The Qatar Stock Exchange on Wednesday gained 37 points to cross the 10,400 mark mainly on the back of buying support from local retail investors.
Buying was seen stronger particularly in the telecom, consumer goods, real estate and banking counters as the 20-stock Qatar Index rose 0.36% to 10,435.67 points.
The Gulf individual investors also turned marginally bullish and there was lower net selling by their non-Qatari counterparts in the market, which is, however, down 15.06% year-to-date.
Small and large cap equities were seen high in demand in the bourse, where overall volumes declined further as large institutional investors are away on holidays.
However, domestic turned net profit takers and there was reduced buying support from foreign institutions in the bourse, where the banking, industrials, consumer goods and telecom sectors dominated the trading ring as their stocks accounted for more than 82% of the volumes.
Market capitalisation rose 0.38% or more than QR2bn to QR553.28bn with small, large and mid cap equities gaining 0.98%, 0.4% and 0.12% respectively; while micro caps were flat.
The Total Return Index gained 0.36% to 16,220.75 points, All Share Index by 0.45% to 2,777.19 points and Al Rayan Islamic Index by 0.48% to 3,845.4 points.
Telecom stocks appreciated 0.84%, consumer goods (0.79%), realty (0.65%), banks and financial services (0.58%), industrials (0.38%) and transport (0.24%); while insurance fell 1.12%.
As much as 65% of the traded stocks extended gains with major movers being Aamal Company, QNB, Commercial Bank, Doha Bank, Ezdan, United Development Company, Mazaya Qatar, Milaha, Qatar General Insurance and Reinsurance and Salam International Investment.
However, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding, Ooredoo, Vodafone Qatar, Nakilat, Barwa, Qatar Islamic Bank and Dlala bucked the trend.
Local retail investors turned net buyers to the extent of QR7.86mn compared with net net sellers of QR11.97mn the previous day.
The GCC (Gulf Cooperation Council) individual investors were also net buyers to the tune of QR0.18mn against net sellers of QR9.93mn on Tuesday.
Non-Qatari individual investors’ net profit booking weakened to QR2.98mn compared to QR5.47mn on December 29.
However, domestic institutions turned net sellers to the extent of QR2.81mn against QR10.09mn the previous day.
The GCC institutions’ net profit booking strengthened to QR9.43mn compared to QR3.08mn on Tuesday.
Non-Qatari institutions’ net buying declined to QR7.18mn against QR20.4mn on December 29.
Total trade volume fell 20% to 3.9mn shares and value by 24% to QR152.02mn; while deals were up 10% to 2,826.
There was 79% plunge in the transport sector’s trade volume to 0.15mn equities, 66% in value to QR4.46mn and 39% in transactions to 88.
The telecom sector’s trade volume plummeted 42% to 0.65mn stocks and value by 16% to QR15.95mn, while deals rose 19% to 521.
The real estate sector saw 39% shrinkage in trade volume to 0.45mn shares, 34% in value to QR10.78mn and 1% in transactions to 328.
The industrials sector’s trade volume tanked 23% to 0.9mn equities and value by 49% to QR42.31mn, whereas deals were up 2% to 740.
However, the consumer goods sector’s trade volume almost tripled to 0.74mn stocks and value more than doubled to QR17.55mn on 93% jump in transactions to 320.
The banks and financial services sector reported 19% surge in trade volume to 0.92mn shares, 15% in value to QR53.56mn and 11% in deals to 751.
Although the insurance sector’s trade volume was flat at 0.08mn equities, there was 15% fall in value to QR4.42mn. Transactions were up 3% to 78.
In the debt market, there was no trading of treasury bills and government bonds.