Demand for Islamic equities lifts QSE more than 49 points
August 13 2020 05:52 PM

A higher than average demand for the Islamic equities on Thursday lifted the Qatar Stock Exchange more than 49 points and its key barometer crossed the 9,600 resistance levels.

Domestic institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.52% higher at 9,602.49 points, although it touched a low of 9,553 points intraday.

The industrials, consumer goods and transport sectors were seen outperforming the market, whose year-to-date losses were trimmed to less than 8%.

Market capitalisation saw about QR2bn or 0.34% increase to QR559.34bn, mainly owing to midcap segments.

A total of 2,000 exchange traded funds (both QATR and QETF) valued at QR18,825 changed hands across four transactions; while in the debt market, there was no trading of sovereign bonds and treasury bills.

Trade turnover and volumes were on the increase in the market, where the banking and industrials sectors together accounted for more than 60% of the total trading volume.

The Total Return Index grew 0.52% to 18,460.46 points, All Share Index by 0.4% to 2,989.79 points and Al Rayan Islamic Index (Price) by 0.85% to 2,201.94 points.

The industrials index soared 0.97%, consumer goods (0.55%), transport (0.53%) and banks and financial services (0.28%); while realty shrank 0.22%, telecom (0.07%) and insurance (0.01%).

More than 61% of the traded constituents extended gains with major movers being Industries Qatar, QIIB, Qatar Industrial Manufacturing, Gulf Warehousing, Salam International Investment, Ahlibank Qatar, Masraf Al Rayan and Al Meera; even as Qatari Investors Group, Commercial Bank, Ezdan, Aamal Company and Inma Holding were among the losers.

Domestic funds’ net buying increased influentially to QR59.91mn compared to QR28.74mn on August 12.

The Arab individuals were net buyers to the tune of QR4.44mn against net sellers of QR2.87mn on Wednesday.

Foreign individuals’ net buying grew marginally to QR1.37mn compared to QR0.8mn the previous day.

The Gulf institutions’ net profit booking eased perceptibly to QR1.86mn against QR3.18mn on August 12.

However, local retail investors’ net selling shot up considerably to QR37.71mn compared to QR17.47mn on Wednesday.

Foreign institutions’ net selling also expanded significantly to QR22.58mn against QR5.03mn the previous day.

The Gulf individuals’ net profit booking grew perceptibly to QR3.95mn against QR0.99mn on August 12.

The Arab funds were seen net sellers to the tune of QR0.38mn compared with no major exposure on Wednesday.

Total trade volumes rose 36% to 250.76mn shares, value by 78% to QR548.17mn and transactions by 29% to 10,311.

The consumer goods and services sector’s trade volume more than doubled to 49.04mn equities, value soared 64% to QR80.75mn and deals by 46% to 1,534.

The industrials sector reported 58% surge in trade volume to 79.35mn stocks, 97% in value to QR124.23mn and 77% in transactions to 2,905.

The banks and financial services sector’s trade volume shot up 25% to 71.17mn shares and value more than doubled to QR255.92mn on 41% jump in deals to 3,170.

There was 16% expansion in the transport sector’s trade volume to 5.86mn equities, 33% in value to QR20.57mn and 8% in transactions to 499.

However, the insurance sector’s trade volume plummeted 39% to 3.68mn stocks, value by 44% to QR5.9mn and deals by 36% to 145.

The telecom sector saw 26% plunge in trade volume to 10.67mn shares, 12% in value to QR24mn and transactions by 23% to 827.

The real estate sector’s trade volume was down 4% to 30.99mn equities, value by 4% to QR36.79mn and deals by 5% to 1,231.

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