Foreign and Gulf institutions’ buying support extended the bullish run in the Qatar Stock Exchange for the sixth straight session and its key index inched near the 10,000 mark as global oil prices surged overnight.

Insurance and telecom stocks gained the maximum as the 20-stock Qatar Index rose 0.46% to 9,996.45 points amidst declining trading turnover and volumes.

Islamic stocks’ gains were slower than the conventional ones in the market, which is however down 4.15% year-to-date.

However, there was increased net selling by local retail investors and weakened buying interests of domestic institutions in the bourse, where banking and industrials stocks together constituted more than 63% of the total trading volume.

Market capitalisation grew 0.26% or more than QR1bn to QR536.27bn with mid and large cap equities gaining 0.65% and 0.15%; but small and midcaps fell 0.12% and 0.05% respectively.

The Total Return Index gained 0.46% to 16,173.59 points, All Share Index by 0.33% to 2,785.59 points and Al Rayan Islamic Index by 0.1% to 3,910.03 points.

Insurance stocks surged 2.49%, telecom (1.27%), realty (0.42%), industrials (0.28%), transport (0.27%) and banks and financial services (0.02%); whereas consumer goods fell 0.66%.

About 54% of the stock extended gains with major movers being Qatar Insurance, Ooredoo, Aamal Company, Ezdan, Mazaya Qatar, Qatar Islamic Bank, Doha Bank, Alijarah Holding and Qatari German Company for Medical Devices.

However, QNB, Gulf International Services, Vodafone Qatar, Barwa, United Development Company, Widam Food, Industries Qatar, Qatari Investors Group and Qatar Oman Investment Company bucked the trend.

Non-Qatari institutions turned net buyers to the tune of QR3.94mn compared to net profit takers of QR3.05mn on May 15.

The GCC (Gulf Cooperation Council) institutions were also net buyers to the extent of QR4.78mn against net sellers of QR17.08mn on Sunday.

Non-Qatari individual investors turned net buyers to the tune of QR1.06mn compared to net sellers of QR1.11mn the previous day.

However, local retail investors’ net profit booking increased to QR12.44mn against QR0.36mn on May 15.

Domestic institutions’ net buying weakened considerably to QR4.04mn compared to QR21.45mn on Sunday.

The GCC individual investors turned net sellers to the extent of QR1.4mn against net buyers of QR0.18mn the previous day.

Total trade volume fell 26% to 7.47mn shares and value by 18% to QR246.35mn but deals rose 4% to 4,759.

There was 57% plunge in the industrials sector’s trade volume to 1.85mn equities, 53% in value to QR73.45mn and 34% in transactions to 1,277.

The real estate sector’s trade volume plummeted 34% to 0.55mn stocks and 33% in value to QR11.01mn, while deals gained 35% to 594.

Although the telecom sector’s trade volume declined 22% to 0.77mn shares, there was 63% increase in value to QR20.61mn and more than doubling of transactions to 737.

The banks and financial services sector’s trade volume was down 7% to 2.88mn equities, whereas value expanded 29% to QR81.45mn and deals by 15% to 1,145.

However, the insurance sector’s trade volume doubled to 0.22mn stocks and value more than tripled to QR17.49mn on 85% surge in transactions to 233.

The consumer goods sector reported 71% expansion in trade volume to 0.89mn shares but on 14% fall in value to QR32.82mn and 16% in deals to 585.

The transport sector’s trade volume shot up 24% to 0.31mn equities, value by 38% to QR9.52mn and transactions by 83% to 188.

In the debt market, there was no trading of treasury bills and government bonds.