Strong buying, especially at the insurance and industrials counters, on Wednesday lifted the Qatar Stock Exchange by 69 points as its key index once again surpassed 10,500 levels.
Foreign institutions’ increased net buying and domestic funds’ bullish outlook led the 20-stock Qatar Index to gain 0.66% to 10,539.59 points.
However, Gulf funds were seen bearish in the market, whose key benchmark settled 2.34% higher year-to-date.
Market capitalisation saw more than QR3bn, or 0.58%, increase to QR582.64bn mainly owing to large and midcap segments.
Islamic equities were seen gaining slower than the main index in the market, where local retail investors were increasingly net profit takers.
Trade turnover rose amidst lower volumes in the bourse, where the industrials, banking and realty sectors together accounted for about 81% of the total volume.
The Total Return Index rose 0.66% to 19,393.74 points, the Al Rayan Islamic Index (Price) by 0.57% to 2,365.53 points and the All Share Index by 0.45% to 3,092.26 points.
The insurance index surged 5.42%, industrials (1.12%), transport (0.89%), consumer goods (0.23%) and banks and financial services (0.14%); while telecom and real estate declined 0.79% and 0.43% respectively.
More than 52% of the traded constituents extended gains with major movers being Qatar Insurance, Al Khaleej Takaful, Doha Insurance, Mesaieed Petrochemical Holding, Milaha, Ahlibank Qatar, Zad Holding and Widam Food; even as Dlala, Ooredoo and Gulf Warehousing were among the decliners.
Non-Qatari institutions’ net buying increased noticeably to QR34.16mn compared to QR30.62mn on September 17.
Domestic funds turned net buyers to the tune of QR21.36mn against net sellers of QR5.25mn the previous day.
Non-Qatari individual investors’ net selling declined considerably to QR1.14mn compared to QR8.94mn on Tuesday.
Gulf individual investors’ net profit booking fell marginally to QR0.69mn against QR0.73mn on September 17.
However, local retail investors turned net sellers to the extent of QR47.6mn compared with net buyers of QR23.74mn the previous day.
Gulf funds were also net profit takers to the tune of QR6.05mn against net buyers of QR8.01mn on Tuesday.
Total trade volume fell 37% to 107.12mn shares, while value rose 4% to QR301.24mn despite 29% lower transactions at 6,094.
The banks and financial services sector saw a 64% plunge in trade volume to 27.65mn equities, 3% in value to QR116.15mn and 28% in deals to 1,968.
The real estate sector’s trade volume plummeted 54% to 19.87mn stocks, value by 55% to QR18.24mn and transactions by 69% to 670.
The telecom sector saw a 53% shrinkage in trade volume to 1.89mn shares, 55% in value to QR10.72mn and 48% in deals to 489.
The transport sector’s trade volume was down 10% to 7.11mn equities, whereas value grew 10% to QR24.61mn and transactions by 78% to 428.
However, the insurance sector’s trade volume more than quadrupled to 4.8mn stocks and value rose more than six-fold to QR17mn on more-than- doubled deals to 357.
The market witnessed a 55% surge in the consumer goods sector’s trade volume to 6.59mn shares, 39% in value to QR24.17mn and 29% in transactions to 576.
The industrials sector’s trade volume shot up 26% to 39.21mn shares and value by 42% to QR90.34mn, while deals shrank 16% to 1,606.
In the debt market, there was no trading of treasury bills and sovereign bonds.
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