Foreign institutions’ stronger buying support and weaker net selling by their Gulf counterparts on Wednesday led Qatar Stock Exchange gain 69 points to surpass the 10,650 mark.
Buying was seen pronounced especially in the realty and banking counters as the 20-stock Qatar Index rose 0.65% to 10,653.83 points, reflecting the optimism of Finance Minister HE Ali Sherif al-Emadi that the current oil prices are “comfortable” to the country in carrying forward the development plans.
Large cap equities witnessed brisk demand in the market, whose year-to-date gains reached 2.08%.
Islamic stocks were seen outperforming the main index as well as other indices in the bourse, where domestic institutions and local retail investors turned net sellers.
Trade turnover and volumes were on an expansion mode in the bourse, where real estate, banking and telecom sectors together accounted for about 82% of the total volumes.
Market capitalisation shot up about QR3bn or 0.46% to QR570.47bn as large and mid-cap equities rose 0.72% and 0.27%, while micro and small caps 0.29% and 0.09% respectively.
The Total Return Index rose 0.65% to 17,294.23 points, All Share Index by 0.56% to 2,931.26 points and Al Rayan Islamic Index by 0.79% to 4,026.28 points.
The realty sector saw its index surge 1.34%, banks and financial services (0.66%), industrials (0.48%), telecom (0.14%) and transport (0.08%), whereas insurance and consumer goods declined 0.31% and 0.04% respectively.
Major gainers included Barwa, Commercial Bank, Doha Bank, Masraf Al Rayan, al khaliji, Industries Qatar, Ooredoo, Nakilat, Gulf Warehousing and Islamic Holding Group; even as QNB, Qatar First Bank, Mesaieed Petrochemical Holding, Qatar Insurance, Mazaya Qatar, Vodafone Qatar, Milaha and Salam International Investment were among the losers.
Non-Qatari institutions’ net buying increased perceptibly to QR24.22mn compared to QR17.13mn the previous day.
Non-Qatari individual investors turned net buyers to the tune of QR0.76mn against net sellers of QR1.83mn on February 7.
The GCC (Gulf Cooperation Council) retail investors were also net buyers to the extent of QR0.69mn compared with net sellers of QR1.1mn on Tuesday.
The GCC institutions’ net profit booking fell considerably QR15.92mn against QR33.81mn the previous day.
However, domestic institutions turned net sellers to the tune of QR6.43mn compared with net buyers of QR17.73mn on February 7. Local retail investors were also net profit takers to the extent of QR3.32mn against net buyers of QR1.86mn on Tuesday.
Total trade volume rose 29% to 10.93mn shares, value by 38% to QR360.99mn and deals by 11% to 4,240.
The real estate sector’s trade volume more than doubled to 4.24mn equities and value more than tripled to QR127.03mn on more than doubled transactions to 1,482.
The insurance sector’s trade volume soared 82% to 0.2mn stocks and value by 79% to QR14.64mn on more than doubled deals to 152. The banks and financial services sector saw 56% surge in trade volume to 2.83mn shares and 20% in value to QR130.45mn but on 12% fall in transactions to 1,126.
However, the industrials sector’s trade volume plummeted 46% to 0.53mn equities, value by 35% to QR24.07mn and deals by 28% to 560.
There was 26% plunge in the telecom sector’s trade volume to 1.89mn stocks, 26% in value to QR23.2mn and 21% in transactions to 319.
The transport sector’s trade volume tanked 19% to 0.25mn shares, while value rose 1% to QR10.32mn. Deals fell 11% to 157.
The market witnessed 3% decline in the consumer goods sector’s trade volume to 0.99mm equities but on 19% expansion in value to QR31.28mn. Transactions contracted 17% to 444.
In the debt market, there was no trading of treasury bills and government bonds.