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Reversing the five-day bearish spell, Qatar Stock Exchange on Wednesday gained 62 points to cross the 9,700 mark, mainly lifted by strong buying interests of non-Qatari individuals and Gulf institutions.
Insurance, transport, realty and industrials counters witnessed higher demand to lift the 20-stock Qatar Index 0.64% to 9,741.71points. The market’s year-to-date losses have narrowed to 6.59%.
Local retail investors’ weakened net selling also helped the bourse, where Islamic stocks however underperformed the main barometer and other conventional indices.
Trade turnover rose amid lower volumes in the market, where banking, telecom and real estate stocks together constituted more than 87% of the total volumes.
However, foreign institutions’ net selling strengthened and there was considerable weakening of domestic institutions’ net buying.
Market capitalisation rose more than QR3bn or 0.58% to QR526.52bn with large, micro and midcap equities gaining 0.61%, 0.38% and 0.3% respectively, even as small caps were down 0.07%.
The Total Return Index shot up 0.64% to 15,761.44 points, All Share Index by 0.64% to 2,692.59 points and Al Rayan Islamic Index by 0.15% to 3,590.2 points.
Insurance sector saw its index gain 1.75%, transport (1.4%), real estate (1.14%), industrials (0.71%), banks and financial services (0.52%) and consumer goods (0.12%); while telecom shrank 2.29%.
As much as 60% of the traded stocks extended gains with major movers being Qatar First Bank, Industries Qatar, Ezdan, Nakilat, Gulf Warehousing, QNB, al khaliji, Doha Bank, Mesaieed Petrochemical Holding, Qatar Insurance, Widam Food and Qatar Electricity and Water.
Nevertheless, Vodafone Qatar, Ooredoo, Barwa, Qatari Investors Group and Al Meera were among the losers.
Non-Qatari individual investors’ net buying strengthened considerably to QR23.42mn compared to QR5.9mn on November 15.
The GCC (Gulf Cooperation Council) institutions turned net buyers to the tune of QR6.4mn against net sellers of QR6mn on Tuesday.
Local retail investors’ net profit booking fell to QR9.66mn compared to QR13.89mn the previous day.
However, domestic institutions’ net buying weakened perceptibly to QR2.04mn against QR25.94mn on November 15.
Non-Qatari institutions’ net profit booking strengthened to QR23.19mn compared to QR14.43mn on Tuesday.
The GCC individual investors’ net buying declined to QR0.98mn against QR2.5mn the previous day.
Total trade volume fell 5% to 10.5mn shares, while value rose 5% to QR258.2mn and deals by 4% to 4,453.
There was 32% plunge in the telecom sector’s trade volume to 2.66mn equities, 26% in value to QR33.73mn and 18% in transactions to 869.
The transport sector’s trade volume plummeted 17% to 0.15mn stocks and value by 21% to QR4.06mn, while deals rose 16% to 142.
The industrials sector reported 11% shrinkage in trade volume to 0.41mn shares, 13% in value to QR24.01mn and 10% in transactions to 432.
The real estate sector’s trade volume was down 1% to 1.86mn equities, while value increased 35% to QR44.46mn and deals by 61% to 1,000.
However, the market witnessed 73% surge in the insurance sector’s trade volume to 0.52mn stocks and 8% in value to QR25.21mn but on 73% decline in transactions to 94.
The consumer goods sector’s trade volume soared 13% to 0.27mn shares to more than double value to QR30.21mn. Deals expanded 81% to 412.
The banks and financial services sector saw 12% increase in trade volume to 4.63mn equities but on 1% fall in value to QR96.52mn. Transactions were up 6% to 1,504.
In the debt market, there was no trading of treasury bills and government bonds.
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