The Qatar Stock Exchange on Wednesday gained as much as 30 points and its key index surpassed the 10,750 levels, defying the general declining trend in the global markets in view of the interest rate hike concerns in the US.
The banking counter witnessed higher than average demand as the 20-stock Qatar Index rose 0.28% to 10,752.32 points.
The market, which was skewed towards shakers, regained from an intraday low of 10,628 points although losers outnumbered gainers.
The local retail investors were seen net buyers, albeit at lower levels, in the main market, whose year-to-date gains improved to 0.67%.
The foreign institutions continued to be net buyers but with lesser intensity in the main bourse, whose capitalisation saw QR0.39bn or 0.06% increase to QR620.06bn, mainly on account of microcap segments.
The domestic institutions’ net selling was seen weakening marginally in the main market, which saw a total of 0.33mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.08mn changed hands across 27 deals.
The foreign retail investors turned net profit takers in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen declining vis-à-vis gains in the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index rose 0.46% and the All Share Index by 0.45%, while the Al Rayan Islamic Index (Price) was down 0.03% in the main bourse, whose trade turnover and volumes were on the rise.
The banks and financial services sector index shot up 1%, followed by realty (0.27%), telecom (0.11%) and consumer goods and services (0.03%); while transport declined 1.09%, industrials (0.07%) and insurance (0.05%).
Major gainers in the main market included Mannai Corporation, Estithmar Holding, Qatar Islamic Bank, Gulf Warehousing, Barwa and QNB.
Nevertheless, about 63% of the traded constituents were in the red with major losers being Aamal Company, Doha Insurance, Ooredoo, Qatari German Medical Devices, Baladna, Lesha Bank, Al Meera, Ezdan, Mazaya Qatar and Nakilat.
In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
The local retail investors turned net buyers to the tune of QR1.71mn compared with net sellers of QR18.15mn on March 7.
The domestic institutions’ net profit booking eased marginally to QR20.22mn against QR20.23mn the previous day.
However, the Arab retail investors turned net sellers to the tune of QR4.41mn compared with net buyers of QR7.76mn on Tuesday.
The Gulf institutions were net profit takers to the extent of QR1.01mn against net buyers of QR8.06mn on March 7.
The Gulf retail investors turned net sellers to the tune of QR0.9mn compared with net buyers of QR1.39mn the previous day.
The foreign institutions’ net buying decreased substantially to QR23.55mn against QR34.94mn on Tuesday.
The foreign individual investors’ net buying weakened marginally to QR1.27mn compared to QR1.76mn on March 7.
The Arab institutions continued to have no major net exposure for the fifth straight session.
The main market saw a 2% jump in trade volumes to 157.35mn shares, 19% in value to QR480.12mn and 15% in deals to 14,895.
