Business
QSE treads a flat path despite selling at telecom, banking and consumer goods counters; Islamic index defies the trend
February 20, 2023 | 06:23 PM
The Qatar Stock Exchange Monday saw strong buying interests from the Gulf institutions even as it treaded a flat path, amidst global concerns that the US Fed may take an aggressive stand on rates to tame inflation.The buying interests at the transport, industrials and insurance counters was to a great extent contained by selling pressure at the telecom, banking and consumer goods counters as the 20-stock Qatar Index settled mere 0.29 points higher at 10,716.74 points.The market, which was skewed towards gainers, saw its key barometer touch an intraday low of 10,641 points, especially in the first 30 minutes of opening.The foreign retail investors were seen net buyers in the main market, which reported year-to-date gains of 0.33%.The Arab individual investors were also seen bullish, albeit at lower levels, in the main bourse, whose capitalisation saw QR0.12n or 0.02% fall to QR600.36bn, mainly led by microcap segments.The domestic institutions’ net selling weakened significantly in the main market, which saw a total of 0.11mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.67mn changed hands across 37 deals.The foreign institutions continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining faster than the main index in the main market, which saw no trading of treasury bills.The Total Return Index remained flat, while Al Rayan Islamic Index (Price) gained 0.32% but All Share Index was down 0.06% in the main bourse, whose trade turnover and volumes were on the rise.The transport sector index rose 0.99%, industrials (0.62%) and insurance (0.18%); while telecom declined 1.25%, banks and financial services (0.39%), consumer goods and services (0.11%) and real estate (0.05%).About 46% of the traded constituents extended gains with major movers being Gulf Warehousing, Ahlibank Qatar, Beema, Al Khaleej Takaful, Qatari German Medical Devices, Mannai Corporation, Baladna, Qatar Electricity and Water, Gulf International Services, Mesaieed Petrochemical Holding, Estithmar Holding and Qamco.Nevertheless, Qatar General Insurance and Reinsurance, Qatar National Cement, Qatar Industrial Manufacturing, Lesha Bank, Salam International Investment, Ooredoo and Nakilat were among the shakers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.The Gulf institutions’ net buying increased substantially to QR20.66mnm compared to QR3.74mn on February 19.The foreign individual investors turned net buyers to the tune of QR1.32mn against net sellers of QR2.94mn the previous day.The Arab individuals were net buyers to the extent of QR0.62mn compared with net profit takers of QR3.27mn on Sunday.The domestic institutions’ net selling weakened considerably to QR3.63mn against QR29.09mn on February 19.However, the local individuals turned net sellers to the tune of QR29.06mn compared with net buyers of QR4.91mn the previous day.The Gulf retail investors’ net profit booking strengthened marginally to QR1.87mn against QR1.44mn on Sunday.The foreign institutions’ net buying shrank noticeably to QR11.81mn compared to QR27.87mn on February 19.The Arab institutions turned net buying eased marginally to QR0.13mn against QR0.22mn the previous day.The main market saw an 8% jump in trade volumes to 141.98mn shares, 8% in value to QR420.8mn and 12% in deals to 14,259.
February 20, 2023 | 06:23 PM