Strong buying interests from Gulf institutions yesterday extended the bullish run at the Qatar Stock Exchange for the fourth straight session as its key index broke the 8,400 resistance level.
An across-the-board buying, particularly in banks and real estate, led the 20-stock Qatar Index to gain 0.64% to 8,449.47 points.
Non-Qatari individuals’ net buying became stronger and domestic institutions were seen marginally bullish in the market, whose year-to-date losses stood at 19.04%.
Islamic equities were seen outperforming the main index and other indices in the bourse, whose capitalisation expanded 0.57% to QR461.32bn.
However, local retail investors turned bearish and there was increased net selling by domestic institutions in the market, where about 59% of the stocks extended gains.
Overcoming a minor selling pressure, the market was generally on a stronger footing with robust buying especially in the last few minutes, thus settling the index 54 points higher.
Trade turnover and volumes were on the decline in the bourse, where the industrials, banking and telecom sectors together accounted for more than 89% of the total volume.
The Total Return Index rose 0.64% to 14,169.26 points, the Al Rayan Islamic Index by 0.69% to 3,418 points and the All Share Index by 0.67% to 2,408.83 points.
The banks and financial services index gained 0.87%, followed by realty (0.82%), industrials (0.54%), transport (0.49%), consumer goods (0.41%), insurance (0.13%) and telecom (0.12%).
Major gainers included Qatar Islamic Bank, Masraf Al Rayan, Al Khaliji, Industries Qatar, Aamal Company, Medicare Group, Qatari Investors Group, Ezdan, Mazaya Qatar, Ooredoo, Milaha and Nakilat; even as Gulf International Services, Doha Bank, Qatar National Cement, Barwa, Vodafone Qatar and Gulf Warehousing were among the losers.
The GCC (Gulf Cooperation Council) funds’ net buying strengthened considerably to QR15.64mn against QR8.35mn on Sunday.
Non-Qatari individual investors’ net buying increased to QR3.05mn compared to QR1.39mn the previous day.
Domestic institutions were net buyers to the tune of QR0.3mn against net sellers of QR16.09mn on September 24.
However, non-Qatari institutions’ net profit-booking gained perceptibly to QR16.04mn compared to QR6.67mn on Sunday.
Local retail investors turned net sellers to the extent of QR2.59mn against net buyers of QR13.37mn the previous day.
The GCC retail investors’ net profit-booking rose marginally to QR0.37mn compared to QR0.3mn on September 24.
Total trade volume fell 41% to 7.58mn shares, value by 40% to QR178.57mn and deals by 13% to 2,622.
There was an 84% plunge in the real estate sector’s trade volume to 0.5mn equities and 75% in value to QR10.3mn but on a 3% rise in transactions to 397.
The transport sector’s trade volume plummeted 83% to 0.18mn stocks, value by 87% to QR5.19mn and deals by 48% to 193.
The insurance sector saw a 69% shrinkage in trade volume to 0.04mn shares, 55% in value to QR2.19mn and 38% in transactions to 56.
The consumer goods sector’s trade volume tanked 53% to 0.08mn equities, value by 33% to QR5.7mn and deals by 36% to 116.
The banks and financial services sector reported a 33% decline in trade volume to 1.99mn stocks and 29% in value to QR91.23mn but on 20% increase in transactions to 1,012.
The telecom sector’s trade volume shrank 31% to 1.23mn shares, whereas value grew 1% to QR21.18mn and deals by 20% to 274.
The market witnessed a 5% fall in the industrials sector’s trade volume to 3.55mn equities, 17% in value to QR42.76mn and 35% in transactions to 574.
In the debt market, there was no trading of treasury bills and government bonds.