QSE index crosses 10,950 levels on foreign funds’ buy support

The consumer goods, insurance and real estate counters experienced a higher than average demand as the 20-stock Qatar Index settled more than 18 points higher at 10,951.33 points yesterday, recovering from an intraday low of 10,920 points

The Qatar Stock Exchange yesterday crossed the 10,950 levels, having gained 0.17%, mainly on foreign institutions’ buying interests. The consumer goods, insurance and real estate counters experienced a higher than average demand as the 20-stock Qatar Index settled more than 18 points higher at 10,951.33 points, recovering from an intraday low of 10,920 points. About 49% of the traded constituents saw appreciation in share value in the market, whose year-to-date gains were at 4.94%. Domestic funds’ weakened net selling pressure also had its effect in the bourse, whose capitalisation saw QR28mn or 0.04% increase to QR635.72bn mainly due to microcap segments. The Gulf funds were increasingly net buyers in the market, which saw the industrials and consumer goods sectors together constitute about 69% of the total trading volume. The overall trade turnover grew amidst lower volumes in the bourse, where the local retail investors were increasingly net sellers. The Islamic index was seen gaining faster than the other indices in the market, which saw a total of 147,311 exchange traded funds (Masraf Al Rayan sponsored QATR and Doha Bank sponsored QETF) valued at QR788,003 change hands across 16 deals. In the debt market, there no trading of treasury bills but as many as 72,800 government bonds valued at QR423.28mn changes hands across two deals. The Total Return Index rose 0.17% to 21,678.81 points, All Share Index by 0.12% to 3,490.72 points and Al Rayan Islamic Index (Price) by 0.25% to 2,492.25 points. The consumer goods and services sector index gained 0.39%, insurance (0.39%), realty (0.34%), banks and financial services (0.1%) and industrials (0.04%); while telecom and transport declined 0.12% and 0.03% respectively. Major gainers included Qatar General Insurance and Reinsurance, al khaliji, Qatar Oman Investment, Aamal Company, Qatar Electricity and Water, Baladna, Qatar National Cement, Ezdan, Mazaya Qatar and Nakilat. Nevertheless, Ahlibank Qatar, Investment Holding Group, Qatari Investors Group, Gulf International Services, Mannai Corporation, Doha Bank, Qatari German Company for Medical Devices and Milaha were among the losers. Foreign institutions’ net buying increased substantially to QR72.78mn against QR40.99mn on August 15. The Gulf individuals’ net buying expanded marginally to QR0.38mn compared to QR0.31mn on Sunday. The domestic institutions’ net selling fell drastically to QR25.2mn against QR40.37mn the previous day. However, Qatari individuals’ net selling grew considerably to QR30.4mn compared to QR11.58mn on August 15. The Arab individuals turned net profit takers to the tune of QR12.39mn against net buyers of QR7.62mn on Sunday. The Gulf funds were net sellers to the extent of QR6.12mn compared with net buyers of QR0.82mn the previous day. The foreign individuals’ net buying weakened noticeably to QR0.54mn against QR2.43mn on August 15. The Arab funds had no major net exposure compared with net profit booking of QR0.22mn on Sunday. Total trade volume fell 26% to 155.5mn shares, while value grew 6% to QR377.1mn despite 1% lower transactions at 7,726. The market witnessed 47% plunge in the transport sector’s trade volume to 2.74mn equities and 68% in value to QR10.53mn but on 25% increase in deals to 392. The consumer goods and services sector’s trade volume plummeted 38% to 36.18mn stocks, value by 37% to QR44.82mn and transactions by 27% to 1,029. There was 37% shrinkage in the real estate sector’s trade volume to 13.77mn shares and 27% in value to QR19.41mn but on 1% jump in deals to 615. The industrials sector’s trade volume tanked 32% to 72.51mn equities, value by 27% to QR112.42mn and transactions by 12% to 2,558. The market witnessed 16% contraction in insurance’s trade volume to 0.84mn stocks and 4% in value to QR2.94mn but on 47% expansion in deals to 122. However, the banks and financial services sector’s trade volume soared 59% to 28.64mn shares and value more than doubled to QR172.54mn on 6% growth in transactions to 2,541. The telecom sector reported 36% surge in trade volume to 2.82mn equities and value more than quadrupled to QR14.44mn on more than five-fold jump in deals to 469.