The Qatar Stock Exchange on Thursday reversed a five-day bearish spell to gain 77 points and settle near 8,700 points mainly on strong demand at the consumer goods, transport, industrials and real estate counters.
Strengthened buying interests from Gulf funds and substantially weakened net selling from their non-Qatari counterparts helped the 20-stock Qatar Index to add 0.89% to 8,730.06 points.
Gulf individuals were seen marginally bullish in market, which is up 2.42% year-to-date.
Islamic stocks were seen gaining slower than the main index in the bourse, which, however, saw weakened buying support from domestic funds.
Robust demand was visible especially within mid and microcap segments in the market, whose capitalisation expanded 1.38% to QR467.57bn.
Trade turnover and volumes were on the decline in the bourse, where telecom and industrials sectors together accounted for more than 57% of the total volume.
The Total Return Index rose 0.89% to 15,006.32 points, the All Share Index by 1% to 2,472.26 points and the Al Rayan Islamic Index by 0.85% to 3,616.02 points.
The consumer goods index soared 3.01%, followed by transport (2.63%), industrials (1.63%), realty (1.21%), banks and financial services (0.72%) and telecom (0.05%); while insurance declined 2.41%.
About 73% of the stocks extended gains with major movers being Vodafone Qatar, Nakilat, Milaha, Mannai Corporation, Alijarah Holding, Aamal Company, Mesaieed Petrochemical Holding, Qatar Electricity and Water, QNB, Industries Qatar and Medicare Group; whereas Qatar Insurance and Ooredoo were among the losers.
Gulf institutions’ net buying increased influentially to QR4.39mn compared to QR2.81mn on February 28.
Gulf individuals turned net buyers to the tune of QR1.22mn against net sellers of QR0.7mn the previous day.
Non-Qatari institutions’ net profit-booking declined substantially to QR24.51mn compared to QR43.7mn on Wednesday.
However, domestic funds’ net buying weakened considerably to QR6.45mn against QR13.33mn on February 28.
Local retail investors’ net buying fell marginally to QR12.7mn compared to QR13.96mn the previous day.
Non-Qatari individuals turned net sellers to the extent of QR0.27mn against net buyers of QR14.34mn on Wednesday.
Total trade volume fell 26% to 10.99mn shares, value by 29% to QR248.07mn and transactions by 25% to 3,936.
The banks and financial services sector saw a 61% plunge in trade volume to 1.66mn equities, 54% in value to QR55.19mn and 42% in deals to 933.
The telecom sector’s trade volume plummeted 34% to 3.21mn stocks, value by 41% to QR33.07mn transactions by 46% to 687.
The market witnessed a 34% shrinkage in the real estate sector’s trade volume to 1.73mn shares, 37% in value to QR25.41mn and 35% in deals to 502.
The transport sector’s trade volume was down 5% to 0.42mn equities, whereas value grew 52% to QR15.59mn and transactions by 24% to 272.
However, the insurance sector reported an 82% surge in trade volume to 0.4mn stocks and 82% in value to QR14.82mn but on 14% fall in deals to 236.
The industrials sector’s trade volume soared 42% to 3.06mn stocks, while value declined 21% to QR67.55mn despite 18% higher transactions to 831.
There was a 30% expansion in the consumer goods sector’s trade volume to 0.52mn equities, 20% in value to QR36.43mn and 27% in deals to 475.
In the debt market, there was no trading of treasury bills and sovereign bonds.