The Qatar Stock Exchange witnessed sixth straight session of bull-run, inching its index towards 8,600 levels, on an across the board buying, particularly in telecom, industrials and insurance stocks.
Local retail investors turned bullish and there was increased net buying support from domestic funds as the 20-stock Qatar Index gained 1.42% to 8,569.26 points.
The increased buying interests of non-Qatari individuals also helped boost sentiments in the market, whose year-to-date losses were at 17.89%.
Islamic equities were seen gaining slower than the main index in the bourse, whose capitalisation expanded 1.33% to QR467.47bn.
However, foreign institutions were increasingly net sellers and there was weakened buying support from their Gulf counterparts in the market, where more than 88% of the stocks extended gains.
“We are not surprised to see the market inching upwards after a prolonged bearish move. Further gains are still expected on the coming period as part of a natural correction and the next target will be 8,660 points, while above it would promote 8,775 points,” Kamco said in its technical analysis.
The medium-term and long-term investors can re-enter the market once the index sustains a close above 9,600 points and 10,000 points, respectively, it added.
Trade turnover and volumes on the increase in the bourse, where industrials, banking and real estate sectors together accounted for more than 81% of the total volume.
The Total Return Index rose 1.42% to 14,370.15 points, Al Rayan Islamic Index by 1.33% to 3,463.37 points and All Share Index by 1.28% to 2,439.61 points.
The telecom index gained 3.62%, industrials (2.53%), insurance (2.14%), realty (1.49%), consumer goods (1.02%), transport (0.8%) and banks and financial services (0.36%).
Major gainers included Gulf International Services, Industries Qatar, Qatar Investment Holding Group, Qatar Insurance, Ooredoo, Vodafone Qatar, Al Khaleej Takaful, Qatar Islamic Insurance, Ezdan, Mazaya Qatar and Nakilat; even as Ahli Bank and Widam Food were among the losers.
Local retail investors turned net buyers to the tune of QR17.75mn compared with net sellers of QR2.59mn on Monday.
Domestic institutions’ net buying strengthened considerably to QR7.44mn against QR0.3mn on September 25.
Non-Qatari individual investors’ net buying also increased to QR5.3mn compared to QR3.05mn the previous day.
The GCC (Gulf Cooperation Council) retail investors’ net profit booking fell to QR0.03mn against QR0.37mn on Monday.
However, non-Qatari institutions’ net profit booking strengthened perceptibly to QR38.39mn compared to QR16.04mn on September 25.
The GCC funds’ net buying weakened influentially to QR7.99mn against QR15.64mn the previous day.
Total trade volume rose 64% to 12.43mn shares, value by 62% to QR289.5mn and deals by 53% to 4,024.
The real estate sector’s trade volume grew more than five-fold to 2.59mn equities and value more than quadrupled to QR46.35mn on 80% increase in transactions to 713.
The transport sector’s trade volume more than quadrupled to 0.76mn stocks and value more than tripled to QR18.76mn on more than tripled deals to 667.
The consumer goods sector’s trade volume more than doubled to 0.2mn shares, value soared 79% to QR10.19mn on more than doubled transactions to 273.
The insurance sector’s trade volume more than doubled to 0.09mn equities and value almost doubled to QR4.35mn on 25% jump in deals to 70.
The market witnessed 36% surge in the industrials sector’s trade volume to 4.82mn stocks, 66% in value to QR71.07mn and 93% in transactions to 1,105.
The banks and financial services sector’s trade volume expanded 35% to 2.68mn shares and value by 34% to QR122.48mn, while deals were down 4% to 967.
There was 4% jump in the telecom sector’s trade volume to 1.28mn equities, but on 23% slippage in value to QR16.31mn and 16% in transactions to 229. In the debt market, there was no trading of treasury bills and government bonds.