Global oil prices at above $30 a barrel has had a positive effect on the Qatar Stock Exchange, which gained for the second day by another 293 points to inch near the 9,300 mark.

An across the board buying – notably in the insurance and real estate sectors – led the 20-stock Qatar Index surge 3.26% to 9,272.01 points.

Increased buying support from foreign and Gulf institutions were visible in the market, where trading turnover and volumes expanded.

However, local retail investors were increasingly bearish in the bourse, which is down 11.1% year-to-date.

Large and mid cap equities gained the maximum in the market, where the banks, industrials, real estate and consumer goods sectors together accounted for about 85% of the total trading volume.

Market capitalisation expanded 3.48% or about QR17bn to QR495.28bn with large, mid and small cap equities gaining 3.31%, 2.53% and 1.34% respectively; even as micro caps were down 0.8%.

The Total Return Index shot up 3.26% to 14,412.01 points, All Share Index by 3.02% to 2,458.99 points and Al Rayan Islamic Index by 2.08% to 3,263.23 points.

Insurance stocks soared 8.04%, realty (3.42%), banks and financial services (3.08%), industrials (2.74%), telecom (2.24%), consumer goods (1.35%) and transport (0.05%).

More than 68% of the stocks extended gains with major movers being Industries Qatar, QNB, Mesaieed Petrochemical Holding, Qatar Insurance, Ooredoo, Qatar Islamic Bank, Nakilat, QIIB, Masraf Al Rayan, Aamal Company, Ezdan, Barwa and Qatar General and Reinsurance; whereas Doha Bank, Islamic Holding Group, Mannai Corporation, Gulf International Services and Gulf Warehousing bucked the trend.

Non-Qatari institutions’ net buying substantially increased to QR56.67mn compared to QR8.82mn on Wednesday.

The GCC (Gulf Cooperation Council) institutions’ net buying also surged to QR16.19mn against QR8.23mn on January 27.

The GCC individuals turned net buyers to the tune of QR1.23mn compared with net sellers of QR3.09mn the previous day.

Domestic institutions’ net profit booking weakened to QR0.63mn against QR2.79mn on Wednesday.

Non-Qatari individual investors’ net selling also shrank to QR1.35mn compared to QR2.6mn on January 27.

However, local retail investors’ net profit booking perceptibly swelled to QR72.15mn against QR8.57mn the pervious day.

Total trade volume rose 71% to 12.08mn shares, value by 86% to QR396.85mn and deals by 29% to 5,260.

The transport sector’s trade volume almost quadrupled to 0.79mn equities and value almost tripled to QR16.85mn on more than tripled transactions to 684

The insurance sector’s trade volume tripled to 0.15mn stocks and value almost tripled to QR8.92mn on 23% jump in deals to 90.

The industrials sector’s trade volume more than doubled to 3mn shares and value also more than doubled to QR130.8mn on 44% expansion in transactions to 1,332.

The banks and financial services sector’s trade volume more than doubled to 3.62mn equities, value soared 83% to QR160.5mn and deals by 30% to 1,564.

There was 83% surge in the consumer goods sector’s trade volume to 1.26mn stocks, 25% in value to QR22.12mn and 15% in transactions to 332.

The telecom sector’s trade volume expanded 45% to 0.93mn shares, value by 36% to QR19.62mn and deals by 5% to 549.

However, the real estate sector reported 12% decline in trade volume to 2.34mn equities but on 2% rise in value to QR38.04mn. Transactions were down 20% to 709.

In the debt market, there was no trading of treasury bills and government bonds.