QE edges up on small, micro caps

20/07/2010 00:00 AST

The Qatar Exchange yesterday edged higher on gains in small and micro cap equities. Local retail investors were seen largely bullish as the 20-stock benchmark settled 0.16% higher at 6,924.11 points.

Industries Qatar and Commercialbank were among the prime gainers.

Foreign institutions’ buying support also helped the market, which is however down 0.46% year-to-date.

The insurance index rose 0.45%, followed by industry (0.38%) and banks and financial institutions (0.27%), while services fell 0.15%.

Of the 42 stocks, 17 gained, while 12 declined, six were unchanged and seven not traded. Market capitalisation however fell 1.83% or about QR7bn to QR358.73bn as large cap equities plunged 2.93%.

Total trading volume fell 10% to 2.31mn equities, value by 22% to QR73.06mn and transactions by 20% to 1,941.

The industrial sector saw a 44% plunge in trading volume to 0.30mn shares, value by 44% to QR14.83mn and transactions by 36% to 344.

The insurance sector’s trading volume shrank 36% to 0.07mn shares and value by 26% to QR3.71mn whereas deals rose 14% to 104.

Services’ trading volume fell 1% to 1.29mn stocks, value by 10% to QR30.37mn and transactions by 18% to 845.

Banks and financial institutions trading volume however gained 5% to 0.65mn equities whereas value fell 18% to QR24.15mn and deals by 16% to 648.

Local retail investors turned bullish as they were net buyers (in terms of value) to the tune of 7.71% compared with net sellers of 1.40% in the previous day.

A higher 52.28% of them bought equities against 47.47% on Sunday, while a lower 44.57% offloaded compared with 48.87%.

Non-Qatari individual investors were however profit-takers as they were net sellers to the extent of 2.90% against net buyers of 1.13% in the previous day.

A higher 16.69% of them were into buying compared with 15.09% on Sunday and a higher 19.59% into selling against 13.96%.

Foreign institutions continued to be bearish but with much lesser intensity as their net selling plunged to 0.36% from 8.86% in the previous day.

A higher 21.98% of them were into buying compared with 14.06% on Sunday, while a marginally lower 22.34% were into selling against 22.92%.

Domestic institutions turned profit-takers as they were net sellers to the tune of 4.45% compared with net buyers of 9.13% in the previous day.

A much lower 9.04% of them were into buying compared with 23.38% on Sunday and a marginally lower 13.49% into selling against 14.25%.

Actively traded stocks (in terms of volume) were Nakilat (437,110 shares); Masraf Al Rayan (328,031); Barwa (232,454); National Leasing (169,717) and Doha Bank (156,998).

Gulf Times