Bullish foreign institutions helped the Qatar Stock Exchange strengthen for the third straight session to see a robust 1.28% gains in key index, but failed to break the 10,000 points resistance level.

The telecom, real estate and banking counters witnessed higher demand, which led the 20-stock Qatar Index to settle at 9,991.67 points.

Kamco analysts said a close above 10,000 points would enhance further advance towards 10,225 although weekly relative strength index indicator is currently looking "negative".

Large-cap stocks found favour among investors in the bourse, which also saw lower net selling by local retail investors and Gulf institutions.

Islamic stocks were seen underperforming the main index and other indices in the market, where non-Qatari individual investors turned bearish and there was also substantially lower net buying from domestic institutions.

Trade turnover and volumes were on the decrease in the market, where telecom, realty and banking sectors together accounted for about 85% of the total volumes.

Market capitalisation expanded more than QR6bn, or 1.18%, to QR533.71bn as large, small, mid and microcap scrips gained 1.27%, 0.85%, 0.45% and 0.22% respectively.

The Total Return Index gained 1.28% to 16,755.44 points, the All Share Index by 1.09% to 2,830.13 points and the Al Rayan Islamic Index by 1.03% to 3,996.99 points.

The telecom sector’s index shot up 2.36%, followed by realty (1.63%), banks and financial services (1.22%), industrials (0.87%), insurance (0.42%) and transport (0.22%); whereas consumer goods fell 0.13%.

About 68% of the stocks extended gains with major movers being Ooredoo, QNB, Commercial Bank, Doha Bank, QIIB, Industries Qatar, Vodafone Qatar, Ezdan, United Development Company, Mazaya Qatar, Barwa, Zad Holding, Alijarah Holding and Medicare Group; even as Woqod, Gulf International Services, Doha Insurance and al khaliji bucked the trend.

Non-Qatari institutions turned net buyers to the tune of QR15.58mn against net sellers of QR11.95mn on May 9.

Local retail investors’ net profit-booking declined perceptibly to QR9.52mn compared to QR13.92mn the previous day.

The GCC (Gulf Cooperation Council) funds’ net selling weakened considerably to QR4.9mn against QR10.41mn on Tuesday.

The GCC individual investors’ net selling also fell marginally to QR0.11mn compared to QR1.74mn on May 9.

However, non-Qatari retail investors were net sellers to the extent of QR6.19mn against net buyers of QR2.02mn the previous day.

Domestic institutions’ net buying weakened substantially to QR5.11mn compared to QR36.01mn on Tuesday.

Total trade volumes fell 6% to 7.28mn shares, value by 28% to QR182.02mn and deals by less than 1% to 3,082.

There was a 78% plunge in the transport sector’s trade volume to 0.18mn equities, 90% in value to QR3.99mn and 75% in transactions to 112.

The industrials sector’s trade volume plummeted 41% to 0.41mn stocks, value by 28% to QR27.65mn and deals by 1% to 519.

The banks and financial services sector saw a 30% shrinkage in trade volume to 1.52mn shares, 29% in value to QR53.25mn and 2% in transactions to 971.

The consumer goods sector’s trade volume tanked 22% to 0.28mn equities, value by 46% to QR18.66mn and deals by 2% to 375.

However, the insurance sector’s trade volume more than doubled to 0.24mn stocks, value soared 85% to QR14.21mn and transactions by 3% to 100.

The telecom sector reported a 42% surge in trade volume to 2.66mn shares, 29% in value to QR28.83mn and 37% in deals to 324.

The real estate sector’s trade volume expanded 14% to 1.99mn equities, value by 6% to QR35.43mn and transactions by 63% to 681.

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