Robust buying interests of domestic institutions on Tuesday placed the Qatar Stock Exchange above 9,250 levels.
The industrials, realty and transport counters witnessed higher than average demand, which led the 20-stock Qatar Index to gain 0.47% to 9,254.61 points.
The local bourse is up 8.58% year-to-date.
Overcoming the initial weakness, the market was consistently on the upward path to finally settle 44 points higher.
Highlighting that the market has done good, as was expected, exceeding the target level at 8,660 points and posted a temporarily high of 9,250 points; Kamco analysts said "a jump over 9,250 points will open the space for additional strength to take place to 9,600 points and 10,000 points."
Islamic stocks were seen outperforming the bourse, whose capitalisation gained 0.35% to QR507.03bn.
However, there was increased net selling by local retail investors and foreign funds turned bearish in the market, which saw increased buying interests especially in small and midcap segments.
Trade turnover expanded amidst flat volumes in the bourse, where the banking and real estate sectors together accounted for about 64% of the total volume.
The Total Return Index gained 0.47% to 15,519.44 points, the All Share Index by 0.35% to 2,622.57 points and the Al Rayan Islamic Index by 0.7% to 3,647.28 points.
The industrials index soared 1.17%, realty (0.61%), transport (0.53%), insurance (0.2%) and telecom (0.13%); whereas consumer goods declined 0.41% and banks and financial services 0.01%.
More than 52% of the traded stocks extended gains with major movers being Aamal Company, Qatar Electricity and Water, Gulf International Services, United Development Company, Mazaya Qatar, Barwa, Qatar Islamic Bank, Commercial Bank, Industries Qatar, Ooredoo, Milaha and Gulf Warehousing, while Vodafone Qatar, Doha Bank, Qatar First Bank, Nakilat, Ezdan, Medicare Group and Islamic Holding Group were among the losers.
Domestic institutions turned net buyers to the tune of QR27.16mn against net sellers of QR5.45mn on January 22.
Non-Qatari retail investors’ net buying increased influentially to QR5.44mn compared to QR0.07mn the previous day.
The Gulf institutions were net buyers to the extent of QR0.31mn against net profit takers of QR7.65mn on Monday.
However, local individuals’ net selling strengthened considerably to QR23.46mn compared to QR11.58mn on January 22.
Non-Qatari funds turned net sellers to the tune of QR9.07mn against net buyers of QR24.69mn the previous day.
The Gulf retail investors’ net profit-booking grew marginally to QR0.37mn compared to QR0.09mn on Monday.
Total trade volume rose less than 1% to 11.73mn shares, value by 33% to QR310.77mn and deals by 17% to 4,158.
The transport sector’s trade volume more than doubled to 0.59mn equities and value also more than doubled to QR13.08mn on a 15% rise in transactions to 195.
The consumer goods sector’s trade volume almost doubled to 0.81 stocks and value more than doubled to QR66.92mn on 39% higher deals to 898.
The telecom sector reported an 88% surge in trade volume to 1.11mn shares to more than double value to QR28.15mn on a 36% increase in transactions to 338.
The real estate sector’s trade volume soared 43% to 2.29mn equities, value by 65% to QR38.81mn and deals by 21% to 659.
The market witnessed a 13% expansion in the industrials sector’s trade volume to 1.59mn stocks, 36% in value to QR42.38mn and 2% in transactions to 670.
The insurance sector’s trade volume was up 9% to 0.12mn shares and value by 16% to QR6.48mn, whereas deals shrank 48% to 77.
However, the banks and financial services sector saw a 28% plunge in trade volume to 5.21mn equities and 12% in value to QR114.94mn but on less than 1% jump in transactions to 1,321.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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