The Qatar Stock Exchange Wednesday vaulted 258 points in index and QR16bn in capitalisation, mirroring the global sentiments in view of the US Congress reaching an agreement on the massive $2tn stimulus package to cope with the challenges of global pandemic Covid-19.
An across the board buying – particularly in telecom, banking and insurance – helped the 20-stock Qatar Index settle 3.12% higher at 8,534.32 points.
Foreign institutions turned bullish and there was weakened net selling by their Gulf counterparts in the bourse, whose year-to-date losses were trimmed to 18.14%.
Market capitalisation saw a 3.34% increase to QR483.66bn mainly owing to large and midcap segments.
Islamic stocks were seen gaining slower than the other indices in the market, where the local and non-Qatari retail investors turned bearish.
Trade turnover declined amidst higher volumes in the bourse, where the banking and realty sectors together accounted for more than 62% of the total trading volume.
The Total Return Index gained 3.12% to 16,320.65 points, the Al Rayan Islamic Index (Price) by 2.15% to 1,799.61 points and the All Share Index by 3.28% to 2,664.6 points.
The telecom index shot up 6.92%, banks and financial services (3.93%), insurance (3.34%), real estate (2.52%), industrials (2.05%), consumer goods and services (1.38%) and transport (0.87%).
About 83% of the traded stocks extended gains with major movers being Ooredoo, Vodafone Qatar, QNB, Qatar Islamic Bank, Doha Bank, QIIB, Masraf Al Rayan, Qatar First Bank, Dlala, Qatar Industrial Manufacturing, Industries Qatar, Aamal Company, Qatar Electricity and Water, Gulf International Services, Qatar Insurance, United Development Company, Ezdan, Gulf Warehousing and Nakilat; even as Doha Insurance, Milaha, Qatar Islamic Insurance, Alijarah Holding and Ahlibank Qatar.
Non-Qatari institutions turned net buyers to the tune of QR45.56mn compared with net sellers of QR46mn on March 24.
The Gulf institutions’ net profit booking weakened noticeably to QR2.35mn against QR9.8mn the previous day.
However, local retail investors were net sellers to the extent of QR36.02mn compared with net buyers of QR10.56mn on Tuesday.
Non-Qatari individual investors were also net sellers to the tune of QR5.72mn against net buyers of QR8.25mn on March 24.
The Gulf individuals' net profit booking grew perceptibly to QR2.35mn compared to QR0.26mn the previous day.
Domestic funds' net buying weakened significantly to QR0.92mn against QR37.25mn on Tuesday.
Total trade volumes rose 40% to 117.3mn shares, while value fell 8% to QR269.59mn despite 10% higher transactions at 9,539.
The telecom sector's trade volume more than doubled to 9.44mn equities, value soared 87% to QR29.96mn and deals by 73% to 1,148.
The transport sector's trade volume also more than doubled to 7.73mn stocks and value almost tripled to QR17.92mn on more-than-doubled transactions to 696.
There was a 70% surge in the real estate sector's trade volume to 47.6mn shares, 56% in value to QR39.51mn and 48% in deals to 1,093.
The industrials sector's trade volume soared 30% to 17.71mn equities, whereas value shrank 27% to QR31.66mn and 18% in transactions to 1,594.
However, the insurance sector reported a 29% plunge in trade volume to 1.37mn stocks and 19% in value to QR2.69mn but on 22% growth in deals to 203.
The banks and financial services sector's trade volume was down 1% to 25.4 shares, value by 30% to QR128.24mn and transactions by 7% to 4,089.
Although the consumer goods sector's trade volume was flat at 8.06mn equities, the market witnessed a 26% expansion in value to QR19.6mn and deals by 36% to 716.
In the debt market, there was no trading of sovereign bonds and treasury bills.