Renewed hopes of interest rates cuts in the US were seen reflecting in the Qatar Stock Exchange, which on Mondays saw a rollercoaster ride before settling more than 23 points higher.

Gulf Times

The telecom and banking counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.25% to 9,408.52 points, recovering from an intraday low of 9,386 points.

The domestic institutions were seen increasingly net buyers in the main market, whose year-to-date losses truncated to 13.13%.

However, about 61% of the traded constituents were in the red in the main bourse, whose capitalisation added QR0.89bn or 0.16% to QR546.22bn on account of microcap segments.
The Gulf institutions were increasingly into net profit booking in the main bourse, which saw no trading of sovereign bonds.

The Arab retail investors were also seen increasingly bearish in the main market, which saw no trading of treasury bills.

The Islamic index was seen gaining slower than the main barometer in the main bourse, whose trade turnover and volumes were on the increase.

The Total Return Index gained 0.25%, the All Share Index by 0.16% and the All Islamic Index by 0.17% in the main market.

The telecom sector index gained 0.64%, banks and financial services (0.34%), real estate (0.17%), industrials (0.07%) and consumer goods and services (0.04%); while insurance declined 0.91% and transport 0.3%.

Major gainers in the main market included Medicare Group, Qatar Islamic Insurance, Qatar Islamic Bank, Ooredoo and Barwa.

Nevertheless, Qatar General Insurance and Reinsurance, Qatari German Medical Devices, Lesha Bank, Estithmar Holding, QIIB, Salam International Investment, Meeza, Al Faleh Educational Holding and Gulf Warehousing. In the venture market, Al Mahhar Holding saw its shares depreciate in value.

The domestic institutions’ net buying increased drastically to QR105.43mn compared to QR16.79mn on June 2.

The foreign individual investors’ net profit booking eased perceptibly to QR0.46mn against QR1.8mn the previous day.

However, the foreign funds turned net sellers to the tune of QR63.06mn compared with net buyers of QR11.86mn on Sunday.

The Gulf institutions’ net selling strengthened noticeably to QR25.13mn against QR11.5mn on June 2.

The Qatari individuals’ net profit booking grew marginally to QR10.86mn compared to QR10.48mn the previous day.

The Arab retail investors’ net selling also expanded marginally to QR5.35mn against QR5mn on Sunday.

The Gulf individual investors were net sellers to the extent of QR0.55mn compared with net buyers of QR0.14mn on June 2.

The Arab institutions had no major net exposure for the second straight session.

Trade volumes in the main market were up 7% to 136.36mn shares, value by 22% to QR429.28mn and transactions by 17% to 15,394.

The venture market witnessed a 33% contraction in trade volumes to 0.04mn equities, 40% in value to QR0.06mn and 14% in deals to 6.
Related Story