The Qatar Stock Exchange (QSE) on Tuesday gained for the second consecutive day to inch near 9,000 levels, mainly on the back of strong buying interests of domestic institutions.
Insurance, realty, telecom and industrials counters witnessed stronger demand that the 20-stock Qatar Index settled 1% higher at 8,977.85 points. The country’s first exchange traded fund QETF saw 1.68% gains.
However, non-Qatari funds turned bearish and there was increased net selling by local, Gulf and non-Qatari retail investors in the market, which is up 5.33% year-to-date.
Midcap stocks witnessed faster accretion in value in the bourse, whose capitalisation expanded 1.08% to QR492.15bn.
Trade turnover and volumes were on the increase in the market, where industrials, banking, telecom and real estate sectors together accounted for more than 90% of the total volume.
The Total Return Index gained 0.99% to 15,665.76 points, All Share Index by 1.34% to 2,621.82 points and Al Rayan Islamic Index by 1.12% to 3,668.66 points.
The insurance index shot up 4.12%, realty (2.77%), telecom (2.53%), industrials (1.84%), banks and financial services (0.42%) and transport (0.29%); while consumer goods declined 0.28%.
More than 59% of the stocks extended gains with major movers being Gulf International Services, Qatar Insurance, Al Khaleej Takaful, Ooredoo, Gulf Warehousing, Mesaieed Petrochemical Holding, Commercial Bank, Alijarah Holding, Qatari Investors Group, Industries Qatar and Aamal Company; even as Qatar Oman Investment, United Development Company, Nakilat and Vodafone Qatar were among the losers.
Domestic funds turned net buyers to the tune of QR46.25mn compared with net sellers of QR39.7mn on March 19.
However, local retail investors’ net selling grew substantially to QR26.87mn against QR12.82mn the previous day.
Non-Qatari institutions were net sellers to the extent of QR12.06mn compared with net buyers of QR30.94mn on Monday.
Non-Qatari individuals’ net profit booking grew considerably to QR7.85mn against QR2.62mn on March 19.
The Gulf individuals’ net selling increased noticeably to QR6.24mn compared to QR4.8mn the previous day.
The Gulf institutions’ net buying weakened influentially to QR6.76mn against QR28.99mn on Monday.
Total trade volume rose 51% to 23.93mn shares, value by 55% to QR519.65mn and transactions by 42% to 7,339.
The industrials sector’s trade volume more than tripled to 7.24mn equities and value more than doubled to QR117.79mn on 65% increase in deals to 1,552.
The banks and financial services sector saw 67% surge in trade volume to 6.52mn stocks to more than double value to QR221.37mn on 44% jump in transactions to 2,305.
The consumer goods sector’s trade volume soared 57% to 0.47mn shares, value by 28% to QR31.03mn and deals by 49% to 452.
There was 34% expansion in the real estate sector’s trade volume to 3.03mn equities, 49% in value to QR41.25mn and 57% in transactions to 1,104.
The transport sector reported 13% increase in trade volume to 0.87mn stocks but on 12% fall in value to QR23.99mn despite 22% higher deals to 470. However, the market witnessed 30% shrinkage in the insurance sector’s trade volume to 0.97mn shares and 30% in value to QR35.22mn but on 45% increase in transactions to 573.
Although the telecom sector’s trade volume was flat at 4.82mn equities, value saw 6% erosion to QR49mn despite 3% rise in deals to 883.
In the debt market, there was no trading of treasury bills and sovereign bonds.