Gulf and foreign funds lift QSE amid US debt ceiling concerns; index vaults 213 points

The Qatar Stock Exchange (QSE) on Wednesday saw its key index gain more than 213 points and capitalisation add more than QR12bn, even as global markets were mixed on concerns over the US debt ceiling.
A higher than average demand especially for the banking equities led the 20-stock Qatar Index surge 2.04% to 10,681.79 points.
The market, which was skewed towards movers, had recovered from an intraday low 10,503 points.
The Gulf institutions were seen increasingly into net buying in the main market, which saw a marginal 0.01% year-to-date gains.
The foreign institutions were seen bullish in the main bourse, whose capitalisation zoomed 1.96% to QR628.52bn, mainly on account of mid and small cap segments.
More than 85% of the traded constituents extended gains to investors in the main market, which saw a total of 0.68mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.72mn changed hands across 33 deals.
However, the local retail investors turned net sellers in the main bourse, which saw no trading of sovereign bonds.
The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.
The Total Return Index shot up 2.04%, All Share Index by 2.03% and Al Rayan Islamic Index (Price) by 1.47% in the main bourse, whose trade turnover and volumes were on the increase.
The banks and financial services sector index surged 3.48%, real estate (0.93%), industrials (0.84%), transport (0.76%), telecom (0.76%) and consumer goods and services (0.47%); while insurance declined 2.15%.
Major gainers in the main market included Dlala, Qatar Oman Investment, Qatari German Medical Devices, Salam International Investment, QIIB, QNB, Qatar Islamic Bank, Lesha Bank, Mannai Corporation, Aamal Company, Mazaya Qatar and Nakilat.
Nevertheless, Qatar Insurance, Zad Holding, Inma Holding, Qatar National Cement and Milaha were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.
The Gulf institutions’ net buying increased substantially to QR45.76mn compared to QR9.34mn on May 16.
The foreign funds turned net buyers to the tune of QR28.72mn against net sellers of QR17.47mn the previous day
However, the Qatari individuals were net sellers to the extent of QR36.36mn compared with net buyers of QR7.61mn on Tuesday.
The domestic institutions’ net selling strengthened drastically to QR35.7mn against QR4.52mn on May 16.
The Arab individuals turned net profit takers to the tune of QR1.96mn compared with net buyers of QR2.27mn the previous day.
The Gulf retail investors were net sellers to the extent of QR1.46mn against net buyers of QR0.1mn on Tuesday.
The foreign individuals’ net buying weakened perceptibly to QR1.01mn compared to QR2.67mn on May 16.
The Arab institutions continued to have no major net exposure for the sixth consecutive session.
The main market saw an 86% increase in trade volumes to 249.54mn shares, 73% in value to QR669mn and 52% in deals to 25,163.