.44% and 0.36% respectively.
The Total Return Index gained 0.97% to 16,195.95 points, the All Share Index by 0.86% to 2,753.98 points and the Al Rayan Islamic Index by 1.26% to 3,709.09 points.
Realty sector saw its index shoot up 1.83%, followed by consumer goods (0.96%), telecom (0.87%), banks and financial services (0.84%), industrials (0.69%) and transport (0.38%); while insurance fell 0.31%.
More than 69% of the traded stocks extended gains with major movers being Industries Qatar, QNB, Barwa, Ezdan, Commercial Bank, Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, Aamal Company, Mesaieed Petrochemicals Holding, Vodafone Qatar, Ooredoo, Nakilat, Qatari German Company for Medical Devices and Medicare Group; even as Gulf International Services, al khaliji, Qatar First Bank and Milaha were among the losers.
Domestic institutions’ net selling fell substantially to QR9.34mn compared to QR105.93mn last Thursday.
Local retail investors’ net profit-booking declined to QR15.38mn against QR44.48mn the previous trading day.
Non-Qatari individual investors’ net buying strengthened perceptibly to QR9.4mn compared to QR1.04mn on December 1.
However, non-Qatari institutions turned net sellers to the tune of QR6.28mn against net buyers of QR102.04mn last Thursday.
GCC (Gulf Cooperation Council) institutions’ net buying weakened considerably to QR21.44mn compared to QR46.07mn the previous trading day.
GCC individual investors’ net buying declined to QR0.16mn against QR1.19mn on December 1.
Total trade volume fell 32% to 8.7mn shares, value by 46% to QR200.01mn and deals by 12% to 3,371.
The market witnessed a 79% plunge in the transport sector’s trade volume to 0.14mn equities, 66% in value to QR5.92mn and 39% in transactions to 153.
The industrials sector’s trade volume plummeted 70% to 1.09mn stocks, value by 78% to QR36.27mn and deals by 28% to 716.
There was a 19% shrinkage in the consumer goods sector’s trade volume to 0.74mn shares but on a 7% jump in value to QR28.86mn and 18% in transactions to 488.
The telecom sector’s trade volume tanked 15% to 3.48mn equities, value by 19% to QR34.63mn and deals by 12% to 544.
The banks and financial services sector saw a 14% decline in trade volume to 1.97mn stocks, 26% in value to QR64mn and 17% in transactions to 835.
However, the insurance sector’s trade volume grew 13% to 0.09mn shares, while value was down 2% to QR5.77mn. Deals were up 7% to 119.
The real estate sector witnessed an 11% expansion in trade volume to 1.2mn equities, 1% in value to QR24.56mn and 18% in transactions to 516.
In the debt market, there was no trading of treasury bills and government bonds.
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