Slowdown in Covid-19-related fatalities and the number of fresh cases in key hotspots lifted sentiments in the global markets, reflecting in a huge 334 points surge in the Qatar Stock Exchange’s main barometer, which Tuesday inched near 9,000 levels.
An across the board buying – particularly within telecom, industrials and banking counters – led the 20-stock Qatar Index to surge 3.13% to 8,979.49 points and capitalisation to expand more than QR17bn.
“The pandemic has started levelling off in key hotspots which is lending confidence to the market but post Covid-19 new business models will emerge with cost optimisation getting more traction in the board rooms,” an analyst said, adding the market will begin to discount the new normal.
Foreign and Gulf funds were increasingly bullish on the bourse, whose year-to-date losses were trimmed to 13.87%.
Market capitalisation saw 3.55% jump to QR506.96bn mainly owing to large and midcap segments.
Islamic stocks were seen gaining slower than the other indices in the market, where the local retail investors were increasingly net profit takers.
Trade turnover and volumes were on the increase on the market, where industrials and real estate sectors together accounted for more than 65% of the total trading volume.
The Total Return Index soared 3.13% to 17,171.98 points, All Share Index by 3.33% to 2,791.85 points and Al Rayan Islamic Index (Price) by 2.6% to 1,931.68 points.
The telecom index shot up 3.96%, industrials (3.93%), banks and financial services (3.53%), insurance (2.91%), consumer goods (2.66%), transpot (2.65%) and real estate (0.3%).
More than 87% of the traded constituents extended gains with major movers being Ooredoo, Vodafone Qatar, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Commercial Bank, Qatar Islamic Bank, Dlala, Islamic Holding Group, QIIB, Qatar Insurance, Qatari German Company for Medical Devices, Woqod, Baladna, Al Khaleej Takaful, Ezdan, Nakilat, Gulf Warehousing and Milaha.
Non-Qatari funds’ net buying increased substantially to QR59.68mn compared to QR15.35mn on April 6.
The Gulf institutions’ net buying also rose noticeably to QR4.67mn against QR1.59mn the previous day.
However, Qatari investors’ net selling grew significantly to QR38.66mn compared to QR15.76mn on Monday.
Domestic funds turned net sellers to the extent of QR20.08mn against net buyers of QR1.25mn on April 6.
Non-Qatari individuals’ net selling grew perceptibly to QR4.14mn compared to QR2.37mn the previous day.
The Gulf individuals’ net profit booking also strengthened to QR1.47mn against QR0.07mn on Monday.
Total trade volumes rose 26% to 178.02mn shares and value by 15% to QR333.59mn, while transactions were down less than 1% to 10,267.
The consumer goods and services sector's trade volume soared 73% to 20.22mn equities, value by 5% to QR43.89mn and deals by 29% to 1,175.
There was 44% surge in the transport sector’s trade volume to 13.41mn stocks and 57% in value to QR32.71mn but on 3% fall in transactions to 653.
The industrials sector’s trade volume shot up 43% to 75.2mn shares, value by 43% to QR94.07mn and deals by 51% to 3,704.
The real estate sector witnessed 19% jump in trade volume to 41.15mn equities but on 7% dip in value to QR35mn despite 1% higher deals at 1,373.
The insurance sector's trade volume was up 8% to 2.85mn stocks and value by 30% to QR5.84mn, whereas transactions shrank 29% to 205.
However, the telecom sector's trade volume plummeted 31% to 4.9mn shares, while value grew 1% to QR18.41mn despite 20% lower deals at 696.
The banks and financial services sector saw 13% shrinkage in trade volume to 20.28 equities but on 3% growth in value to QR103.69mn despite 34% lower transactions at 2,461.
In the debt market, there was no trading of sovereign bonds and treasury bills.
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