Qatar Stock Exchange on Thursday entered the fourth consecutive day of bullish session, mainly lifted by industrials and transport stocks, but failed to break the 10,400 resistance levels.
Although shakers outnumbered movers, the 20-stock Qatar Index rose 0.28% or 29 points to 10,396.25 amidst buoyancy in the global energy markets.
The rally comes in the backdrop of crude prices gaining strength on International Energy Agency projections that production outside the Organisation of the Petroleum Exporting Countries would fall this year, thus helping the oversupplied market achieve rebalance.
Foreign institutions’ increased buying support rather lent support to the market, which is however down 0.32% year-to-date.
The index that tracks Shariah-principled stocks was however seen dropping vis-à-vis gains in the other indices in the bourse, where trading turnover volumes were on the decline.
However, domestic institutions’ net selling strengthened and there was also substantially lower buying interests from local retail investors in the market, where banking, industrials and realty stocks together constituted more than three-fourth of the total trading volume.
Market capitalisation rose 0.44% or more than QR2bn to QR555.15bn with large and midcap equities gaining 0.55% and 0.19%; whereas micro and small caps fell 1.38% and 1.08% respectively.
The Total Return Index rose 0.28% to 16,820.45 points and All Share Index by 0.19% to 2,897.58 points, while Al Rayan Islamic Index fell 0.43% to 4,099.06 points.
Industrials stocks gained 1.36%, transport (0.51%) and banks and financial services (0.21%); whereas consumer goods shrank 1.84%, insurance (1.2%), telecom (0.57%) and realty (0.05%).
Major gainers included QNB, Industries Qatar, Mesaieed Petrochemical Holding, Gulf International Services, Doha Bank, Nakilat and United Development Company; even as Ooredoo, Vodafone Qatar, Gulf Warehousing, Barwa, Mazaya Qatar, Mannai Corporation, Alijarah Holding, Islamic Holding Group and Medicare Group bucked the trend.
Non-Qatari institutions’ net buying increased considerably to QR53.77mn compared to QR23.58mn on April 20.
Non-Qatari individual investors turned net buyers to the tune of QR1.36mn against net sellers of QR16.11mn on Wednesday.
The GCC (Gulf Cooperation Council) individual investors’ net selling fell to QR2.12mn compared to QR5.51mn the previous day.
However, domestic institutions’ net profit booking strengthened perceptibly to QR59.05mn against QR27.82mn on April 20.
Local retail investors’ net buying plummeted to QR2.6mn compared to QR21.52mn on Wednesday.
The GCC institutions’ net buying weakened to QR3.4mn against QR4.35mn the previous day.
Total trade volume fell 25% to 11.28mn shares, value by 25% to QR399.8mn and deals by 11% to 6,065.
The real estate sector saw 61% plunge in trade volume to 1.39mn equities, 60% in value to Q28.62mn and 40% in transactions to 668.
The transport sector’s trade volume plummeted 55% to 0.42mn stocks, value by 70% to QR15.32mn deals by 55% to 246.
The banks and financial services sector witnessed 26% shrinkage in trade volume to 4.03mn shares, 26% in value to QR123.81mn and 11% in transactions to 1,716.
The consumer goods sector’s trade volume tanked 25% to 1.53mn equities, value by 41% to QR83.05mn and deals by 32% to 959.
There was 19% decline in the telecom sector’s trade volume to 0.78mn stocks but on 22% jump in value to QR25.81mn and 33% in transactions to 826.
The insurance sector’s trade volume was down 8% to 0.12mn shares and value by 41% to QR6.18mn, while deals were up 2% to 121.
However, the industrials sector reported 46% surge in trade volume to 3.01mn equities, 68% in value to QR117mn and 39% in transactions to 1,529.
In the debt market, there was no trading of treasury bills and government bonds.