Qatar Stock Exchange on Wednesday broke the 10,000 psychological mark with its key index gaining 89 points, mainly lifted by local retail investors.
Buying was seen more pronounced in the transport, real estate, industrials and consumer goods as the 20-stock Qatar Index gained 0.9% to 10,002.8 points despite fall in global oil prices on apprehensions whether potential production freeze will have any impact on a supply glut.
Foreign institutions’ bullish outlook and lower net selling by non-Qatari individual investors also helped maintain rally in the market, where trading turnover and volumes were on the decline.
However, domestic institutions turned bearish and there was increased net profit booking by both Gulf retail investors and institutions in the bourse, which is down 4.09% year-to-date.
The index that tracks Shariah-principled stocks was seen gaining faster than the other indices in the market, where industrials, realty and banking stocks together accounted for more than 80% of the total trading volume.
Market capitalisation expanded 0.97% or more than QR5bn to QR532.36bn with small, mid, micro and large cap equities gaining 1.98%, 1.57%, 0.78% and 0.33% respectively.
The Total Return Index rose 1.19% to 15,670.79 points, All Share Index by 1.26% to 2,688.8 points and Al Rayan Islamic Index by 2.06% to 3,604.75 points.
Transport stocks appreciated 2.84%, real estate (1.79%), industrials (1.72%), consumer goods (1.25%), banks and financial services (0.92%) and telecom (0.36%); whereas insurance shrank 0.59%.
More than 63% of the stocks extended gains to investors with major movers being Industries Qatar, Mesaieed Petrochemical Holding, Qatari Investors Group, Barwa, Gulf Warehousing, Milaha, Nakilat, Doha Bank, Islamic Holding Group, Ezdan and United Development Company; even as Qatar Islamic Bank, Gulf International Services and Qatar General and Reinsurance.
Local retail investors turned net buyers to the tune of QR23.49mn compared with net sellers of QR23.71mn on Monday.
Non-Qatari institutions were also net buyers to the extent of QR1.08mn against net sellers of QR6.75mn on February 22.
Non-Qatari individual investors’ net profit booking declined to QR1.36mn compared to QR5.16mn the previous day.
However, domestic institutions turned net sellers to the tune of QR11.96mn against net buyers of QR41.46mn on Monday.
The GCC (Gulf Cooperation Council) institutions’ net selling increased to QR8.07mn compared to QR3.77mn on February 22.
The GCC individuals’ net profit booking rose to QR3.21mn against QR2.08mn the previous day.
Total trade volume fell 33% to 9.79mn shares, value by 19% to QR401.36mn and deals by 1% to 6,089.
The banks and financial services sector saw 68% plunge in trade volume to 1.23mn equities, 61% in value to QR56.69mn and 32% in transactions to 971.
The insurance sector’s trade volume plummeted 55% to 0.05mn stocks, value by 36% to QR1.7mn and deals by 25% to 66.
There was 35% shrinkage in the consumer goods sector’s trade volume to 0.92mn shares and 13% in value to QR43.94mn but on 1% jump in transactions to 790.
The real estate sector’s trade volume tanked 28% to 2.66mn equities, value by 30% to QR67.67mn and deals by 10% to 1,025.
The market witnessed 16% decline in the industrials sector’s trade volume to 3.97mn stocks but on 9% increase in value to QR198.84mn and 16% in transactions to 2,546.
However, the telecom sector’s trade volume expanded 27% to 0.42mn shares, value by 22% to QR9.18mn and deals by 19% to 333.
There was 20% expansion in the transport sector’s trade volume to 0.54mn equities, more than doubling value to QR23.34mn on 61% surge in transactions to 358.
In the debt market, there was no trading of treasury bills and government bonds.