Riding high on renewed hopes in the oil market, the Qatar Stock Exchange on Thursday gained 153 points to inch near the 10,000 mark, mainly lifted by real estate, consumer goods, banking and industrials stocks.
Increased net buying support from foreign institutions and non-Qatari individual investors led the 20-stock Qatar Index to gain 1.56% to 9,967.25 points as Iran also backed four other oil producers Saudi Arabia, Qatar, Venezuela and Russia in the decision to freeze oil output.
However, domestic and Gulf institutions turned net sellers in the market, where trading turnover and volumes were on the rise.
Large and small cap equities witnessed brisk buying in the bourse, which is however down 4.43% year-to-date.
The index that tracks Shariah-principled stocks was seen gaining faster than the other indices in the market, where banking, industrials, realty and consumer goods stocks together accounted for more than 87% of the total trading volume.
Market capitalisation rose 1.18%, or more than QR6bn, to QR529.03bn with large, small, mid and micro cap stocks gaining 1.83%, 1.2%, 0.87% and 0.54% respectively.
The Total Return Index rose 1.56% to 15,544.94 points, the All Share Index by 1.5% to 2,657.59 points and the Al Rayan Islamic Index by 1.77% to 3,534.06 points.
Real estate stocks appreciated 2.14%, followed by consumer goods (2.08%), banks and financial services (1.85%), industrials (1.6%) and insurance (1.09%); while transport and telecom fell 0.94% and 0.45% respectively.
About 66% of the stocks extended gains with major movers being Masraf Al Rayan, Qatar Islamic Bank, Industries Qatar, Qatari Investors Group, Mesaieed Petrochemical Holding, United Development Company, Barwa, Mazaya Qatar, Barwa and Vodafone Qatar; even as Aamal Company, Gulf International Services, Ooredoo, Gulf Warehousing, Nakilat and Doha Bank bucked the trend.
Non-Qatari institutions’ net buying increased considerably to QR30.19mn compared to QR6.46mn on February 17.
Non-Qatari individual investors’ net buying rose to QR4.04mn against QR0.78mn against the previous day.
Local retail investors’ net buying fell to QR24.51mn compared to QR25.83mn on Wednesday.
However, domestic institutions turned net sellers to the tune of QR1.76mn against net buyers of QR15.55mn on February 17.
GCC (Gulf Cooperation Council) institutions were also net sellers to the extent of QR6mn compared with net buyers of QR2.82mn the previous day.
GCC individuals turned net profit takers to the tune of QR1.96mn against net buyers of QR0.25mn on Wednesday.
Total trade volume rose 61% to 12.27mn shares, value by 71% to QR392.1mn and deals by 46% to 5,931.
The banks and financial services sector’s trade volume more than tripled to 3.54mn equities and value also more than tripled to QR129.78mn on more-than-doubled transactions to 1,714.
The real estate sector’s trade volume more than doubled to 2.43mn stocks and value also more than doubled to QR56.6mn on a 64% jump in deals to 794.
The telecom sector saw a 91% surge in trade volume to 0.61mn shares, 55% in value to QR15.73mn and 33% in transactions to 624.
The industrials sector’s trade volume soared 53% to 3.28mn equities, value by 49% to QR107.09mn and deals by 29% to 1,518.
There was a 43% expansion in the transport sector’s trade volume to 0.86mn stocks, 56% in value to QR26.3mn and 35% in transactions to 377.
However, the insurance sector’s trade volume plummeted 73% to 0.13mn shares, value by 76% to QR8.9mn and deals by 61% to 113.
The consumer goods sector reported a 21% decline in trade volume to 1.43mn equities; even as there was 59% increase in value to QR47.69mn and 27% in transactions to 791.
In the debt market, there was no trading of treasury bills and government bonds.