Banks’ Solid Earnings Drive QSE To Cross 11,200; M-Cap Adds QR3.2bn

Solid earnings, especially in the banking sector, led the Qatar Stock Exchange to gain more than 33 points, and its key index crossed the 11,200 levels and capitalisation added more than QR3bn.

The consumer goods, banking, telecom and industrials witnessed higher than average demand as the 20-stock Qatar Index rose 0.3% to 11,220.76 points, recovering from an intraday low of 11,143 points.

The Gulf institutions were seen increasingly bullish in the main market, whose year-to-date gains improved further to 6.15%.

The Arab retail investors turned net buyers in the main bourse, whose capitalisation added QR3.2bn or 0.48% to QR663.8bn mainly on small and microcap segments.

The Gulf individuals were increasingly net buyers in the main market, which saw as many as 2,141 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across two deals.

The domestic funds’ weakened net selling had its influence on the main bourse, whose trade turnover and volumes were on the decline.

The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.

The local retail investors’ lower net profit booking had its effect on the main bourse, which saw no trading of sovereign bonds.

The Total Return Index gained 0.41%, the All Islamic Index by 0.17% and the All Share Index by 0.51% in the main market.

The consumer goods and services sector index rose 0.84%, banks and financial services (0.7%), telecom (0.44%) and industrials (0.43%); while real estate declined 0.43%, transport (0.2%) and insurance (0.04%).

Major gainers in the main market included Salam International Investment, Mannai Corporation, QNB, Beema, Qatar Islamic Bank, Gulf International Services and Qamco. In the junior bourse, Techno Q saw its shares appreciate in value.

Nevertheless, Commercial Bank, Ezdan, Qatar General Insurance and Reinsurance, Woqod and Doha Bank were among the shakers in the main market.

The Gulf institutions’ net buying strengthened noticeably to QR10.32mn compared to QR4.56mn on July 23.

The Arab individuals were net buyers to the tune of QR2.52mn against net sellers of QR3.75mn the previous day.

The Gulf individual investors’ net buying expanded perceptibly to QR1.23mn compared to QR0.62mn on Wednesday.

The Qatari retail investors’ net selling declined substantially to QR14.81mn compared to QR41.16mn the previous day.

The domestic institutions’ net profit booking weakened markedly to QR12.81mn against QR18.4mn on July 23.

However, the foreign individuals turned net sellers to the extent of QR4.55mn compared with net buyers of QR0.88mn on Wednesday.

The Arab institutions’ net profit booking strengthened noticeably to QR1.13mn against QR0.21mn the previous day.

The foreign institutions’ net buying weakened substantially to QR19.22mn against QR57.5mn on July 23.

The main market saw a 2% fall in trade volumes to 203.97mn shares, 8% in value to QR481.64mn and 3% in deals to 20,486.

In the venture market, a total of 4,783 equities valued at QR0.01mn changed hands across two transactions.