The Qatar Stock Exchange on Tuesday surpassed 8,000 levels with ease, mainly on sustained buying interests of foreign institutions.
An across-the-board buying — particularly in the realty, insurance and industrials — lifted the 20-stock Qatar Index for the third consecutive day by 1.39% to 8,033.28 points.
The strengthening of the bourse comes amidst global index provider MSCI’s decision to continue using the local foreign exchange rates and not switch to the offshore rates for the Qatari riyal in its indexes until further notice.
Domestic funds’ weakened net selling also helped the market, whose year-to-date losses were contained at 23.03%.
Islamic equities were seen underperforming the main index on the bourse, whose capitalisation gained 1.55% to QR441.23bn.
Trade turnover and volumes were on the increase in the market, where real estate, telecom and industrials sectors together accounted for about 73% of the total volume.
The Total Return Index gained 1.39% to 13,471.34 points, Al Rayan Islamic Index by 1.21% to 3,150.48 points and All Share Index by 1.73% to 2,282.54 points.
The realty index shot up 4.47%, insurance (3.89%), industrials (2%), transport (1.75%), telecom (0.9%), banks and financial services (0.64%) and consumer goods (0.54%).
About 73% of the stocks extended gains with major movers being Ezdan, Qatar Insurance, Mazaya Qatar, Milaha, Barwa, Commercial Bank, Industries Qatar, Qatari German Company for Medical Devices, Gulf International Services, Vodafone Qatar and Masraf Al Rayan; even as Doha Insurance, Qatari Investors Group, Gulf Warehousing and United Development Company were among the losers.
Non-Qatari institutions’ net buying increased perceptibly to QR25.16mn compared to QR20.5mn on December 11.
The Gulf retail investors turned net buyers to the extent of QR0.06mn against net sellers of QR0.03mn on Monday.
Domestic funds’ net profit booking fell considerably to QR4.39mn compared to QR11.43mn the previous day.
However, local retail investors’ net selling strengthened influentially to QR15.19mn against QR13.96mn on December 11.
The Gulf institutions’ net selling increased substantially to QR7.61mn compared to QR1.72mn on Monday.
Non-Qatari individuals’ net buying weakened significantly to QR1.94mn against QR6.64mn the previous day.
Total trade volume rose 82% to 12.37mn shares, value by 24% to QR213.08mn and deals by 2% to 3,627.
The telecom sector’s trade volume grew more than nine-fold to 3.4mn equities and value by more than six-fold to QR31.92mn on almost tripled transactions to 575.
The real estate sector’s trade volume more than doubled to 3.4mn stocks and value also more than doubled to QR42.45mn on 43% jump in deals to 841.
There was 56% surge in the industrials sector’s trade volume to 2.19mn shares and 32% in value to QR31.67mn but on 9% fall in transactions to 618.
The transport sector’s trade volume soared 49% to 1.07mn equities while value more than doubled to QR30.96mn on 20% increase in deals to 447.
However, the insurance sector reported 67% plunge in trade volume to 0.19mn stocks, 68% in value to QR7.78mn and 49% in transactions to 56.
The consumer goods sector’s trade volume declined 10% to 0.38mn shares, value by 8% to QR18.26mn and deals by 3% to 315.
The banks and financial services sector saw 9% shrinkage in trade volume to 1.75mn equities, 27% in value to QR50.04mn and 39% in transactions to 775.
In the debt market, there was no trading of treasury bills and sovereign bonds.