Qatar shares edge higher on bullish foreign institutions
March 28 2019 08:08 PM

The Qatar Stock Exchange on Thursday gained 41 points mainly on the bullish outlook of foreign institutions.

About 56% of the stocks extended gains as the 20-stock Qatar Index rose 0.4% to 10,145.68 points.

The transport, insurance, industrials and telecom counters witnessed higher-than-average demand in the market, whose sensitive index is up 1.49% year-to-date.

Market capitalisation was down more than QR1bn, or 0.21%, to QR567.63bn mainly owing to micro and small cap segments.

Islamic equities were seen gaining slower than the main index in the market, where local retail investors’ net selling substantially declined.

Trade turnover and volumes were on the decline in the bourse, where realty, banks and industrials sectors together accounted for more than 82% of the total volume.

The Total Return Index gained 0.4% to 18,663.05 points and the Al Rayan Islamic Index (Price) by 0.21% to 2,391.36 points, while the All Share Index fell 0.43% to 3,071.13 points.

The transport index soared 2.4%, insurance (1.32%), industrials (0.74%) and telecom (0.54%); while real estate declined 5.91% and consumer goods by 0.07%. The banks and financial services index was rather unchanged.

Major gainers included Nakilat, Mazaya Qatar, Industries Qatar, QIIB, Commercial Bank, Qatar Insurance, Qatar First Bank and Dlala; even as Ezdan, Doha Bank, Qatari German Company for Medical Devices and Salam International Investment were among the losers.

Non-Qatari institutions turned net buyers to the tune of QR65.31mn against net sellers of QR4.69mn on Wednesday.

Local retail investors’ net profit booking eased considerably to QR57.49mn compared to QR96.03mn on March 27.

However, the Gulf institutions were net sellers to the tune of QR5.59mn against net buyers of QR0.56mn the previous day.

Gulf individuals turned net sellers to the extent of QR0.9mn compared with net buyers of QR3.46mn on Wednesday.

Domestic funds were net profit takers to the tune of QR0.86mn against net sellers of QR97.64mn on March 27.

Non-Qatari individuals’ net selling declined marginally to QR0.49mn compared to QR1mn the previous day.

Total trade volume fell 14% to 16.89mn shares, value by 26% to QR411.25mn and transactions by 9% to 7,869.

The consumer goods sector’s trade volume plummeted 56% to 0.39mn equities, value by 75% to QR27.28mn and deals by 41% to 465.

The industrials sector reported a 55% plunge in trade volume to 2.79mn stocks, 52% in value to QR61.44mn and 36% in transactions to 1,933.

The telecom sector’s trade volume tanked 30% to 0.96mn shares, value by 24% to QR25.75mn and deals by 25% to 662.

There was a 12% shrinkage in the transport sector’s trade volume to 0.57mn equities and 13% in value to QR12.47mn but on a 17% jump in transactions to 334.

The real estate sector’s trade volume shrank 5% to 6.58mn stocks and value by 27% to QR71.21mn, whereas deals grew 13% to 2,171.

However, the insurance sector’s trade volume more than tripled to 1.07mn shares and value more than doubled to QR23.79mn on a 67% increase in transactions to 434.

The banks and financial services sector saw a 37% surge in trade volume to 4.52mn equities, 14% in value to QR189.3mn and 24% in deals to 1,870.

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

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