Aided by foreign and domestic institutions amid a bullish outlook, the Qatar Stock Exchange Wednesday rebounded to post modest gains.
Strong buying interests in the insurance and telecom sectors led the 20-stock Qatar Index to gain 0.38% to 8,929.48 points ahead of the Cairo meeting of the siege countries to discuss on Doha’s reply to their 13-point demand.
The weakened net selling pressure from Gulf individuals and institutions also helped the market, whose year-to-date losses were at 14.44%.
Buying was skewed towards large cap segments in the bourse, where non-Qatari individuals turned bearish and there was weakened net buying from local retail investors.
The market was on a weak wicket in the initial 60 minutes to touch a low of 8,800 points, after which it consistently rose for the next 60 minutes to above 8,850 points but only to see slower profit booking. Stronger buying interests in the last few minutes led the index to settle 34 points higher against the previous close.
Islamic stocks were seen declining vis-à-vis gains in the main index and other indices in the bourse where capitalisation grew 0.12% to QR480.06bn with large cap scrips adding 0.39%.
Trade turnover and volumes were on the decline in the bourse, where telecom, realty, banking and industrials sectors together accounted for more than 85% of the total volumes.
The Total Return Index rose 0.38% to 14,974.22 points and the All Share Index by 0.04% to 2,535.19 points, while the Al Rayan Islamic Index was down 0.16% to 3,522.98 points.
The insurance index surged 2.61%, followed by telecom (1.71%), banks and financial services (0.1%) and industrials (0.1%); whereas transport fell 1.61%, consumer goods 1.58% and real estate 0.6%.
Major gainers included Qatar Insurance, Ooredoo, Mesaieed Petrochemical Holding, Aamal Company, Industries Qatar and Masraf Al Rayan; while Qatar First Bank, QIIB, al khaliji, Medicare Group, Qatari Investors Group, Gulf International Services, Al Khaleej Takaful, Mazaya Qatar, Vodafone Qatar and Nakilat were among the losers.
Non-Qatari institutions turned net buyers to the tune of QR10.15mn compared with net sellers of QR13.39mn on July 4.
Domestic institutions were also net buyers to the extent of QR3.73mn against net profit takers of QR44.02mn on Tuesday.
GCC (Gulf Cooperation Council) funds’ net selling fell perceptibly to QR3.37mn compared to QR5.48mn the previous day.
GCC individuals’ net profit-booking weakened influentially to QR5.43mn against QR9.09mn on July 4.
However, non-Qatari retail investors turned net sellers to the tune of QR8.11mn compared with net buyers of QR11.89mn on Tuesday.
Local retail investors’ net buying declined substantially to QR3.03mn against QR60.09mn the previous day.
Total trade volumes fell 35% to 8.41mn shares, value by 27% to QR210.63mn and deals by 36% to 2,738.
There was a 59% plunge in the industrials sector’s trade volume to 1.45mn equities, 49% in value to QR40.09mn and 64% in transactions to 442.
The consumer goods sector’s trade volume plummeted 59% to 0.18mn stocks, value by 53% to QR11.21mn and deals by 42% to 226.
The transport sector reported a 57% shrinkage in trade volume to 0.9mn shares and 58% in value to QR17.45mn but on a 12% jump in transactions to 468.
The banks and financial services sector’s trade volume tanked 54% to 1.71mn equities, value 9% to QR86.43mn and deals by 27% to 970.
The market witnessed a 7% fall in the insurance sector’s trade volume to 0.14mn stocks, 13% in value to QR5.26mn and 46% in transactions to 73.
However, the telecom sector’s trade volume soared 40% to 2.26mn shares, value by 43% to QR26.21mn and deals by 14% to 298.
The real estate sector saw a 17% expansion in trade volume to 1.76mn equities but on a 4% decline in value to QR23.99mn and 52% in transactions to 261.
In the debt market, there was no trading of treasury bills and government bonds.
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