QSE gains 54 points ahead of US rate meeting; foreign funds turn bullish

A higher than average demand at the telecom, industrials and transport counters on Thursday led Qatar Stock Exchange to gain 54 points and capitalisation add about QR3bn.

Ahead of an Opec+ meeting and a likely US interest rate cuts, the domestic institutions were seen increasingly net buyers as the 20-stock Qatar Index gain 0.52% to 10,391.75 points, recovering from an intraday low of 10,337 points.

The foreign funds turned bullish, albeit at lower levels, in the main bourse, whose capitalisation added QR2.91bn or 0.48% to QR615.07bn on the back of large and small cap segments.

The Gulf individuals were seen net buyers in the main market, which saw as many as 0.05mn ETFs or the exchange traded funds (sponsored by AlRayan Bank), valued at QR0.11mn change hands across two deals.

The foreign individuals’ weakened net profit booking had its influence on the main bourse, whose trade turnover grew amidst lower volumes.

The Islamic index was seen gaining slower than the other indices of the main bourse, which saw as much as 49% of the traded constituents in the red.

However, the Qatari retail investors turned net sellers in the main market, which saw no trading of treasury bills.

The Gulf institutions were increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.

The Total Return Index rose 0.52%, the All Share Index by 0.47% and the All Islamic Index by 0.37% in the main market.

The telecom sector index shot up 1.07%, industrials (0.72%), transport (0.61%), banks and financial services (0.5%) and insurance (0.04%); while consumer goods and services declined 0.5% and real estate (0.43%).

Major movers in the main market included Ooredoo, Industries Qatar, Nakilat, Estithmar Holding and Qatar Electricity and Water.

Nevertheless, Medicare Group, Doha Bank, Qatari Investors Group, Qatar Oman Investment, Gulf Warehousing and Dukhan Bank were among the losers in the main bourse.

In the venture market, Al Mahhar Holding saw its shares appreciate in value.

The domestic institutions’ net buying strengthened perceptibly to QR22.8mn compared to QR19.94mn on December 4.

The Gulf retail investors turned net buyers to the tune of QR1.47mn against net sellers of QR0.01mn the previous day.

The foreign institutions were net buyers to the extent of QR0.71mn compared with net sellers of QR13.86mn on Wednesday.

The foreign individuals’ net profit booking declined noticeably to QR0.62mn against QR1.25mn on December 4.

However, the Gulf institutions’ net selling expanded substantially to QR10.15mn compared to QR2.88mn the previous day.

The Qatari individuals turned net sellers to the tune of QR9.53mn against net buyers of QR0.03mn on Wednesday.

The Arab retail investors’ net selling strengthened markedly to QR4.7mn compared to QR1.98mn on December 4.

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

Trade volumes in the main market fell 8% to 96.35mn shares, whereas value rose 2% to QR264.37mn and transactions by 12% to 12,391.

In the venture market, trade volumes more than doubled to 0.07mn equities and value also more than doubled to QR0.18mn on 10% jump in deals to 11.