Qatar index settles higher, inches near 8,500 mark

01/04/2011 00:00 AST

Qatar Exchange yesterday settled 0.83% higher to inch near the 8,500 mark mainly helped by foreign institutions’ buying support.

Led by QNB, National Leasing and Barwa, the 20-stock barometer rose 69 points to close at three-week high of 8,456.17 points. The market is however down 2.60% year-to-date.

The insurance sector witnessed the maximum buying as its group index surged 1.13%, services (1.01%), banks and financial institution (0.77%) and industry (0.57%).

Market capitalisation surged 0.96% or more than QR4bn to QR427.28bn with mid, small, micro and large cap equities gaining 1.19%, 1.04%, 0.99% and 0.84% respectively.

Of the 43 stocks, 30 gained, while seven declined, five were unchanged and one was not traded.

Foreign institutions turned bullish that they were net buyers to the tune of 14.29% against net sellers of 1.47% in the previous day.

A much higher 29.11% of them were into buying compared to 14.74% on Wednesday; while a lower 14.82% were into selling against 16.21%.

However, domestic institutions turned profit takers that they were net sellers to the extent of 10.10% compared with net buyers of 3.91% in the previous day.

A lower 20.78% of them bought equities against 24.79% on Wednesday; while a much higher 30.88% of them sold compared to 20.88%.

Qatari individual investors continued to be bearish but with lesser vigour as their net selling fell to 1.78% from 2.40% in the previous day.

A lower 41% of them purchased equities compared to 47.90% on Wednesday and a lower 42.78% sold against 50.30%.

Non-Qatari retail investors were increasingly profit takers as their net selling surged to 2.41% from 0.04% in the previous day.

A lower 9.11% of them were into buying against 12.57% on Wednesday and a marginally lower 11.52% were into offloading compared to 12.61%.

Total trading volume expanded 26% to 16.75mn equities, value by 55% to QR485.53mn and deals by 30% to 6,408.

Banks and financial institutions’ trading volume shot up 85% to 4.34mn equities, value by 63% to QR152.10mn and transactions by 23% to 1,901.

The industrial sector witnessed a 41% jump in trading volume to 0.62mn shares, value more than doubled to QR56.71mn on 61% gain in deals to 625.

The insurance sector’s trading volume surged 20% to 0.12mn shares, value by 69% to QR6.93mn and transactions by 31% to 109.

The services sector’s trading volume was up 12% to 11.67mn shares; value by 43% to QR269.79mn and deals by 29% to 3,773.

Actively traded stocks (in terms of volume) were Salam International Investments (6.26mn shares); Masraf Al Rayan (3.31mn); Nakilat (881,842); Mawashi (669,051) and Qatar Navigation (530,438).

Gulf Times