With more listed banking constituents implementing stock split, the Qatar Stock Exchange Monday reported robust expansion in volume and turnover and its key index gained a huge 208 points to cross the 10,500 levels with ease.
An across-the-board buying, particularly within banking counter, propelled the 20-stock Qatar Index more than 2% to 10,503.55 points and market capitalisation to about QR14bn.
Foreign institutions were seen bullish on the market, which reported year-to-date gains of about 2%.
Market capitalisation expanded 2.4% to QR579.16bn mainly owing to large and midcap segments.
Islamic equities were seen gaining slower than the other indices on the market, where domestic and Gulf institutions turned net profit takers.
About 82% of the traded constituents extended gains to investors in the bourse, where banking sector alone accounted for about 70% of the total volume.
The banking sector has June 9 to June 16 window for the implementation of the stock split and so far Commercial Bank, Qatar First Bank, Al Khaliji, Dlala Holding, Qatar Oman Investment, QIIB and Alijarah Holding have enforced stock split, whereby the nominal value of a share has become QR1 per share instead of QR10 earlier.
The Total Return Index soared 2.02% to 19,327.42 points, All Share Index by 2.14% to 3,106.16 points and Al Rayan Islamic Index (Price) by 1.72% to 2,405.06 points.
The banks and financial services index surged 2.61%, industrials (2.3%), transport (1.53%), insurance (1.4%), consumer goods (1.38%), telecom (1.27%) and real estate (1.11%).
Major gains included QNB, Commercial Bank, Qatar Oman Investment, Islamic Holding Group, Industries Qatar, Aamal Company, Qatari Investors Group, Qatar Electricity and Water, Mesaieed Petrochemical Holding, Ezdan, Barwa, Ooredoo, Milaha and Nakilat; even Qatar First Bank, Gulf International Services, Al Khaleej Takaful and Gulf Warehousing were among the losers.
Non-Qatari institutions turned net buyers to the tune of QR151.69mn against net sellers of QR16.31mn on June 9.
However, local retail investors turned net sellers to the extent of QR69.94mn compared with net buyers of QR0.22mn on Sunday.
Domestic institutions were also net sellers to the tune of QR67.32mn against net buyers of QR14.57mn the previous day.
The Gulf institutions turned net profit takers to the extent of QR9.77mn compared with net buyers of QR0.37mn on June 9.
Non-Qatari individual investors were net sellers to the tune of QR4.29mn against net buyers of QR0.72mn on Sunday.
The Gulf individual investors turned net sellers to the extent of QR0.38mn compared with net buyers of QR0.43mn the previous day.
Total trade volume almost tripled to 31.17mn shares and value more than doubled to QR476.42mn on 48% increase in transactions to 10,207.
The banks and financial services sector’s trade volume grew more than seven-fold to 21.72mn equities and value more than doubled to QR214.9mn on more than doubled deals to 2,556.
The transport sector’s trade volume more than doubled to 0.39mn stocks and value also more than doubled to QR9.11mn on more than tripled transactions to 253.
The insurance sector reported 61% surge in trade volume to 0.37mn shares and value more than doubled to QR11.1mn on 52% growth in deals to 231.
The industrials sector’s trade volume soared 45% to 2.94mn equities and value more than tripled to QR102.14mn on 71% increase in transactions to 2,264.
There was 21% expansion in the real estate sector’s trade volume to 4.57mn stocks, 26% in value to QR42.68mn and 20% in deals to 3,780.
However, the telecom sector’s trade volume shrank 13% to 0.33mn shares, whereas value shot up 55% to QR12.24mn and transactions by 1% to 475.
The consumer goods sector’s trade volume was down 7% to 0.84mn equities but value more than doubled to QR84.25mn on 16% growth in deals to 648.
In the debt market, there was no trading of treasury bills and sovereign bonds.