The Qatar Index vaulted 2.2% to touch a 4-week high of 11,905.94 yesterday. Picture: Noushad Thekkayil

By Santhosh V Perumal/Business Reporter

The Qatar Exchange yesterday crossed the 11,900 mark, encouraged by the growth-oriented and private sector-supportive 2014-15 General Budget.

Domestic institutions’ buying interests led the 20-stock Qatar Index (based on price index) vault for the sixth consecutive day by 2.2% to touch a four-week high of 11,905.94 points.

An across-the-board buying, particularly in industrials, banking and realty stocks, sustained the bullish momentum in the bourse, which is up 14.71% year-to-date.

The budgeted 4% rise in expenditure ought to give much room for the private sector participation, especially in the services, construction, and the financial sectors, market sources said.

HE the Finance Minister Ali Shareef al-Emadi had said the increase in expenditure would be mainly directed towards the completion and implementation of key development projects.

Trading volumes rose and was skewed mainly towards real estate, industrials, banking and telecom sectors.

The index that tracks Shariah-principled stocks was seen to gain faster than the other indices in the bourse.

The 20-stock Total Return Index surged 2.29% to 17,708.94 points, the All Share Index (with wider constituents) by 2.03% to 3,053.06 and the Al Rayan Islamic Index by 2.36% to 3,662.91 points.

Industrials stocks appreciated 2.44%, followed by banks and financial services (2.2%), realty (2.07%), telecom (2.05%), transport (1.66%), insurance (0.47%) and consumer goods (0.34%).

More than 78% of the stocks extended gains with major movers being Industries Qatar, QNB, Commercial Bank, International Islamic, Masraf Al Rayan, Gulf International Services, Mesaieed Petrochemical Holding, Barwa, Mazaya Qatar, Ooredoo, Vodafone Qatar, Nakilat and Milaha.

However, United Development Company and Widam Food were seen to buck the trend.

Market capitalisation expanded 1.76% or more than QR11bn to QR661.8bn. Small, large, micro and mid cap-equities gained 2.61%, 2.13%, 1.77% and 1.43% respectively.

Domestic institutions turned net buyers to the tune of QR3.13mn against net sellers of QR55.35mn on Monday.

Foreign institutions’ net buying amounted to QR132.54mn compared to QR55.19mn the previous day.

Qatari retail investors turned net profit-takers to the extent of QR97.51mn against net buyers of QR11.99mn on Monday.

Non-Qatari individual investors’ net selling was QR38.06mn compared to QR11.83mn the previous day.

Total trading volume rose 25% to 23.02mn stocks, value by 31% to QR1.04bn and transactions by 20% to 10,953.

The telecom sector’s trading volume more than doubled to 2.92mn equities, value surged 57% to QR57.59mn and deals by 14% to 425.

The industrials sector’s trading volume more than doubled to 4.83mn shares and value also more than doubled to QR349.11mn on a 44% jump in transactions to 3,912.

The real estate sector witnessed its trading volume expand 26% to 8.8mn stocks, value by 48% to QR258.38mn and deals by 26% to 2,230.

However, the transport sector’s trading volume plummeted 32% to 0.86mn equities, whereas value rose 1% to QR29.05mn and transactions by 75% to 431.

The market witnessed a 30% plunge in consumer goods sector’s trading volume to 1.45mn shares, 16% in value to QR108.01mn and 6% in deals to 1,274.

The banks and financial services sector reported an 11% decline in trading volume to 3.96mn stocks and 10% in value to QR231.02mn but on a 1% rise in transactions to 2,501.

The insurance sector’s trading volume was down 9% to 0.2mn equities and value by 19% to QR9.67mn, while deals were up 5% to 180.