The Qatar Stock Exchange snapped four days of bearish spell, mainly on robust buying support from domestic institutions and local retail investors.

Buying was seen pronounced at the telecom, insurance and industrials counters, which led the 20-stock Qatar Index gain 0.18% to 9,851.77 points.

Overcoming the initial feeble gains, the market witnessed mild profit-booking in the next 15 minutes only to see stronger buying interests for the next 15 minutes, which took the index above 9,880 points. Selling pressure gripped the market for the following 15 minutes, after which it was rather on a roller-coaster drive to finally settle 18 points higher against the previous close.

Islamic stocks were seen outperforming the main index and other indices in the bourse, which also saw weakened net selling pressure from Gulf institutions.

Microcap stocks were seen in heavy demand in the market, which saw foreign institutions turn extremely bearish and there was lower buying support from non-Qatari individuals.

Trade turnover expanded amidst lower volumes in the market, where banking, telecom and real estate sectors together accounted for more than 80% of the total volumes.

Market capitalisation rose QR86mn, or 0.16%, to QR527.3bn as micro, large and midcap scrips gained 0.89%, 0.13% and 0.09% respectively, while small caps fell 0.32%.

The Total Return Index gained 0.18% to 16,520.83 points, the All Share Index by 0.14% to 2,799.17 points and the Al Rayan Islamic Index by 0.34% to 3,948.02 points.

The telecom sector’s index appreciated 0.99%, followed by insurance (0.58%) and industrials (0.51%); whereas consumer goods declined 0.24%, transport (0.07%), banks and financial services (0.06%) and realty (0.01%).

Major gainers included Industries Qatar, Ooredoo, Gulf Warehousing, Qatar First Bank, Qatar Insurance, Qatar Islamic Insurance, Mazaya Qatar, Barwa, Qatari German Company for Medical Devices, Salam International Investment, Qatar Islamic Bank, al khaliji and Alijarah Holding.

Nevertheless, Doha Bank, QNB, Qatar Electricity and Water, Aamal Company, Ezdan, Vodafone Qatar, Nakilat, Al Khaleej Takaful and Dlala were among the losers.

Domestic institutions’ net buying strengthened considerably to QR32.45mn compared to QR7.75mn the previous day.

Local retail investors turned net buyers to the tune of QR22.39mn against net profit-takers of QR3.68mn on Sunday.

GCC (Gulf Cooperation Council) funds’ net selling weakened perceptibly to QR4.83mn compared to QR8.31mn on May 7.

However, non-Qatari institutions turned net sellers to the extent of QR48.89mn against net buyers of QR0.28mn the previous day.

GCC individual investors were also net sellers to the tune of QR4.62mn compared with net buyers of QR0.32mn on Sunday.

Non-Qatari retail investors’ net buying declined marginally to QR3.5mn against QR3.68mn on May 7.

Total trade volumes fell 5% to 8.69mn shares, while value rose 20% to QR237.91mn and deals by 21% to 2,890.

There was a 25% plunge in the transport sector’s trade volume to 0.43mn equities, 26% in value to QR22.94mn and 19% in transactions to 211.

The telecom sector’s trade volume plummeted 20% to 2.64mn stocks and value by 19% to QR26.46mn, while deals gained 32% to 237.

The banks and financial services sector saw a 10% decline in trade volume to 2.74mn shares but on a 17% increase in value to QR79.35mn and 47% in transactions to 1,059.

However, the consumer goods sector’s trade volume more than tripled to 0.32mn equities and value more than doubled to QR18.1mn on 68% expansion in deals to 266.

The industrials sector’s trade volume soared 33% to 0.73mn stocks to more than double value to QR58.44mn on a 12% jump in transactions to 790.

The real estate sector reported a 23% surge in trade volume to 1.6mn shares and 19% in value to QR26.61mn but on a 9% fall in deals to 287.

The insurance sector’s trade volume was up 5% to 0.23mn equities, whereas value shrank 54% to QR6.01mn and transactions by 22% to 40.

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

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