Emerging markets across the world witnessed meltdown on strong recovery signals from the US but the Qatar Exchange braved the odds with its sustained gains for the second day yesterday.
Unlike in other emerging markets where foreign institutions heavily resorted to profit-booking, they rather pumped in more than QR14mn (net) into the Qatari bourse to lift the 20-stock Qatar Index (based on price data) by 1.30%.
Trading volume more than doubled – mainly on account of realty and transport sectors, in the market, which crossed the 10,000 resistance level on improved investors’ confidence.
Buying was perceptible especially in real estate, transport, telecom, banking and industrial counters.
The market is up 20.09% year-to-date.
More than 76% of the stocks extended gains with prime movers being Nakilat, QNB, al khaliji, Industries Qatar, Gulf International Services, Barwa, Mazaya Qatar, Alijarah Holding, Milaha and Salam International Investment.
However, Ezdan Real Estate and Qatar National Cement bucked the trend.
The 20-stock Total Return Index also rose 1.30% to 14,342.57 points, the All Share Index (with wider constituents) by 1.22% to 2,525.76 points and the Al Rayan Islamic Index by 0.98% to 2,874.45 points.
All the three indices factored in dividend income as well.
Under the All Share Index category, realty stocks appreciated 1.87%, followed by transport (1.77%), telecom (1.48%), insurance (1.24%), banks and financial services (1.19%), industrials (1.08%) and consumer goods (0.58%).
Market capitalisation expanded 1.08% to QR548.58bn on more than 1% gain across large, mid, small and micro cap segments.
Of the 42 stocks, 32 advanced, while only eight declined and two were unchanged.
Foreign institutions continued to be bullish with their net buying at 3.57%, or QR14.29mn, against QR12.86mn the previous day.
Domestic institutions also continued to be bullish, but with lesser intensity, as their net buying fell to 0.83%, or QR3.32mn, compared to QR9.86mn on Sunday.
On the retail side, Qatari individual investors continued to be profit-takers, but with lesser vigour, as their net selling fell to 2.06% or QR8.24mn against QR22.69mn the pervious day.
Non-Qatari individuals were seen increasingly bearish as their net selling rose to 2.33%, or QR9.32mn, compared to QR0.07mn on Sunday.
Total trading volume more than doubled to 11.83mn stocks, value surged 81% to QR400.20mn and transactions by 56% to 4,617.
The insurance sector saw its trading volume jump about 11-fold to 1.08mn shares, value by more than 12-fold to QR61.74mn and deals by about six-fold to 341.
The reality sector’s trading volume more than tripled to 3.34mn equities and value more than doubled to QR58.89mn as transactions more than doubled to 812.
There was a more than doubling of transport trading volume and value to 3.17mn stocks and QR77.23mn respectively on a 99% expansion in deals to 942.
The consumer goods saw its trading volume more than double to 0.61mn shares, value soared 42% to QR28.88mn and transactions by 41% to 514.
The market witnessed a 76% expansion in telecom trading volume to 0.37mn shares. Value more than doubled to QR11.05mn and deals rose 76% to 172.
The banking sector’s trading volume gained 52% to 2.58mn, value by 47% to QR110.03mn and transactions by 48% to 1,246.
However, the industrials witnessed 38% shrinkage in trading volume to 0.68mn, 17% in value to QR52.37mn and 25% in deals to 590.
