Strong buying, especially in the telecom and realty counters, gave a robust thrust to the Qatar Stock Exchange, which inched near 8,200 levels.
Non-Qatari funds turned bullish as the 20-stock Qatar Index gained for the fourth day by 0.76% to 8,196.54 points.
Islamic equities were outperforming the bourse, whose year-to-date losses were however seen at 21.46%.
Gulf institutions’ increased net buying and their domestic counterparts’ weakened net selling also helped the market, whose capitalisation grew 0.54% to QR446.23bn.
"Appears to be losing downside momentum and we still believe that the support level at 8,000 points should contain any downward attempt and force the index upward," Kamco analysts said in their technical analysis.
They said a break above the tiny resistance level at 8,375 points would promote additional strength towards 8,660 points and maybe 9,000 points as part of a natural correction.
Trade turnover and volumes were on the decline in the bourse, where banking, real estate and industrials sectors together accounted for about 86% of the total volume.
The Total Return Index rose 0.76% to 13,745.12 points, Al Rayan Islamic Index by 0.85% to 3,199.56 points and All Share Index by 0.58% to 2,298.76 points.
The telecom index soared 2.48%, realty (1.51%), industrials (0.66%) and banks and financial services (0.47%); whereas consumer goods, transport and insurance declined 0.78%, 0.59% and 0.35% respectively.
About 54% of the stocks extended gains with major movers being Ooredoo, Ezdan, Qatar Islamic Bank, Masraf Al Rayan, Alijarah Holding, Qatari Investors Group, Qatar National Cement, Qatar Electricity and Water, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding and United Development Company; even as Doha Bank, Commercial Bank, Aamal Company, Nakilat and Salam International Investment were among the losers.
Non-Qatari institutions turned net buyers to the extent of QR19.86mn compared with net sellers of QR1.41mn on October 27.
The GCC (Gulf Cooperation Council) funds’ net buying increased to QR6.65mn against QR1.49mn the previous day.
Domestic institutions’ net profit booking fell perceptibly to QR3.24mn compared to QR8.29mn on Sunday.
However, local retail investors turned net sellers to the tune of QR24.27mn against net buyers of QR5.1mn on October 27.
Non-Qatari individual investors’ net buying weakened to QR0.87mn compared to QR3.12mn the previous day.
Total trade volume fell 30% to 6.56mn shares and value by 21% to QR133.2mn, while deals grew 35% to 2,400.
There was 86% plunge in the transport sector’s trade volume to 0.12mn equities and 94% in value to QR2.39mn but on 49% increase in transactions to 195.
The telecom sector’s trade volume plummeted 55% to 0.47mn stocks, value by 14% to QR8.96mn and deals by 23% to 157.
The banks and financial services sector saw 46% shrinkage in trade volume to 2.29mn shares and 14% in value to QR70.12mn but on 39% jump in transactions to 941.
The industrials sector’s trade volume tanked 36% to 1.63mn equities and value by 28% to QR19.57mn, while deals were up 7% to 388.
However, the consumer goods sector’s trade volume more than quadrupled to 0.3mn stocks and value more than doubled to QR10.6mn on 88% expansion in transactions to 195.
The real estate sector’s trade volume more than tripled to 1.71mn shares and value more than doubled to QR20.28mn on 68% increase in deals to 478.
Although the insurance sector’s trade volume was flat at 0.04mn equities, there was 25% fall in value to QR1.29mn despite more than doubled transactions to 156.
In the debt market, there was no trading of government bonds and treasury bills.
