11/08/2016 05:28 AST
The Qatar Stock Exchange on Wednesday settled near the 11,000 mark, mainly supported by telecom and banking stocks.
Weakened selling pressure of local, Gulf and non-Qatari retail investors as well as domestic institutions helped the 20-stock Qatar Index gain 78 points or 0.71% to 10,996.41 points amid decline in trading turnover and volumes.
However, Gulf institutions turned bearish and there was lower buying support from their foreign counterparts in the market, which is up 5.44% year-to-date.
Six of the seven sectors were in the positive trajectory in the bourse, where realty, industrials and banking stocks constituted about 73% of the total trading volume.
Market capitalisation gained 0.44% or more than QR2bn to QR589.08bn as large, mid, small and microcap cap equities gained 0.83%, 0.34%, 0.19% and 0.12% respectively.
The Total Return Index rose 0.71% to 17,791.45 points, All Share Index by 0.57% to 3,032.3 points and Al Rayan Islamic Index by 0.66% to 4,228.43 points.
Telecom equities gained 1%, banks and financial services (0.99%), industrials (0.36%), insurance (0.28%), real estate (0.26%) and transport (0.2%); whereas consumer goods fell 0.17%.
More than 64% of the stocks extended gains with major gainers being Ooredoo, Qatar Islamic Bank, Commercial Bank, Masraf Al Rayan, Alijarah Holding, Aamal Company, Mazaya Qatar, Barwa and Vodafone Qatar; even as Industries Qatar, Mesaieed Petrochemical Holding, United Development Company, Nakilat and Dlala bucked the trend.
Local retail investors’ net selling weakened substantially to QR25.93mn compared to QR77.6mn on August 9.
The GCC (Gulf Cooperation Council) retail investors’ net selling also plunged to QR4.24mn against QR24.17mn on Tuesday.
Non-Qatari individual investors’ net profit booking fell to QR9.5mn compared to QR11.6mn the previous day.
Domestic institutions’ net selling was seen weakening to QR15.91mn against QR46.86mn on August 9.
However, non-Qatari institutions’ net buying weakened perceptibly to QR57.56mn compared to QR101.43mn on Tuesday.
The GCC institutions turned net sellers to the tune of QR1.95mn against net buyers of QR58.81mn the previous day.
Total trade volume fell 29% to 9.59mn shares, value by 46% to QR305.36mn and deals by 19% to 5,257.
There was 65% plunge in the transport sector’s trade volume to 0.36mn equities, 72% in value to QR10.8mn and 39% in transactions to 261.
The banks and financial services sector’s trade volume plummeted 62% to 1.93mn stocks, value by 58% to QR84.59mn and deals by 36% to 1,405.
The insurance sector reported 55% decline in trade volume to 0.05mn shares, 43% in value to QR4.23mn and 41% in transactions to 69.
The telecom sector’s trade volume shrank 25% to 1.48mn equities, value by 53% to QR31.71mn and deals by 33% to 603.
The market witnessed 19% slippage in the industrials sector’s trade volume to 2.02mn stocks and 43% in value to QR87.9mn but on 11% jump in transactions to 1,489.
The consumer goods sector’s trade volume was down 1% to 0.71mn shares, value by 45% to QR25.81mn and deals by 25% to 443.
However, there was 44% surge in the real estate sector’s trade volume to 3.03mn equities, 24% in value to QR60.31mn and 10% in transactions to 987.
In the debt market, there was no trading of treasury bills and government bonds.
Guf Times
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