Foreign funds’ enhanced buying interests, on the back of government’s huge financial stimulus, yesterday lifted the Qatar Stock Exchange by 140 points in key barometer and more than QR11bn in capitalisation.
Telecom, banks and transport counters witnessed higher than average demand as the 20-stock Qatar Index settled 1.65% higher at 8,661.37 points, having touched a high of 8,727 points intraday.
The continued overall bullish momentum comes after the government announced QR75bn financial package for the private sector and another QR10bn fund infusion into the QSE in view of the challenges posed by the pandemic Covid-19.
The weakened net selling pressure from non-Qatari and the Gulf individuals also had its influence on the market, whose year-to-date losses were trimmed to 16.92%.
Market capitalisation saw 2.39% expansion to QR489.46bn mainly owing to large and small cap segments. The market has seen more than QR22bn gains in capitalisation, ever since the package was unveiled by His Highness the Amir Sheikh Tamim bin Hamad al-Thani.
Islamic stocks, however, weakened marginally vis-a-vis gains in the other indices in the bourse, where domestic funds turned bearish and there was increased net selling by local retail investors.
Trade turnover and volumes were on the increase on the bourse, where consumer goods and banking sectors together accounted for more than 52% of the total trading volume.
The Total Return Index rose 1.65% to 16,380.61 points and All Share Index by 2.26% to 2,677.35 points, while Al Rayan Islamic Index (Price) was down 0.08% to 1,836.49 points. The telecom index soared 4.23%, banks and financial services (3.41%), transport (3.27%), consumer goods (0.49%) and realty (0.08%); whereas insurance and industrials declined 0.53% and 0.52% respectively.
Major movers were Ooredoo, QNB, Commercial Bank, al khaliji, Medicare Group, Qatar Industrial Manufacturing, Qatari Investors Group, Qatar Insurance, Nakilat, Milaha and Gulf Warehousing; even as Qatar First Bank, Doha Bank, Salam International Investment, Al Meera, Qatar General Insurance and Reinsurance and Vodafone Qatar were among the losers.
Non-Qatari institutions’ net buying increased substantially to QR60.78mn compared to QR2.46mn the previous day.
Non-Qatari individual investors’ net selling declined considerably to QR1.37mn against QR7.64mn on March 17.
The Gulf individuals’ net profit booking also weakened perceptibly to QR0.65mn compared to QR4.42mn on Tuesday.
However, local retail investors’ net selling shot up significantly to QR39.06mn against QR23mn the previous day.
Domestic institutions were net sellers to the extent of QR13.27mn compared with net buyers of QR36.59mn on March 17.
The Gulf institutions’ net profit booking strengthened noticeably to QR6.43mn against QR4.67mn on Tuesday.
Total trade volumes rose 25% to 147.03mn shares and value by 5% to QR380.34mn, while transactions were down 12% to 10,818.
The consumer goods sector’s trade volume more than tripled to 41.98mn equities, value soared 42% to QR58.6mn and deals by 17% to 1,250.
The insurance sector saw 45% surge in trade volume to 6.25mn stocks, 60% in value to QR12.49mn and 5% in transactions to 398. The transport sector’s trade volume shot up 38% to 10.63mn shares, value by 42% to QR23.55mn deals by 83% to 565.
There was 17% increase in the industrials sector’s trade volume to 20.72mn equities but on 25% fall in value to QR37.88mn despite 20% higher transactions at 1,907. The banks and financial services sector’s trade volume was up 8% to 34.98 stocks and value by 9% to QR193.27mn, whereas deals tanked 30% to 4,567.
However, the telecom sector reported 49% plunge in trade volume to 6.34mn shares, 31% in value to QR18.68mn and 27% in transactions to 818.
The real estate sector’s trade volume shrank 18% to 26.12mn equities, value by 13% to QR35.87mn and deals by 2% to 1,313.
In the debt market, there was no trading of sovereign bonds and treasury bills.
Telecom, banks and transport counters witnessed higher than average demand on the QSE yesterday, as the 20-stock Qatar Index settled 1.65% higher at 8,661.37 points, having touched a high of 8,727 points intraday.
