The Qatar Stock Exchange Sunday opened the week on a stronger note, albeit at lower levels, mainly on weakened net selling pressure from local and non-Qatari retail investors.
The insurance and real estate counters witnessed higher than average demand as the 20-stock Qatar Index settle 0.15% or 13 points higher at 8,589.23 points, although it touched a low of 8,521 points within the first 15 minutes of opening.
The Gulf individual investors were seen increasingly net buyers on the bourse, which is however down 17.61% year-to-date.
The market had seen bullish momentum last week 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.
Nevertheless, market capitalisation saw about QR2bn or 0.33% fall to QR487.55bn mainly dragged by small and microcap segments.
Islamic stocks were seen weakening vis-a-vis gains in the other indices in the market, where domestic funds turned bearish.
Trade turnover and volumes were on the decline in the bourse, where realty and banking sectors together accounted for more than 66% of the total trading volume.
The Total Return Index rose 0.15% to 16,345.43 points, while Al Rayan Islamic Index (Price) declined 0.18% to 1,791.1 points and All Share Index by 0.1% to 2,676.38 points.
The insurance index gained 1.91%, realty (0.67%) and telecom (0.13%); whereas consumer goods and services shrank 0.49%, banks and financial services (0.24%), transport (0.15%) and industrials (0.09%).
About 61% of the traded stocks extended gains with major movers being Qatar Insurance, Ezdan, Barwa, Qatar Islamic Bank, Commercial Bank, Doha Bank, Alijarah Holding, Dlala, Qatar German Company for Medical Devices and Mannai Corporation; even as QNB, Ahlibank Qatar, Masraf Al Rayan, Qatar National Cement, Qatar Electricity and Water and Gulf Warehousing.
Local retail investors' net profit booking declined significantly to QR3.3mn compared to QR59.89mn the previous trading day.
Non-Qatari individual investors' net selling also decreased considerably to QR1.16mn against QR23.39mn on March 19.
The Gulf individuals investors' net buying strengthened noticeably to QR2.46mn compared to QR0.97mn last Thursday.
However, non-Qatari institutions turned net sellers to the extent of QR23.58mn against net buyers of QR23.17mn the previous trading day.
The Gulf institutions’ net profit booking increased perceptibly to QR3.91mn compared to QR1.27mn on March 19.
Domestic funds' net buying weakened substantially to QR29.49mn against QR67.34mn last Thursday.
Total trade volumes fell 64% to 81.79mn shares, value by 72% to QR210.34mn and transactions by 65% to 4,484.
The telecom sector's trade volume plummeted 91% to 0.71mn equities, value by 90% to QR2.8mn and deals by 87% to 106.
There was 84% plunge in the insurance sector's trade volume to 1.48mn stocks, 86% in value to QR2.62mn and 80% in transactions to 76.
The industrials sector's trade volume tanked 76% to 9.39mn shares, value by 79% to QR25.13mn and 74% in deals to 809.
The banks and financial services sector saw 67% shrinkage in trade volume to 20.79 equities, 75% in value to QR108.99mn and 61% in transactions 1,917.
The real estate sector’s trade volume declined 60% to 33.59mn stocks, value by 67% to QR26.04mn and deals by 69% to 779.
The market witnessed 59% dip in the transport sector's trade volume to 4.71mn shares, value by 26% to QR21.53mn and transactions by 50% to 183.
However, the consumer goods sector's trade volume was up 4% to 11.13mn equities, whereas value shrank 27% to QR23.23mn and deals by 6% to 614.
In the debt market, there was no trading of sovereign bonds and treasury bills.