Qatar Stock Exchange on Sunday opened the week on a stronger note with its key index gaining 24 points for the second consecutive day to inch near the 10,500 mark, mainly on stronger buying support from foreign institutions and local retail investors.

Telecom and insurance counters witnessed higher buying interests, which led the 20-stock Qatar Index settle 0.23% higher at 10,491.15 points, although decliners outnumbered gainers in market that had crossed the 10,500 points intra-day.

Gulf individual investors were also seen exerting marginal bullish pressure to the bourse, whose year-to-date gains were at 0.52%.

Islamic stocks were seen underperforming the main index in the market, where small and large cap equities however witnessed higher demand.

Trade turnover increased amidst lower volumes in the bourse, where banking, real estate and telecom sectors together accounted for more than 86% of the total volumes.

However, both domestic and Gulf institutions were seen increasingly squaring off their positions and there was also a weakened net buying support from non-Qatari individual investors.

Market capitalisation was up QR25mn or mere 0.04% to QR563.77bn despite small and large cap scrips gaining 0.5% and 0.27%; whereas micro and midcaps plunged 1.24% and 0.54% respectively.

The Total Return Index gained 0.23% to 17,283.67 points, All Share Index by 0.09% to 2,935.04 points and Al Rayan Islamic Index by 0.19% to 4,095.75 points.

The telecom sector saw its index expand 0.94%, insurance (0.9%), industrials (0.21%) and transport (0.04%); whereas banks and financial services lost 0.14% and consumer goods (0.03%). The realty index was largely flat.

Major gainers included Vodafone Qatar, Ooredoo, Barwa, Industries Qatar, Gulf International Services, Qatar Electricity and Water, Qatar Insurance and Al Meera Consumer Goods.

Nevertheless, about 54% of the stocks were in the red with major losers being QNB, Mazaya Qatar, Mesaieed Petrochemical Holding, Qatar First Bank, Alijarah Holding, Dlala and Islamic Holding Group.

Non-Qatari institutions’ net buying rose significantly to QR102.68mn compared to QR26.71mn the previous trading day.

Local retail investors turned net buyers to the tune of QR26.66mn against net sellers of QR18.61mn last Thursday.

The GCC (Gulf Cooperation Council) retail investors were also net buyers to the extent of QR0.65mn compared with net sellers of QR7.59mn on March 9.

However, domestic institutions’ net profit booking increased substantially to QR88.75mn against QR1.38mn the previous trading day.

The GCC institutions’ net selling also strengthened considerably to QR44.2mn compared to QR9.27mn last Thursday.

Non-Qatari individual investors’ net buying weakened perceptibly to QR2.99mn against QR10.15mn on March 9.

Total trade volume fell 4% to 9.59mn shares, while value was up 7% to QR360.78mn but on 20% jump in deals to 3,812.

There was 73% plunge in the consumer goods sector’s trade volume to 0.13mm equities, 89% in value to QR4.71mn and 81% in transactions to 122.

The transport sector’s trade volume plummeted 48% to 0.17 stocks; while value rose 8% to QR12.15mn. Deals shrank 34% to 140.

The market witnessed 22% shrinkage in the telecom sector’s trade volume to 1.89mn shares but on 19% expansion in value to QR46.34mn; even as transactions shrank 19% to 447.

The industrials sector’s trade volume tanked 18% to 0.94mn equities, while value was up 1% to QR48.9mn. Deals were down 3% to 808.

However, the insurance sector reported 43% surge in trade volume to 0.1mn stocks and 68% in value to QR7.32mn but on 25% decline in transactions to 82.

The real estate sector’s trade volume soared 22% to 2.54mn shares, value by 20% to QR59.32mn and deals by 4% to 749.

The banks and financial services sector saw 12% expansion in trade volume to 3.82mn equities and 28% in value to QR182.04mn but on 14% slump in transactions to 1,464.

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