QSE inches near 12,750 points as Gulf funds turn bullish

Reflecting the strengthened global oil prices, sentiments brightened up in the Qatar Stock Exchange Wednesday and its key index gained more than 58 points to inch near 17,500 levels.An across the board buying – especially in the real estate, insurance and transport counters – lifted the 20-stock Qatar Index by 0.46% to 12,749.24 points, recovering from an intraday low of 12,624 points.The Islamic index was seen gaining faster than the main barometer in the market, whose year-to-date gains increased to 9.66%.About 76% of the traded constituents extended gains to investors in the bourse, whose capitalisation saw more than QR3bn or 0.47% increase to QR722.04bn, mainly on the back of small and microcap segments.The domestic funds’ weakened net selling had its influence in the market, where the industrials and consumer goods sectors together accounted for about 66% of the trading volume.The Gulf individuals’ net profit booking eased marginally in the bourse, which saw a total of 71,179 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR393,828 changed hands across 17 deals.However, the local retail investors were increasingly into net selling in the market, which saw no trading of sovereign bonds.Total trade turnover and volumes were on the increase in the bourse, which saw no trading of treasury bills.The Total Return Index rose 0.85% to 25,434.09 points, All Share Index by 0.8% to 4,015.25 points and Al Rayan Islamic Index (Price) by 0.62% to 2,839.42 points.The realty sector index shot up 1.46%, insurance (1.09%), transport (1.03%), banks and financial services (0.86%), consumer goods and services (0.77%), telecom (0.67%) and industrials (0.47%).Major movers in the main market included Investment Holding Group, Qatar Industrial Manufacturing, Qatar Insurance, Alijarah Holding, QNB, Salam International Investment, Qatar Oman Investment, Qatari German Medical Devices, Baladna, Gulf International Services, Qamco, Barwa, Ooredoo, Doha Insurance, Investment Holding Group, Ahlibank Qatar, Ooredoo, Milaha and Nakilat. In the venture market, Mekdam Holding shares appreciated in value.Nevertheless, Qatar General Insurance and Reinsurance, Commercial Bank, Widam Food, Inma Holding and Doha Insurance were among the losers in the main market.The Gulf institutions turned net buyers to the tune of QR15.56mn compared with net sellers of QR16.77mn on February 22.The Arab individuals were net buyers to the extent of QR0.85mn against net sellers of QR15.71mn the previous day.The domestic funds’ net selling declined substantially to QR17.7mn compared to QR42.03mn on Tuesday.The Gulf individuals’ net profit booking declined perceptibly to QR0.13mn against QR1.48mn on February 22.However, Qatari individuals’ net selling strengthened significantly to QR60.02mn compared to QR6.18mn the previous day.The foreign individuals’ net profit booking grew markedly to QR2.31mn against QR0.58mn on Tuesday.The foreign institutions’ net buying weakened considerably to QR63.73mn compared to QR82.67mn on February 22.The Arab institutions had no major net exposure against net buyers to the extent of QR0.08mn the previous day.Total trade volume in the main market rose 7% to 194.17mn shares, value by 6% to QR577.43mn and transactions by 21% to 13,955.The real estate sector’s trade volume soared 85% to 23.65mn equities, value by 97% to QR35.7mn and deals by 57% to 829.The banks and financial services sector reported 20% surge in trade volume to 30.71mn stocks, 17% in value to QR200.79mn and 29% in transactions to 5,304.The industrials sector’s trade volume was up 3% to 84.24mn shares, value by 1% to QR226.97mn and deals by 24% to 4,537.However, there was 41% plunge in the telecom sector’s volume to 4.71mn equities, 22% in value to QR18.57mn and 1% in transactions to 795.The transport sector’s trade volume plummeted 23% to 4.64mn stocks, value by 10% to QR20.2mn and deals by 8% to 763.The market witnessed 4% shrinkage in the insurance sector’s trade volume to 2.78mn shares but on 8% jump in value to QR7.96mn and 4% in transactions to 230.The consumer goods and services sector’s trade volume was down 3% to 43.44mn equities and value by 13% to QR67.24mn, while deals expanded 12% to 1,497.The venture market saw 8.93% contraction in volumes to 0.51mn stocks and 11.6% in value to QR4.8mn but on more than doubled transactions to 307.