QSE remains bullish as index inches towards 10,000 levels

The Qatar Stock Exchange (QSE) yesterday remained under bullish spell for the 18th consecutive day with its key index gaining more than 90 points and inch towards 10,000 levels, reflecting the overall optimism in the regional markets in view of firm world oil prices.

The foreign institutions were seen increasingly net buyers as the 20-stock Qatar Index rose 0.92% to 9,966.57 points, recovering from an intraday low of 9,853 points.

The transport, consumer goods and telecom counters witnessed higher than average demand in the main market, whose year-to-date losses truncated further to 8.02%.

As much as 62% of the traded constituents extended gains in the main bourse, whose capitalisation added QR4.2bn or 0.74% to QR575.03bn on the back of midcap segments.

The Arab retail investors turned net buyers, albeit at lower levels, in the main market, which saw 0.04mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.1mn trade across 13 deals.

The Gulf funds’ weakened net selling had its influence in the main bourse, which saw no trading of sovereign bonds and treasury bills.

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

The Total Return Index gained 0.92%, the All Share Index by 0.79% and the All Islamic Index by 0.7% in the main market.

The transport sector index surged 2.06%, consumer goods and services (1.16%), telecom (0.93%), banks and financial services (0.77%), insurance (0.46%), real estate (0.35%) and industrials (0.3%).

Major movers in the main market included Nakilat, Dukhan Bank, Estithmar Holding, Woqod, Commercial Bank, Masraf Al Rayan, Gulf International Services, Barwa and Ooredoo.

Nevertheless, Qatar Cinema and Film Distribution, Mazaya Qatar, Inma Holding, Ahlibank Qatar and Zad Holding were among the losers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value; while Al Mahhar Holding was rather flat.

The foreign institutions’ net buying increased substantially to QR38.86mn compared to QR11.51mn on June 26.

The Arab retail investors turned net buyers to the tune of QR0.73mn against net profit takers of QR4.49mn the previous day.

The Gulf institutions’ net profit booking declined significantly to QR16.42mn compared to QR49.11mn on Wednesday.

The foreign individual investors’ net selling weakened perceptibly to QR2.48mn against QR4.93mn on June 26.

However, the Qatari retail investors were net sellers to the extent of QR37.73mn compared with net buyers of QR0.02mn the previous day.

The Gulf individual investors turned net sellers to the tune of QR0.11mn against net buyers of QR0.01mn on Wednesday.

The domestic institutions’ net buying declined drastically to QR17.15mn compared to QR46.97mn on June 26.

The Arab institutions had no major net exposure against net buyers of QR0.01mn the previous day.

Trade volumes in the main market soared 26% to 170.06mn shares, value by 3% to QR511.17mn and transactions by 14% to 18,831.

The venture market saw an 82% plunge in trade volume to 0.42mn equities, 83% in value to QR1.54mn and 76% in deals to 131.