The cabinet nod to allow up to 100% foreign ownership in the listed companies and downward revision in the initial margins lifted the sentiments in the Qatar Stock Exchange, which gained as much as 160 points to cross the 10,900 levels.
Foreign funds were increasingly into net buying as the 20-stock Qatar Index surged 1.48% to 10,920.69 points, recovering from an intraday low of 10,796 points.
The Islamic equities were seen gaining slower than the other indices in the bourse, whose year-to-date gains swelled to 4.64%.
About 77% of the traded constituents extended gains in the market, whose capitalisation saw about QR9bn or 1.39% jump to QR629.41bn, mainly owing to large and midcap segments.
The industrials and consumer goods counters witnessed higher than average demand in the bourse, where the Arab and foreign individuals were increasingly net buyers.
The Gulf institutions were seen turning robustly bullish in the bourse, which saw a total of 290,995 exchange traded funds (Masraf Al Rayan sponsored QATR and Doha Bank sponsored QETF) valued at QR2.02mn changed hands across 25 deals; while in the debt market, there was no trading of sovereign bonds and treasury bills.
The Total Return Index soared 1.48% to 21,609.65 points, All Share Index by 1.34% to 3,444.91 points and Al Rayan Islamic Index (Price) by 1.26% to 2,531.66 points.
The industrials sector’s index shot up 2.73%, consumer goods and services (1.76%), real estate (1.21%), banks and financial services (1.04%) and telecom (1.01%); while insurance and transport declined 0.33% and 0.32% respectively.
Major gainers included Industries Qatar, Ooredoo, QIIB, Salam International Investment, Investment Holding Group, Qatar Islamic Insurance, Qatari German Medical Devices, Commercial Bank, Medicare Group, Woqod and Qatar Industrial Manufacturing; even as Al Khaleej Takaful, Ahlibank Qatar, Qatari General Insurance and Reinsurance, Baladna, Alijarah Holding and Milaha were among the losers.
The foreign institutions’ net buying zoomed significantly to QR190.56mn against QR17.74mn on April 18. The Arab individuals’ net buying increased notably to QR6.84mn compared to QR5.86mn on Sunday.
The Gulf funds were net buyers to the extent of QR4.22mn compared with net sellers of QR2.53mn the previous day.
The foreign individuals’ net buying strengthened perceptibly to QR1.6mn against QR0.23mn on April 18.
However, domestic funds’ net selling grew substantially to QR167.42mn compared to QR76.54mn on Sunday.
Qataris turned net sellers to the tune of QR37.41mn against net buyers of QR53.1mn the previous day.
The Arab funds were net profit takers to the extent of QR0.22mn compared with net buyers of QR0.04mn on April 18.
The Gulf individuals’ net buying eased marginally to QR1.94mn against QR2.12mn on Sunday.
Total trade volume more than doubled to 395.12mn shares and value also more than doubled to QR844.68mn on almost doubled transactions to 16,602.
The consumer goods and services sector’s trade volume more than quadrupled to 188.15mn equities and value more than tripled to QR209.6mn on more than doubled deals to 3,551.
The insurance sector’s trade volume more than quadrupled to 10.68mn stocks and value also more than quadrupled to QR35.76mn on more than doubled transactions to 686.
The banks and financial services sector’s trade volume more than doubled to 68.47mn shares and value almost tripled to QR367.61mn on doubled deals to 7,096.
The industrials sector’s trade volume more than doubled to 83.83mn equities, value soared 87% to QR131.18mn and transactions by 51% to 2,537.
The transport sector reported 20% surge in trade volume to 5.9mn stocks and 15% in value to QR22.28mn on more than doubled deals to 556.
The real estate sector’s trade volume shot up 17% to 31.8mn shares, while value shrank 8% to QR63.2mn despite 37% higher transactions at 1,516.
There was 18% shrinkage in the telecom sector’s trade volume to 6.29mn equities and 3% in value to QR17.11mn but on almost doubled deals to 660.