Qatar Stock Exchange rebounded on Wednesday to surpass 9,500 levels, mainly on strong buying in the banking and real estate stocks.
Foreign institutions turned bullish and there was lower net selling by local retail investors as the 20-stock Qatar Index gained 1.16% to 9,502.36 points.
Islamic stocks were seen gaining slower than the main index and other indices in the market, whose year-to-date losses were at 8.95%.
The bourse was largely on a buying mode with occasional mild downward spike to overall settle 109 points higher against the previous close. More than 68% of the stocks extended gains to investors.
Buying was skewed towards large and small cap equities in the market, whose capitalisation rose 1.59% or more than QR8bn to QR515.87bn as large, small, micro and mid-cap scrips gained 1.72%, 1.56%, 0.81% and 0.36% respectively.
However, there was higher net profit booking by Gulf institutions and individuals and non-Qatari individuals turned bearish.
Trade turnover and volumes were on an expansive mode in the bourse, where telecom, banking and realty sectors together accounted for about 81% of the total volumes.
The Total Return Index gained 1.16% to 15,934.89 points, All Share Index by 1.38% to 2,710.55 points and Al Rayan Islamic Index by 1% to 3,768.68 points.
The banks and financial services index soared 2.32%, real estate (1.2%), telecom (1.09%), insurance (0.85%), consumer goods (0.79%) and industrials (0.49%); while transport fell 0.53%.
Major gainers included QNB, Qatar National Cement, Ezdan, Vodafone Qatar, QIIB, Qatar Islamic Bank, Al Khaliji, Widam Food, Qatari German Company for Medical Devices, Medicare Group and Al Khaleej Takaful.
Nevertheless, Commercial Bank, Mesaieed Petrochemical Holding, Barwa, United Development Company, Milaha, Nakilat and Qatar Islamic Insurance were among the losers.
Non-Qatari institutions turned net buyers to the extent of QR21.47mn compared with net sellers of QR13.6mn yesterday.
Local retail investors’ net profit booking weakened perceptibly to QR4.36mn against QR9.92mn the previous day.
However, the GCC (Gulf Cooperation Council) funds’ net selling rose to QR20.1mn compared to QR4.63mn on July 18.
The GCC individuals’ net profit booking also strengthened to QR9.19mn against QR2.02mn on Tuesday.
Non-Qatari retail investors turned net sellers to the tune of QR0.97mn compared with net buyers of QR1.85mn the previous day.
Domestic institutions’ net buying declined influentially to QR13.08mn against QR28.31mn on July 18.
Total trade volumes rose 81% to 10.52mn shares to more than double value to QR335.5mn on 76% jump in deals to 3,596.
The insurance sector’s trade volume quadrupled to 0.04mn equities and value grew more than seven-fold to QR2.48mn on quadrupled transactions to 72.
The banks and financial services sector’s trade volume more than doubled to 3.34mn stocks and value more than tripled to QR164.4mn on 84% increase in deals to 1,125.
The telecom sector’s trade volume more than doubled to 3.98mn shares and value also more than doubled to QR43.81mn on more than doubled transactions to 438.
The consumer goods sector reported 89% surge in trade volume to 0.7mn equities and 80% in value to QR45.28mn on more than doubled deals to 630.
The transport sector’s trade volume soared 60% to 0.4mn stocks, value by 14% to QR11.64mn and transactions by 69% to 320.
There was 30% expansion in the real estate sector’s trade volume to 1.18mn shares, 63% in value to QR20.21mn and 21% in deals to 424.
However, the industrials sector’s trade volume shrank 3% to 0.88mn equities, whereas value gained 41% to QR47.69mn and transactions by 37% to 587.
In the debt market, there was no trading of treasury bills and government bonds.
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