Qatar Stock Exchange on Tuesday gained for the second day to inch near 10,000 levels, despite losers outnumbering gainers.
A sustained higher net buying by domestic institutions rather led the 20-stock Qatar Index gain 0.14% to 9,865.78 points.
"The recent relief is natural as the daily RSI (relative strength index) indicator has reached the oversold territory but no signs of reversal have been spotted yet, knowing that the next support level comes at 9,500 points before 9,270 points," Kamco said in its technical analysis.
On the counter side, a close above 10,000 points would enhance further advance towards 10,225 points but only above last month high at 10,560 points would decrease the downside risk, it said, adding weekly RSI indicator is currently looking "negative".
Telecom, industrials and transport counters witnessed higher demand in the bourse, which also witnessed weakened net selling by foreign institutions as well as Gulf individuals.
Islamic stocks were seen outperforming the main index and other indices in the market, which however saw local retail investors turn bearish and increase net profit booking by Gulf institutions.
Buying was skewed towards large and small cap stocks in the bourse, which also saw lower buying support from non-Qatari individuals.
Trade turnover rose amidst lower volumes in the market, where banking, telecom and real estate sectors together accounted for more than 74% of the total volumes.
Market capitalisation was up QR16mn or 0.03% to QR527.46bn as large and small cap scrips gained 0.18% and 0.11%, while mid and microcaps fell 0.31% and 0.24% respectively.
The Total Return Index rose 0.14% to 16,544.32 points, All Share Index by 0.01% to 2,799.58 points and Al Rayan Islamic Index by 0.21% to 3,956.29 points.
The telecom sector’s index added 1.16%, industrials (0.74%) and transport (0.37%); whereas consumer goods declined 0.7%, insurance (0.53%), realty (0.38%) and banks and financial services (0.17%).
Major gainers included Ooredoo, Industries Qatar, Masraf Al Rayan, Qatar Electricity and Water, Qatari Investors Group, Nakilat, Qatar Islamic Bank, Islamic Holding Group, Zad Holding, Gulf International Services and Milaha.
Nevertheless, QNB, Commercial Bank, Doha Bank, Qatar First Bank, Woqod, Qatar Insurance, Qatar Islamic Insurance, United Development Company, Barwa, Mazaya Qatar, Ezdan, Vodafone Qatar and Alijarah Holding were among the losers.
Domestic institutions’ net buying strengthened perceptibly to QR36.01mn compared to QR32.45mn the previous day.
Non-Qatari institutions’ net profit booking declined substantially to QR11.95mn against QR48.89mn on May 8.
The GCC (Gulf Cooperation Council) retail investors’ net selling fell to QR1.74mn compared to QR4.62mn on Monday.
However, local retail investors turned net sellers to the tune of QR13.92mn against net buyers of QR22.39mn the previous day.
The GCC funds’ net profit booking strengthened considerably to QR10.41mn compared to QR4.83mn on May 8.
Non-Qatari retail investors’ net buying declined perceptibly to QR2.02mn against QR3.5mn on Monday.
Total trade volumes fell 11% to 7.77mn shares, while value rose 6% to QR252.17mn and deals by 7% to 3,088.
There was 52% plunge in the insurance sector’s trade volume to 0.11mn equities but on 28% rise in value to QR7.69mn and more than doubled transactions to 97.
The telecom sector’s trade volume plummeted 29% to 1.87mn stocks and value by 16% to QR22.33mn, while deals were flat at 237.
The banks and financial services sector saw 21% shrinkage in trade volume to 2.16mn shares, 6% in value to QR74.64mn and 7% in transactions to 986.
The industrials sector’s trade volume was down 4% to 0.7mn equities, value by 34% to QR38.52mn and deals by 34% to 522.
However, the transport sector reported 93% surge in trade volume to 0.83mn stocks and 78% in value to QR40.81mn on more than doubled transactions to 444.
The consumer goods sector’s trade volume soared 13% to 0.36mn shares, value by 92% to QR34.74mn and deals by 44% to 384.
The market witnessed 9% expansion in the real estate sector’s trade volume to 1.75mn equities, 26% in value to QR33.44mn and 46% in transactions to 418.
In the debt market, there was no trading of treasury bills and government bonds.
The Qatar Index gained 0.14% to 9,865.78 points on Tuesday.
