Foreign, Gulf funds turn net buyers on QSE after MSCI riyal status quo
December 07 2017 09:41 PM

Foreign and Gulf funds turned net buyers on the Qatar Stock Exchange, a day after MSCI decided to continue to use official Qatari riyal foreign exchange rate in its Qatar indices.

However, the 20-stock Qatar Index had a weak run for the third straight session, falling another 0.31% to 7,773.59 points.

On Wednesday, global index provider MSCI said it decided to continue using the local foreign exchange rates and not switch to the offshore rates for the Qatari riyal in its indices until further notice.

The buying interests in the insurance and consumer goods was negated by strong selling, especially at the realty counter in the market, whose year-to-date losses were at 25.52%.

Islamic equities were seen declining slower than the main index in the bourse, whose capitalisation shed 0.63% to QR425.61bn.

Trade turnover fell amidst rising volumes in the market, where the banking, industrials and real estate sectors together accounted for more than 79% of the total volume.

The Total Return Index shrank 0.31% to 13,035.85 points, the Al Rayan Islamic Index by 0.24% to 3,031.61 points and the All Share Index by 0.69% to 2,192.56 points.

The realty index plummeted 4.46%, followed by industrials (0.97%) and transport (0.24%); while insurance gained 2.4%, consumer goods (0.43%) and telecom (0.01%. The banking index rather treaded a flat path.

About 55% of the stocks extended gains with major movers being QNB, Qatar Insurance, Masraf Al Rayan, Qatar First Bank, Widam Food, Mesaieed Petrochemical Holding, Gulf International Services, Barwa, Vodafone Qatar and Gulf Warehousing.

Nevertheless, Commercial Bank, Alijarah Holding, Industries Qatar, Ezdan, Qatari Investors Group, Qatar Electricity and Water, Mazaya Qatar and Nakilat were among the losers.

Non-Qatari institutions turned net buyers to the tune of QR5.02mn compared with net sellers of QR1.34mn on December 6.

Local retail investors’ net buying increased perceptibly to QR5.08mn against QR3.47mn the previous day.

The Gulf institutions were net buyers to the extent of QR2.66mn compared with net sellers of QR3.68mn on Wednesday.

Non-Qatari individuals were also net buyers to the tune of QR1.87mn against net profit takers of QR3.68mn on December 6.

The Gulf retail investors’ net selling declined marginally to QR0.56mn compared to QR0.64mn the previous day.

However, domestic funds turned net sellers to the extent of QR14.04mn against net buyers of QR6.35mn on Wednesday.

Total trade volume rose 9% to 9.01mn shares, while value fell 1% to QR180.01mn and deals by 20% to 3,416.

The insurance sector’s trade volume more than doubled to 0.24mn equities and value soared 79% to QR6.67mn, whereas transactions fell 24% to 85.

The banks and financial services sector saw a 31% surge in trade volume to 2.99mn stocks but on a 12% decline in value to QR65.66mn and 11% in deals to 1,073.

The transport sector’s trade volume shot up 28% to 0.74mn shares and value by 88% to QR21.86, while transactions were down 8% to 323.

There was a 7% expansion in the industrials sector’s trade volume to 2.09mn equities and 9% in value to QR41.71mn but on a 35% decline in deals to 524.

However, the consumer goods sector’s trade volume plummeted 33% to 0.2mn stocks, value by 38% to QR9.47mn and transactions by 40% to 197.

The market witnessed a 15% plunge in the telecom sector’s trade volume to 0.68mn shares, 31% in value to QR8.74mn and 34% in deals to 291.

The real estate sector’s trade volume shrank 8% to 2.07mn equities, while value was up 2% to QR25.91mn despite 8% lower transactions to 923.

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

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