QSE crosses 11,000 mark on foreign buying support

Qatar Stock Exchange rallied for the second day as its key index shot up 122 points to surpass the 11,000 mark with an ease, mainly lifted by the sustained buying support from foreign institutions.

Stronger buying, especially in telecom and real estate counters, led the 20-stock Qatar Index add another 1.22% to 10,136.57 points.

Domestic institutions’ weakened net selling and Gulf individuals’ marginally bullish outlook also helped sustain the bullish momentum in the bourse, which is however down 2.81% year-to-date.

However, local retail investors and Gulf institutions turned profit takers and there was increased net selling by non-Qatari individuals in the market, where trading turnover and volumes expanded.

The index that tracks Shariah-principled stocks was seen gaining faster than the other indices in the market, where banking, realty and telecom stocks together accounted for about 85% of the total trading volume.

Market capitalisation soared 1.02% or more than QR5bn to QR536.93bn with micro, large, mid and small cap equities gaining 1.48%, 0.91%, 0.28% and 0.21% respectively.

The Total Return Index surged 1.28% to 16,065.84 points, All Share Index by 1.05% to 2,742.15 points and Al Rayan Islamic Index by 1.63% to 3,771.95 points.

Telecom stocks appreciated 2.72%, real estate (2.71%), banks and financial services (0.93%), transport (0.91%) and industrials (0.73%); whereas consumer goods and insurance fell 1.18% and 0.56% respectively.

More than 69% of the stocks extended gains with major movers being Vodafone Qatar, Ooredoo, Ezdan, Mazaya Qatar, Industries Qatar, Qatar National Cement, QNB, Alijarah Holding, Dlala, Commercial Bank, Doha Bank and Gulf Warehousing; even as Gulf International Services, Woqod and Widam Food were seen bucking the trend.

Non-Qatari institutions’ net buying increased substantially to QR49.56mn against QR21.08mn on Wednesday.

Domestic institutions’ net selling weakened perceptibly to QR15.32mn compared to QR32.97mn the previous day.

The GCC (Gulf Cooperation Council) individuals turned net buyers to the tune of QR0.52mn against net sellers of QR6.6mn on March 2.

However, local retail investors turned net sellers to the extent of QR25.25mn compared with net buyers of QR8.05mn on Wednesday.

The GCC institutions were also net sellers to the tune of QR2.25mn against net buyers of QR12.75mn the previous day.

Non-Qatari individual investors’ net profit booking increased to QR7.31mn compared to QR2.31mn on March 2.

Total trade volume rose 23% to 15.62mn shares, value by 14% to QR468.42mn and deals by 7% to 6,081.

The industrials sector’s trade volume more than doubled to 2.5mn equities and value more than tripled to QR114.16mn on more than doubled transactions to 1,402.

The banks and financial services sector saw 54% surge in trade volume to 4.82mn stocks and 11% in value to QR165.46mn but on 5% decline in deals to 1,683.

The consumer goods sector’s trade volume surged 39% to 1.6mn shares but value fell 6% to QR54.51mn. Transactions were up 12% to 897.

The telecom sector reported 17% expansion in trade volume to 2.61mn equities and 11% in value to QR45.1mn but on 11% decline in deals to 985.

However, the insurance sector’s trade volume plummeted 78% to 0.07mn stocks, value by 76% to QR5.54mn and transactions by 39% to 95.

There was 47% plunge in the transport sector’s trade volume to 0.73mn shares, 47% in value to QR20.4mn and 10% in deals to 256.

The real estate sector’s trade volume shrank 6% to 3.29mn equities, value by 9% to QR63.26mn and transactions by 16% to 763.

In the debt market, there was no trading of treasury bills and government bonds.