Ending three days of bearish spell, the Qatar Stock Exchange on Tuesday witnessed about 58 points gains and its sensitive barometer marginally crossed the 10,500 levels, mainly on strong buying interests from foreign funds and individuals.
Transport and banking counters witnessed higher than average demand as the 20-stock Qatar Index settled 0.55% higher at 10,500.46 points.
The substantially weakened profit booking pressure from Gulf institutions also helped the market, whose key benchmark closed 1.96% higher year-to-date.
Market capitalisation gained more than QR2bn or 0.41% to QR576.34bn mainly owing to mid and small cap segments.
Islamic equities were seen gaining slower than the other indices on the market, where the local retail investors turned bearish and there was increased selling pressure from domestic funds.
Trade turnover and volumes were on the decline on the bourse, where banking and industrials sectors together accounted for about 52% of the total volume.
The Total Return Index rose 0.55% to 19,321.74 points, All Share Index by 0.53% to 3,101.07 points and Al Rayan Islamic Index (Price) by 0.5% to 2,394.75 points.
The transport index expanded 1.82%, banks and financial services (0.59%), consumer goods (0.51%), realty (0.43%), telecom (0.33%) and industrials (0.21%), while insurance was down 0.07%.
About 56% of the traded constituents extended gains with major movers being Nakilat, Gulf Warehousing, Vodafone Qatar, Commercial Bank, Alijarah Holding, Medicare Group, Industries Qatar, United Development Company, Mannai Corporation and Islamic Holding Group; even as Al Khaleej Takaful and Qatar General Insurance and Reinsurance were among the losers.
Non-Qatari institutions’ net buying increased influentially to QR16.5mn compared to QR8.59mn on July 8.
Non-Qatari individuals turned net buyers to the tune of QR2.69mn against net sellers of QR0.71mn the previous day.
The Gulf institutions’ net profit booking declined significantly to QR3.42mn compared to QR25.72mn on Monday.
The Gulf individuals were net buyers to the extent of QR0.38mn against net profit takers of QR1.42mn on July 8.
However, domestic funds’ net selling strengthened noticeably to QR8.73mn compared to QR0.08mn the previous day.
Local retail investors turned net profit takers to the tune of QR7.41mn against net buyers of QR19.35mn on Monday.
Total trade volume fell 33% to 42.79mn shares, value by 32% to QR131.15mn and transactions by 11% to 4,601.
The transport sector’s trade volume plummeted 58% to 2.7mn equities and value by 57% to QR6.19mn, whereas deals were up less than 1% to 279.
There was 49% plunge in the consumer goods sector’s trade volume to 4.26mn stocks but on 14% growth in value to QR26.07mn and 29% in transactions to 817.
The banks and financial services sector’s trade volume tanked 38% to 13.01mn shares, value by 39% to QR57.2mn and deals by 35% to 1,042.
The real estate sector saw 29% shrinkage in trade volume to 7.2mn equities, 26% in value to QR8.07mn and 29% in transactions to 343.
The telecom sector’s trade volume shrank 29% to 1.83mn stocks and value by 19% to QR6.03mn, while deals grew 25% to 413.
The industrials sector reported 12% decline in trade volume to 9.15mn shares, value by 46% to QR17.46mn and transactions by 12% 1,379.
The insurance sector’s trade volume was down 10% to 4.64mn equities and value by 6% to QR10.13mn, while transactions shot up 24% to 328.
In the debt market, there was no trading of treasury bills and sovereign bonds.