The Qatar Stock Exchange on Thursday gained as much as 197 points to inch near the 9,700 points on the back of strong buying support from foreign institutions.
An across-the-board buying — particularly in the banking and real estate counters — lifted the 20-stock Qatar Index 2.08% to 9,683.62 points.
Non-Qatari individual investors turned bullish and there was increased net buying by Gulf institutions in the market, where trading turnover and volumes expanded.
The weakened net selling of domestic institutions and Gulf retail investors also helped the bourse, which is, however, down 7.15% year-to-date.
However, local retail investors turned profit takers in the market, where banking, industrials, realty and consumer goods stocks together accounted for more than 86% of the total trading volume.
Market capitalisation shot up 2.06% or more than QR10bn to QR517.2bn with large, small, mid and micro cap equities gaining 2.51%, 1.62%, 1.15% and 0.57% respectively.
The Total Return Index soared 2.08% to 15,102.57 points, All Share Index by 1.98% to 2,579.75 points and Al Rayan Islamic Index by 2.06% to 3,435.44 points.
Banks and financial services stocks surged 2.8%, real estate (2.23%), consumer goods (1.67%), transport (1.57%), telecom (1.17%), industrials (1%) and insurance (0.96%).
More than 74% of the stocks extended gains with major movers being QNB, Industries Qatar, Vodafone Qatar, Doha Bank, Commercial Bank, Masraf Al Rayan, Qatar Electricity and Water, Mesaieed Petrochemical Holding, Ezdan, United Development Company, Barwa, Nakilat, Alijarah Holding and Qatari German Company for Medial Devices.
However, Gulf International Services, Aamal Company, Islamic Holding Group, Dlala, Widam Food and Doha Insurance were seen bucking the trend.
Non-Qatari institutions’ net buying strengthened to QR50.13mn compared to QR22.15mn the previous day.
The GCC (Gulf Cooperation Council) institutions’ net buying increased to QR6.18mn against QR3.57mn on Wednesday.
Non-Qatari individual investors turned net buyers to the tune of QR2.71mn compared with net sellers of QR0.13mn on February 3.
Domestic institutions’ net profit booking shrank to QR23.72mn against QR30.68mn the previous day.
The GCC individuals’ net selling fell marginally to QR2.34mn compared to QR2.57mn on Wednesday.
However, local retail investors turned net profit takers to the extent of QR32.98mn against net buyers of QR7.64mn on February 3.
Total trade volume rose 70% to 10.04mn shares, value by 43% to QR304.53mn and deals by 18% to 5,064.
The industrials sector’s trade volume more than tripled to 2.17mn equities and value more than doubled to QR81.23mn on 52% jump in transactions to 965.
The consumer goods sector’s trade volume more than doubled to 1.41mn stocks, value soared 47% to QR43.78mn and deals by 95% to 1,006.
The banks and financial services sector reported 84% surge in trade volume to 3.02mn shares, 51% in value to QR102mn and 15% in transactions to 1,506.
The telecom sector’s trade volume expanded 26% to 0.73mn equities, while value shrank 18% to QR19.02mn and deals by 19% to 551.
The real estate sector saw 25% increase in trade volume to 2.06mn stocks, 39% in value to QR40.78mn and 23% in transactions to 758.
The insurance sector’s trade volume gained 21% to 0.34mn shares; whereas value fell 22% to QR9.89mn and deals by 26% to 136.
However, there was 38% plunge in the transport sector’s trade volume to 0.31mn equities, 41% in value to QR7.83mn and 58% in transactions to 142.
In the debt market, there was no trading of treasury bills and government bonds.