Islamic equities in demand despite lull on QSE

The Qatar Stock Exchange Thursday witnessed buying interests at the consumer goods and services counters but overall it settled in the negative.The increased net buying by foreign institutions notwithstanding, the 20-stock Qatar Index settled 11 points or 0.08% lower at 12,735.35 points, although it touched an intraday high of more than 12,740 points.The Islamic index was seen gaining vis-à-vis declines in the other indices in the market, whose year-to-date gains were at 9.54%.About 67% of the traded constituents were in the red in the bourse, whose capitalisation saw about QR3bn or 0.37% decrease to QR723.3bn, mainly on the back of small cap segments.The local retail investors were increasingly net profit takers in the market, where the industrials and banking sectors together accounted for about 69% of the trading volume.The Arab retail investors’ lesser net buying interests had its influence on the bourse, which saw a total of 34,958 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR352,434 changed hands across 13 deals.The Gulf retail investors’ net buying also weakened in the market, which saw no trading of sovereign bonds.Total trade turnover rose amidst lower volumes in the bourse, which saw no trading of treasury bills.The Total Return Index was down 0.08% to 25,307.4 points and the All Share Index by 0.27% to 4,002.62 points, while the Al Rayan Islamic Index (Price) rose 0.04% to 2,839.73 points.The insurance index declined 1.67%, real estate (0.44%), transport (0.38%), banks and financial services (0.37%), telecom (0.18%) and industrials (0.02%); while consumer goods and services gained 0.54%.Major losers in the main market included Qatar General Insurance and Reinsurance, Inma Holding, Doha Bank, Commercial Bank, Mannai Corporation, Qatar Oman Investment, Qatar Industrial Manufacturing, Mesaieed Petrochemical Holding, Qamco, Qatar Insurance, Al Khaleej Takaful, Qatar Islamic Insurance, Ezdan and Gulf Warehousing.Nevertheless, Investment Holding Group, Gulf International Services, Widam Food, Qatar Islamic Bank and Woqod were among the gainers in the main market. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares appreciate in value.Qatari individuals’ net profit booking roe drastically to QR134.89mn compared to QR30.46mn on February 16.The Arab individuals’ net buying declined noticeably to QR3.76mn against QR9.8mn the previous day.The Gulf individuals’ net buying weakened perceptibly to QR0.17mn compared to QR2.97mn on Wednesday.However, the foreign institutions’ net buying grew significantly to QR175.48mn against QR161.25mn on February 16.The Gulf funds’ net buying shot up considerably to QR15.31mn compared to QR4.26mn the previous day.The foreign individuals were net buyers to the extent of QR3.53mn against net sellers of QR5.72mn on Wednesday.The Arab institutions turned net buyers to the tune of QR0.09mn compared with no major net exposure on February 16.The domestic funds’ net selling weakened significantly to QR63.46mn against QR112.05mn the previous day.Total trade volume in the main market fell 2% to 264.55mn shares, while value rose 1% to QR858.37mn amidst 33% lower transactions at 14,281.There was a 44% plunge in the telecom sector’s volume to 3.63mn equities, 65% in value to QR15.24mn and 60% in deals to 942.The real estate sector’s trade volume plummeted 42% to 25.81mn stocks, value by 51% to QR41.97mn and transactions by 55% to 1,010.The transport sector reported a 37% plunge in trade volume to 5.86mn shares, 54% in value to QR22.95mn and 64% in deals to 595.The insurance sector’s trade volume tanked 32% to 3.63mn equities, value by 33% to QR11.35mn and transactions by 60% to 286.The banks and financial services sector saw a 13% shrinkage in trade volume to 51.13mn stocks but on 45% growth in value to QR431.22mn despite 28% lower deals at 5,680.However, the industrials sector’s trade volume soared 25% to 130.49mn shares and value by 4% to QR261.36mn; while transactions dipped 21% to 4,295.The market witnessed an 8% jump in the consumer goods and services sector’s trade volume to 43.02mn equities but on 30% contraction in value to QR74.3mn and 16% in deals to 1,466.In the venture market, volumes grew 10.78% to 1.13mn stocks, value by 13.81% to QR10.63mn and transactions by 54.81% to 644.