Notwithstanding a stalemate at the producers’ meet to discuss the output freeze, the Qatar Stock Exchange on Monday gained 42 points to surpass the 10,200 mark, mainly on buying support from foreign institutions and local retail investors.
Insurance, transport and real estate counters witnessed heavier demand as the 20-stock Qatar Index gained 0.42% to 10,231.52 points as investors pinned hopes on production freeze at the next meeting of the Organisation of the Petroleum Exporting Countries in June.
The rally in the market came amidst an overall bearish overhang in the global energy market after the producers sought more time to arrive at a consensus in enforcing freeze at the peak January levels.
Investors’ penchant for mid and large-cap equities was rather visible in the market, which is however down 1.9% year-to-date.
The index that tracks Shariah-principled stocks was seen declining vis-à-vis gains in the other indices in the bourse, where trading turnover and volumes were on the rise.
However, net selling by domestic institutions and their Gulf counterparts strengthened in the market, where banking, realty and industrials stocks together constituted about 77% of the total trading volume.
Market capitalisation was up 0.09%, or QR47mn, to QR546.51bn with mid and large-cap equities gaining 0.45% and 0.29% respectively; even as small caps fell 1.24%.
The Total Return Index rose 0.42% to 16,553.91 points and the All Share Index by 0.18% to 2,852.46 points; while the Al Rayan Islamic Index fell 0.21% to 4,014.46 points.
Insurance stocks surged 2%, followed by transport (0.66%), real estate (0.48%) and banks and financial services (0.23%); whereas consumer goods shed 0.86%, industrials (0.42%) and telecom (0.42%).
Major gainers included Ezdan, Commercial Bank, QNB, Qatar Electricity and Water, Vodafone Qatar, Nakilat, Doha Insurance, Qatar General Insurance and Reinsurance, Mannai Corporation, Doha Bank and Qatar Islamic Bank.
However, Mesaieed Petrochemical Holding, Industries Qatar, Gulf International Services, Aamal Company, Barwa, Ooredoo, Gulf Warehousing, Islamic Holding Group, Widam Food and Salam International Investment bucked the trend.
Non-Qatari institutions’ net buying strengthened to QR44.02mn compared to QR20.58mn on Sunday.
Local retail investors turned net buyers to the tune of QR2.54mn against net sellers of QR12.58mn the previous day.
However, domestic institutions’ net profit-booking increased substantially QR25.56mn compared to QR6.54mn on April 17.
Non-Qatari individual investors’ net selling strengthened to QR13.93mn against QR1.83mn on Sunday.
GCC (Gulf Cooperation Council) institutions’ net selling rose to QR2.83mn compared to QR0.06mn the previous day.
GCC individual investors turned net profit-takers to the extent of QR1.57mn against net buyers of QR0.45mn on April 17.
Total trade volume rose 74% to 8.63mn shares, value by 83% to QR285.48mn and deals by 41% to 4,660.
The consumer goods sector’s trade volume almost quadrupled to 1.12mn equities and value grew more than five-fold to QR47.38mn on more-than-quadrupled transactions to 644.
The industrials sector’s trade volume more than tripled to 1.95mn stocks and value more than doubled to QR70.21mn on a 66% jump in deals to 1,057.
The insurance sector’s trade volume almost tripled to 0.11mn shares and value more than tripled to QR7.66mn on a 54% increase in transactions to 94.
The transport sector’s trade volume more than doubled to 0.33mn equities and value almost doubled to QR11.37mn on a 40% expansion in deals to 247.
The real estate sector’s trade volume almost doubled to 2.33mn stocks and value more than doubled to Q44.58mn on a 63% rise in transactions to 882.
There was a 31% surge in the telecom sector’s trade volume to 0.46mn shares and 3% in value to QR12.03mn but on a 24% decline in deals to 398.
The banks and financial services sector’s trade volume was up less than 1% to 2.34mn equities, value by 18% to QR92.24mn and transactions by 10% to 1,338.
In the debt market, there was no trading of treasury bills and government bonds.