IQ, QNB and QEWC lead Qatar Exchange back into positive zone

06/08/2010 00:00 AST

The Qatari bourse returned to positive territory with its key index gaining 0.65%, mainly led by large and mid cap stocks.

Foreign institutions were key to the 20-stock benchmark’s rise to 7,133.41 points.

Industries Qatar (IQ), QNB and Qatar Electricity and Water Co were among the prime movers in the market, which is up 2.55% year-to-date.

Industrial stocks gained 1.41%, followed by insurance (1.28%), banks and financial institution (0.59%) and services (0.34%).

Of the 42 stocks; 24 gained, while only six declined, 10 were unchanged and two were not traded.

Market capitalisation rose 0.97% or about QR4bn to QR382.19bn with large and mid cap equities notably gaining 1.60% and 0.83% respectively.

Total trading volume rose 17% to 3.59mn equities, value by 23% to QR161.45mn and transactions by 12% to 2,483.

Industrial sector’s trading volume more than tripled to 0.65mn shares, value more than quadrupled to QR46.10mn on a 78% gain in deals to 469.

Services saw its trading volume rise 9% to 1.59mn stocks, value by 2% to QR41.45mn and transactions by 2% to 1,009.

Banks and financial institution’s trading volume however fell 6% to 1.26mn equities whereas value was up less than 1% to QR69.34mn and deals by 2% to 897.

Insurance sector saw its trading volume gain less than 1% to 0.10mn shares, value by 16% to QR4.56mn and transactions by 37% to 108.

Foreign institutions’ bullish grip considerably strengthened as their net buying (in terms of value) zoomed to 20.33% from 2.54% in the previous day.

A much higher 42.44% of them were into buying compared with 28.56% on Wednesday, while a lower 22.11% were into selling against 26.02%.

Domestic institutions continued to be bullish but with much lesser intensity as their net buying sunk to 7.82% from 18.34% in the previous day.

A much lower 18.70% of them were into buying against 28.16% on Wednesday, while a marginally higher 10.88% into selling against 9.82%.

Local retail investors were increasingly bearish as their net selling rose to 25.05% from 17.42% in the previous day.

A lower 26.81% of them bought equities against 33.14% on Wednesday, while a marginally higher 51.86% offloaded compared with 50.56%.

Non-Qatari individual investors’ profit booking marginally eased as their net selling fell to 3.12% from 3.47% in the previous day.

A higher 12.04% of them were into buying compared with 10.13% on Wednesday and a higher 15.16% into selling against 13.60%.

Actively traded stocks (in terms of volume) were Barwa (473,960 shares); IQ (378,832): Masraf Al Rayan (361,837); Commercialbank (361,799) and Nakilat (321,109).

Gulf Times