The Qatar Stock Exchange saw decliners outnumber gainers but overall its key index surpassed 10,500 levels, mainly on stronger net buying by foreign institutions.
Led by the insurance and banking segments, the 20-stock Qatar Index rose 0.52% to 10,509.88 points.
The market by and large witnessed sustained buying in the first three hours, resulting in the index to hit a high of more than 10,520 points but some last minute selling pressure put the market on a declining mode. Overall, it settled 54 points higher.
"The market approached the support level at 10,225 point before seeing some relief and is currently aiming to print a firm close above the first overhead resistance level at 10,520 points. Managing to do so would shift the trading range to 10,520- 10,960 points and could increase the chances of retesting this year high at 11,100 points," Kamco said.
Highlighting that weekly and daily relative strength index indicators are currently looking “positive,” it said medium-term and long-term investors can re-enter the market once the index sustains a close above 10,520 points.
Buying was seen largely skewed towards large and midcap segments, although they underperformed the market, whose year-to-date gains were at 0.7%.
Islamic stocks were seen under-performing the main index as well as other indices in the bourse, which also saw weakened net selling by local retail investors.
Trade turnover and volumes were on the decline in the market, where banking, realty and telecom sectors together accounted for about 86% of the total volumes.
Market capitalisation expanded more than QR3bn, or 0.55%, to QR563.59bn as large and midcap cap equities rose 0.49% and 0.29%, while micro and small caps declined 1.94% and 0.02% respectively.
The Total Return Index rose 0.52% to 17,529.39 points, the All Share Index by 0.47% to 2,970.17 points and the Al Rayan Islamic Index by 0.13% to 4,187.87 points.
The insurance sector saw its index expand 0.98%, followed by banks and financial services (0.85%), industrials (0.36%) and transport (0.21%); while consumer goods and realty fell 0.15% and 0.05% respectively. The telecom index was unchanged.
Major gainers included Qatar Insurance, QNB, Masraf Al Rayan, Ahli Bank, Industries Qatar, Qatari Investors Group, Aamal Company, Ezdan, Milaha and Gulf Warehousing.
About 50% of the stocks were in the red with major losers being Qatar Islamic Bank, Commercial Bank, Qatar First Bank, Dlala, Qatari German Company for Medical Devices, Widam, Gulf International Services, Mesaieed Petrochemical Holding, Al Khaleej Takaful, United Development Company, Mazaya Qatar, Barwa and Nakilat.
Non-Qatari institutions’ net buying strengthened perceptibly to QR14.44mn compared to QR2.94mn last Thursday.
Local retail investors’ net profit-booking declined to QR11.13mn against QR20.36mn the previous trading day.
However, non-Qatari individual investors turned net sellers to the tune of QR3.8mn compared with net buyers of QR5.38mn on April 6.
GCC (Gulf Cooperation Council) retail investors were also net sellers to the extent of QR3.32mn against net buyers of QR5.03mn last Thursday.
GCC institutions’ net profit-booking increased to QR7.62mn compared to QR6.3mn the previous trading day.
Domestic institutions’ net buying weakened marginally to QR11.43mn against QR13.29mn on April 6.
Total trade volumes fell 1% to 7.14mn shares, value by 2% to QR201.18mn and deals by 10% to 2,552.
There was a 47% plunge in the consumer goods sector’s trade volume to 0.08mm equities, 64% in value to QR5.28mn and 42% in transactions to 160.
The real estate sector’s trade volume plummeted 33% to 1.77mn stocks, value by 34% to QR36.43mn and deals by 20% to 355.
The industrials sector reported a 27% shrinkage in trade volume to 0.53mn shares, 28% in value to QR29.6mn and 46% in transactions to 394.
The telecom sector’s trade volume declined 9% to 1.74mn equities, value by 29% to QR17.56mn and deals by 52% to 113.
However, the insurance sector’s trade volume tripled to 0.09mn stocks and value more than doubled to QR3.66mn on a 29% jump in transactions to 54.
The banks and financial services sector saw an 82% surge in trade volume to 2.62mn shares, 61% in value to QR97.19mn and 39% in deals to 1,300.
The transport sector’s trade volume soared 33% to 0.32mn equities and value by 56% to QR11.45mn, whereas transactions were flat at 176.
In the debt market, there was no trading of treasury bills and government bonds.
