QSE surges 175 points as index surpasses 13,700 points, M-cap gains QR8bn

Reflecting the optimism in the global markets on reports of softer-than-expected inflation in the US, the Qatar Stock Exchange Thursday surged 175 points and its key index surpassed 13,700 points. Strong buying at the banking and industrials counters helped the 20-stock Qatar Index gain 1.29% to 13,743.9 points, recovering from an intraday low of 13,592 points. The foreign and Gulf institutions were increasingly into net buying in the market, whose year-to-date gains improved to 18.22%. The foreign individuals turned bullish in the bourse, whose capitalisation gained more than QR8bn or 1.11% to QR762.07bn, mainly on the back of large cap segments. The Islamic index was seen outperforming the other indices in the market, which saw a total of 0.94mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR12.31mn changed hands across 263 deals. The domestic institutions were increasingly net buyers in the market, which saw no trading of sovereign bonds. However, the local retail investors turned net sellers in the bourse, which saw no trading of treasury bills. The Total Return Index rose 1.29% to 28,151.96 points, the All Share Index by 1.23% to 4,363.21 points and the Al Rayan Islamic Index (Price) by 1.08% to 2,964.73 points. The banks and financial services sector index shot up 1.48%, industrials (1.52%), transport (0.88%), consumer goods and services (0.78%) and real estate (0.31%); while insurance and telecom declined 0.25% each. More than 65% of the traded constituents extended gains in the main market with major gainers being Estithmar Holding, Qamco, QIIB, Al Khaleej Takaful, Gulf International Services, QNB, Commercial Bank, Masraf Al Rayan, Industries Qatar, Milaha and Gulf Warehousing. In the venture market, Mekdam Holding saw its shares appreciate in value. Nevertheless, Doha Insurance, Qatari German Medical Devices, Ezdan, Mannai Corporation and Mesaieed Petrochemical Holding were among the losers in the main market. In the juniour bourse, Al Faleh Educational Holding saw its shares depreciate in value. The foreign institutions’ net buying increased notably to QR27.84mn compared to QR22.05mn on August 10. The Gulf institutions’ net buying grew markedly to QR27.68mn against QR16.86mn the previous day. The domestic institutions’ net buying strengthened noticeably to QR13.16mn compared to QR2.28mn on Wednesday. The foreign individuals turned net buyers to the tune of QR2.86mn against net sellers of QR3.78mn on August 10. However, Qatari individuals’ net selling strengthened considerably to QR56.64mn compared to QR27.99mn the previous day. The Gulf retail investors’ net profit booking grew marginally to QR7.55mn against QR6.94mn on Wednesday. The Arab individuals’ net selling expanded perceptibly to QR7.35mn compared to QR2.39mn on August 10. The Arab funds had no major net exposure against net profit takers of QR0.12mn the previous day. Total trade volume in the main market grew 74% to 285.61mn shares, value by 67% to QR787.8mn and deals by 31% to 18,926. In the venture market, trade volumes stood at 0.33mn equities, value at QR1.11mn and transactions at 46.